Polyus says GDR holders tender 20% of stock for exchange
MOSCOW. June 13 (Interfax) - Polyus Gold International Ltd (PGIL), the controlling shareholder in No. 1 Russian gold producer OJSC Polyus Gold , said level one Global Depositary Receipt (GDR) holders had tendered around 20% of the company's shares for exchange as of June 12.
The company announced the results of the share election described in its announcement of May 17, 2012, as part of which holders of Level 1 GDRs could elect to surrender their GDRs in order to receive delivery of the underlying ordinary shares of the company.
As of 5:00 pm (New York time) on June 12, 2012, valid elections to receive 1,969,244,608 Shares had been received from holders of GDRs. The valid elections included elections for 128,307,152 Shares from holders of GDRs. On the basis of elections received prior to the deadline, Shares representing GDRs remaining in the Company's GDR programme will be approximately 2 per cent of the Company's total issued share capital at the time of Admission. Therefore, on the basis of the number of valid elections received prior to the deadline, no pro-ratio of the remaining GDRs will be needed in order to limit the Company's GDR programme to the GDR facility ceiling, which, as announced previously, is 4.99% of the total issued share capital of the Company.
"As noted in the Company's announcement of 17 May 2012 and in the Form of Election and Delivery Instruction, on 18 June 2012, all GDRs not registered in the name of a nominee of DTC, including GDRs that are held by a depository for Euroclear or Clearstream, and all those GDRs in DTC that were the subject of a valid Form of Election and Delivery Instruction will be cancelled and holders of those GDRs will be notified that they are required to surrender them for withdrawal of the Shares that they represent. Delivery of the Shares will occur on the date of Admission, which is currently expected to occur on 19 June 2012."
The shareholders PGIL voted at an extraordinary meeting on Friday to approve changes to the company charter in the event its stock receives premium listing on the London Stock Exchange. The company still plans to get that listing June 19.
If premium listing is secured, PGIL plans that day to de-list its GDR. The company does not promise guaranteed inclusion of the shares on the premium list; receiving listing requires approval from the UK Listing Authority.
With de-listing the receipts from the exchange the volume of the program GDR I level involves restricting 4.99% of company shareholder capital.
According to the guidance scheduled published May 17, PGIL might on June 14 publish a prospectus for premium listing. The voluntary exchange of GDR for shares will take place June 13-15. If the amount of remaining GDR tops 4.99%, June 18 will see the mandatory exchange or receipts on a proportional basis. The inclusion of shares on the premium list and the de-listing of GDR is expected June 19.