PMTL consolidates 99.48% of Polymetal under mandatory buyback offer
MOSCOW. Feb 17 (Interfax) - Jersey-based Polymetal International subsidiary PMTL Holdings Ltd. has consolidated 99.48% of ordinary shares in Russia's largest silver producer, OJSC Polymetal , in the framework of a mandatory buyback offer, Polymetal said in a press release.
PMTL previously held a 98.69% stake in the company.
Polymetal intends to delist its GDR (global depositary receipts) from the London Stock Exchange (LSE) on March 21. It has also sent a request to the MICEX-RTS stock exchange to delist its shares there.
On November 23 of last year, PMTL announced a mandatory buyback offer to Polymetal shareholders at 531.15 rubles per share. Offers were accepted until February 16, 2012.
In the context of changing Polymetal's corporate structure, last fall the company held an institutional share swap of Polymetal common shares and GDR for Polymetal Int shares. Polymetal Int gained control of 83.3% of Polymetal in the swap, after which it put up a mandatory offer to those who had refused to participate in the swap.
Polymetal is Russia's biggest silver producer and one of the country's top five gold miners. Polymetal Int's principal beneficiaries are Alexander Nesis' IST group (17.9%), Petr Kellner's PPF Group NV (20.86%), Alexander Mamut (10.12%), Alexander Mosionzhik's MBC Development (4.44%) and ex-director of OJSC Baltic Plant Oleg Shulyakovsky (4.27%).