Nesis to head Polymetal International
MOSCOW. Sept 30 (Interfax) - Vitaly Nesis, the chief executive of silver and gold miner Polymetal , will combine this position with those of CEO and board chairman at the Jersey-registered Polymetal International, the company said.
The Polymetal board has sanctioned this.
It was reported Friday that the company's main shareholders had decided changes would be made to Polymetal's corporate structure.
"Polymetal International Plc announces that PMTL Holdings Limited (PMTL), a wholly owned subsidiary of the Company, has today made an exchange offer Institutional Share Swap Facility or ISSF) to acquire up to the entire share capital of Joint Stock Company (Polymetal) whether in the form of Polymetal's ordinary shares or Polymetal's global depositary receipts in exchange for Polymetal International shares," the company said in a Friday statement.
"At the time of this announcement, five Polymetal shareholders have irrevocably undertaken to PMTL to accept the ISSF in respect of in aggregate of 204,078,979 shares (including shares represented by GDRs), representing approximately 51.1 percent of the entire share capital of Polymetal and comprising all of their Polymetal shares and GDRs. In addition, Vitaly Nesis, CEO of Polymetal, and all other members of the Management Board of Polymetal have irrevocably undertaken to PMTL to accept the ISSF in respect of in aggregate 3,367,000 shares, representing approximately 0.8 percent of the entire share capital of Polymetal, and comprising all of their Polymetal shares. In aggregate, a total of 51.9 percent of current Polymetal shareholders have irrevocably undertaken to PMTL to accept the ISSF," the company said.