Polymetal (POLY) Shares Fell 4.85% on London Delisting Update

The Polymetal International PLC (LON: POLY) share price fell 4.85% after issuing an update regarding the impending delisting of its shares from the London Stock Exchange’s primary market. The mining company noted that its shares should stop trading on the LSE after 1 August 2023.

Investors’ reaction to the news was primarily muted given that the delisting plans have been underway since May 2023, after the designation by the U.S. Department of State of JSC Polymetal on 19 May 2023. The company decided to re-domicile its operations from Jersey to Kazakhstan in line with US sanctions.

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The re-domiciliation of Polymetal’s operations means that its shares shall no longer be available for electronic settlement via the CREST network, consequently resulting in the inability of the Company to meet specific basic requirements to maintain the London Listing.

Polymetal shares shall be suspended from listing on the LSE’s primary market on 1 August 2023, but the shares shall be cancelled from the FCA’s official list and the LSE on 29 August 2023. 

The company intends to hold a general meeting with its shareholders at 10 a.m. on 28 July 2023 to consider and, if thought fit, pass the special resolution to approve the London De-listing; the timetable for the London De-listing remains unchanged. 

Polymetal shares shall continue trading on the AIX exchange in Kazakhstan. They will be temporarily suspended after the market close on 1 August 2023 (Astana time), with trading to resume on or after the Re-domiciliation Effective Date. 

The company’s shares also trade on the Moscow Exchange (MOEX) and will be suspended from trading from 29 July 2023 (with T+2 trading suspended from 25 July 2023). The Company understands that MOEX will resume trading as soon as possible after completing the Re-domiciliation. 

Polymetal has reiterated that it will continue operating under all sanctions against certain entities, including JSC Polymetal. The company is looking for ways to divest JSC Polycmetal, which has been sanctioned to regain compliance with listing on the LSE. 

The company also seeks other listing alternatives to create enough liquidity for its shareholders. 

*This is not investment advice. 

Polymetal (POLY) share price. 

The Polymetal (POLY) share price fell 4.85% to trade at 195.05p, from Friday’s closing price of 205.00p.