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on reuters link via IG this morning 6.30
Please explain Tuba... you seem excited
05/23/2022, 06:32
UMMC may buy gold mining company Petropavlovsk
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Kommersant has learned that the Ural Mining and Metallurgical Company (UMMC, Verkhnyaya Pyshma) is considering buying the assets of the gold mining company Petropavlovsk. At the end of April, Gazprombank, the company's largest creditor and sole buyer of gold, transferred to UMMC the rights to claim a $201 million loan issued by Petropavlovsk. The company was unable to service it, having defaulted, after Gazprombank was included in the UK sanctions list.
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Photo: Vlad Nekrasov, Kommersant
Photo: Vlad Nekrasov, Kommersant
UMMC and Petropavlovsk do not comment on the possible deal. According to one of the sources, the UMMC has already sent a petition to the FAS. At the same time, industry leader Polymetal confirmed interest in Petropavlovsk, but there were no specific negotiations.
Petropavlovsk is one of the five largest gold miners in the Russian Federation. The company's market capitalization on the LSE is 59 million, the largest shareholder (about 29%) is Konstantin Strukov's Yuzhuralzoloto. The company's capitalization has collapsed nine times since February 23, and more than 14 times since December 2021. According to analysts, the amount for which Petropavlovsk can be acquired is likely to be close to the company's current market capitalization.
As previously reported by Kommersant-Ural , in January UMMC considered the possibility of acquiring the gold mining company GV Gold (Vysochaishy) from the top management of Lanta-Bank, but the parties did not agree on the price
booom - ummc bid in talks
S&P futures up almost 2% since LSE close Friday.
this share could move alot on leaks whether good or bad.
Looks like the usual sour grapes woke up this morning, had a glass of vinegar, and opened LSE to comment