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Thanks for the info ( https://www.petropavlovsk.net/wp-content/uploads/2020/02/17-February-2020-Moscow-listing-speculation_vFINAL.pdf ), TheDonofDons,......Russian retail market, etc.
BW
"Petropavlovsk holds some $500m in debt in the form of a bond which matures at the end of 2021."
I wish these so called expert analysts would get their facts right.
POG's $500m bond issue matures Nov 2022.
POG's $125m convertible bond issue matures July 2024.
So POG has $625m of Bond Debt and none of it natures at the end of 2021.
As regards a new Moscow listing to pay down their debt; issuing new shares on any exchange equals shareholder dilution. I thought from many of the upbeat posts that I have read on here, that the plan was to repay our debt!
22 or may I call you twotwo. Was that from the Telegraph and when was it released as this part seemed very encouraging
"After a tumultuous couple of years, Petropavlovsk has recently seen its fortunes change, with the company reporting a large increase in sales last week."
When was last week is what I want to know.
By the way: are you related to Desmond Bishop ?
The London-listed miner hopes to raise funds from Russian investors to pay down its $500m debt
Petropavlovsk, last year's best performing London-listed gold miner, is considering a dual listing in Moscow as it seeks to tap into new sources of funding.
The company has enjoyed a resurgence in the past 12 months, after a bitter boardroom tussle nearly sunk the firm, which owns and operates four mines in Russia’s far east region.
The London-headquartered firm is weighing a second listing in Moscow to raise money from Russia’s burgeoning retail investor base, and the country’s more established institutional funds, Russian sources say.
Petropavlovsk holds some $500m in debt in the form of a bond which matures at the end of 2021.
The company will need to pay down some of this debt or refinance it before next year, making the dual listing a logical financial decision, say the sources.
A major obstacle to a secondary listing is its cost, the sources add. As a result of concerns about whether a dual listing may prove too expensive, executives at Petropavlovsk have yet to finalise a decision, which is expected this year, sources say.
The company is one of the few Russian natural resources firms not owned by an oligarch with close ties to President Vladimir Putin.
Two years ago, Viktor Vekselberg, former majority shareholder in Petropavlovsk and the largest owner of Faberge eggs in the world, led a boardroom revolt at the company that forced out two of its most senior executives.
Following Mr Vekselberg’s departure, both executives returned to the company.
After a tumultuous couple of years, Petropavlovsk has recently seen its fortunes change, with the company reporting a large increase in sales last week.
The production report caused its share price to pop by 8pc.
Gold sales at the group increased by 39pc last year, which it attributed to a new production facility that came online in 2019.
In the fourth quarter alone, production rose by 90pc, from 85,400 ounces to 162,600 ounces in the final three months of the year.
The company is the best performing stock on the London market for the year to date.
The London-listed miner hopes to raise funds from Russian investors to pay down its $500m debt
Petropavlovsk, last year's best performing London-listed gold miner, is considering a dual listing in Moscow as it seeks to tap into new sources of funding.
The company has enjoyed a resurgence in the past 12 months, after a bitter boardroom tussle nearly sunk the firm, which owns and operates four mines in Russia’s far east region.
The London-headquartered firm is weighing a second listing in Moscow to raise money from Russia’s burgeoning retail investor base, and the country’s more established institutional funds, Russian sources say.
Petropavlovsk holds some $500m in debt in the form of a bond which matures at the end of 2021.
The company will need to pay down some of this debt or refinance it before next year, making the dual listing a logical financial decision, say the sources.
A major obstacle to a secondary listing is its cost, the sources add. As a result of concerns about whether a dual listing may prove too expensive, executives at Petropavlovsk have yet to finalise a decision, which is expected this year, sources say.
The company is one of the few Russian natural resources firms not owned by an oligarch with close ties to President Vladimir Putin.
Two years ago, Viktor Vekselberg, former majority shareholder in Petropavlovsk and the largest owner of Faberge eggs in the world, led a boardroom revolt at the company that forced out two of its most senior executives.
Following Mr Vekselberg’s departure, both executives returned to the company.
After a tumultuous couple of years, Petropavlovsk has recently seen its fortunes change, with the company reporting a large increase in sales last week.
The production report caused its share price to pop by 8pc.
Gold sales at the group increased by 39pc last year, which it attributed to a new production facility that came online in 2019.
In the fourth quarter alone, production rose by 90pc, from 85,400 ounces to 162,600 ounces in the final three months of the year.
The company is the best performing stock on the London market for the year to date.
What is TEMI?
They have May 2021 to pay it, whole idea is to pay from cash generated from TEMI in 2020. Probably, POg will increase it stake in IRC to 43% or retain cash and debt touches $400m.
They will, but its an option, they dont have to buy it. In my opinion the details have been very sketchy, I believe Peter and Pavel already own this and I cant fin anywhere when they acquired it and for how much.
As normal, I could be wrong just my remembering of what was initially proposed.
First timer here. Been following POG past 4 years.
Question. POG will have to deal with below first , right?
23 September 2019 Press release
The option agreement entitles Petropavlovsk to purchase, at the Company’s discretion, Agestinia’s 25 per cent. interest in TEMI. The option price is US$13.0 million to be paid by 18 November 2019 (the ‘Option Price’) and upon payment of the Option Price Petropavlovsk will have the option to acquire Agestinia’s interest, conditional upon any regulatory consents or approvals being received (the ‘Option’). US$7.0 million of the Option Price was paid to Agestinia on 29 May 2019. At Petropavlovsk’s election, the remainder of the Option Price (US$6 million) may be paid in cash or Petropavlovsk Ordinary Shares at a fixed price of 8.26 pence per Ordinary Share. Subject to payment of the Option Price, the exercise period for the Option is 730 days from 22 May 2019. The exercise price of the Option will be: • US$60.0 million; or • US$53.5 million if the Company exercises its Option on or before 20 May 2020
Nice! I wasn’t aware of that; looks like POX Hub Technology is the way forward. . .
The biggest gold mining company in Russia Polyus has 78% shares held by one shareholder. He obiously likes the London listing and does not want to take it private. It's share are up by 800% over the last five years. In POG's case I would be happy to see a major shareholder like Mr Strukov ,who knows gold mining and always wanted a London listing for his company.
We appear to be in agreeance, sheltie,....it's the POX Hub technology( https://www.petropavlovsk.net/operation/poxhub/ ), that has caught my attention.
BW
Ditto wraith. I have recently returned to POG as I feel that it has finally hit an inflexion point now and is poised for a much better two or three years going forwards. I Have a good vibe about this company and my ‘gut’ tends to make me more money than ‘research’ - oddly enough! ATB
10 February 2020
Dr Pavel Maslovskiy, CEO, comments:
"We are excited that UGC has decided to invest in our business at this pivotal point of our development and welcome its president and founder Mr Konstantin Strukov as our new major shareholder. His investment is a strong endorsement of our strategy and operational success given that UGC is well respected in the Russian gold mining industry for its operating capabilities. With our ongoing focus on delivering shareholder value by maximising cash flow through further development and optimising the capacity of our POX Hub, it is positive to have a shareholder with such knowledge, experience and expertise in the Russian gold mining industry. We are confident that our ambition of becoming a leader in the mining and processing of refractory gold ores in Russia is supported by both Mr Strukhov and the company he founded, and we look forward to exploring the potential for future cooperation to ensure the continued strong growth of Petropavlovsk's share in Russian gold mining industry for the benefit of all our stakeholders".
Source: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/POG/14416251.html
Pivotal point,....sounds good to me,.....I'm a recent investor here at POG, although I have held long ago (around 2008/2009, from memory),....pleased to be back, at this point in time,....not a large shareholder myself (96,000 POG shares, held at present,..72,000 held in two ISA's, so far), but building a position, slowly.
BW
Sould have added they are two of the possible scenarios
confusing situation here only needs under two% to have to make a bid or to call an AGM and try to remove the board?
“We welcome the new shareholder on board, and are delighted that a new significant shareholder shares our vision,” a spokesman for Petropavlovsk said.
Source: http://www.talk-finance.co.uk/economics/with-petropavlovsk-sale-kenes-rakishev-proves-his-bargain-hunting-skills-once-again/
Uzhuralzoloto: http://www.ugold.ru/en/company/our-history/
On January 20 2012: https://www.ibtimes.com.au/russian-gold-miner-mulls-ipo-raise-200-m-1292656
BW