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Notice of the AGM out today.
No dividends being recommended. And a proposed change of name.
Thoughts anyone? No divi I think was expected. Change of name is probably not a bad thing to try and distance themselves from PolyR.
Allowing the SOLD business in Russia to keep Polymetal as their trading name may have been an oversight, further enforcing lack of due diligence carried out on behalf of shareholders.
The new name Solidcore Resources Plc (ticker SOLD/SORE) appears more fitting given where the company now finds itself.
Further, imo divis is unlikely to be paid until there is a complete and accurate shareholder register and this will not happen until SOLD/SORE is relisted on the LSE. Not having enough resources to pay a divi is a complete red herring; especially during times of record gold price.
Nice summary there John. Just checking my HL accounts today My understanding was that we would have full voting rights and dividends leaving our shares with HL. Not received any notice of the AGM on my HL account or any option to vote. Are HL preventing us from voting again? If they are I think this is a case for the FCA. Thoughts
Stan55…my understanding is that unless you are registered as holder of stock on AIX (through a broker or Tabys), you will not be able to participate in voting on company matters. As regards divis, I did read somewhere that brokers like HL will credit any divis received from POLY to holders of accounts.
As I have stated on numerous times, POLY’s share register is all over the place, and this is the main reason why there’s no divis being declared; although POLY management says otherwise and provide all kinds of nonsensical reasons like lack of resources. They cannot admit the obvious cos it is their duty as laid out in the company Articles of Association to keep members register up to date. Admission to failure to upkeep the register would be interpreted as breach of their duty and resultant repercussions.
The company gets away with this due to Kaz authorities less than satisfactory oversight over companies registered on the AIX. Also, It is yet another departure from the promises made by Nesis and POLY when they said the company will continue to abide by the highest of standards once re-domiciling to Kaz.
On the flip side however, POLY also knows that in the fast moving environment it now finds itself, it simply cannot afford to be handcuffed by such procedural compliance when making strategic decisions so vital to the company’s future. IMO the management will be heavily focused on regaining listing on the LSE which would restore shareholder rights and goes someway to also restoring shareholder value through increased liquidity.
Hopefully, the company will be able to shed more light on this and other matters in the AGM and Capital Markets Day arranged in early June.
In relation to the dividends. I thought the company originally stated dividends would be held in escrow for those not on the register?
Copech...I cannot recall POLY saying it would use escrow to hold divis. It was an idea suggested by some in the past including myself. IMO there's no way around for POLY; only a London listing would restore shareholder rights and enable divis to be paid.
Thanks for that John.goes some way to explain the reasons although I have in an email from HL on July 21st that we would continue to receive dives and vote on the shares.
I understand that there is Chaos on their share listing. Obviously little can be done whilst POLY is on the Kaz exchange.
My feeling is that the whole board should get the push. Especially after the bargain price the Russian assets were disposed of with no capital returned to us and the treatment of loyal retail investors.
I see the shares are down again today 3.33. If this carried on we wont have any investment of any value.
Perhaps a takeover would be the best thing. To be honest I am past caring!
Stan55...agree 100 per cent. Nesis has been lying to shareholders all along; up until recently doing his brother's bidding. Decisions are made without providing vote to significant portion of shareholders. Prior to giving away Russian assets, he even had the cheek to say "We as BOD do not have to consult shareholders to sell the company but we're going to do it anyway". He knew full well majority of retail holders are not registered on Kaz exchange hence will not be able to exercise their vote and the resolution will pass through.
As far as I'm concerned, Nesis have lot of explaining to do. He is on trial in my books.
Hi John and stan it’s a shame but I told you all that this was a busted flush the minute Putin invaded ukr ah well win some lose some
#burningfromtheinside
Well i told the skint idiot to sell solg at 36p 3 years ago but the dork is still there underwater below 10p.
So I guess he should've listened to his superior.
•¿•
Another 3 years wait for skint I'm afraid, doubt you will see 36p again for a few more years yet.
MR called it spot on.
Wink