Polymetal International PLC - Jersey-registered precious metals miner in Russia and Khazakhstan - Currently evaluating corporate structure in face of Western sanctions against Russia following its invasion of Ukraine.
"Polymetal is evaluating various options that could maximise shareholder value. Such options, among others, include potential modification of asset holding structure which would ensure distinct ownership in various jurisdictions in which the company operates," it says.
Last Wednesday, hired Riccardo Orcel as independent non-executive chair, starting immediately, which followed the resignation of six directors, including chair Ian Cockerill, following the imposition of Western sanctions against Russia. Polymetal previously had replaced four of the non-executive directors. Its board now consists of eight members, including six who are independent. Polymetal, a former FTSE 100 constituent, was removed from all FTSE Russell indices last Monday, due to insufficient trading liquidity.
Current stock price: 305.00 pence, up 26% on Tuesday
12-month change: down 78%
By Paul McGowan; paulmcgowan@alliancenews.com
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