(Alliance News) - Polymetal International PLC on Wednesday said it plans re-domicile to Kazakhstan from Jersey and delist from the London Stock Exchange, a move that requires shareholder approval.
Polymetal shares fell 26% to 205.83 pence each in London on Wednesday morning following the announcement.
The gold and silver producer operating in Russia and Kazakhstan started trading as a premium listing of the London Stock Exchange in 2011. It also has been listed on the Astana International Exchange in Kazakhstan since 2019.
The company currently has its registered address in Jersey, but it said that due to sanctions by Russia on that jurisdiction under Russia's 'unfriendly countries list', its location on the Channel island "places a significant risk on the continued existence of the group in its current form".
The general meeting on the proposal will take place on May 30, with the company expecting to de-list from the London Stock Exchange on July 17.
Polymetal also Wednesday reported that in the quarter to March 31, it produced 345,000 ounces of gold equivalent, down 4.7% from 362,000 a year ago. in Russia, it's production grew by 2.7% to 229,000 from 223,000. In Kazakhstan its output fell by 17% to 115,000 from 139,000 ounces.
By Tom Budszus, Alliance News reporter
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