Member Info for jezzahold

There does appear to be some obscure and random posts on this site - I follow it as I invested in 2021 as it seemed to be a well run company paying good dividends with a popular product
Yet the number of posts (I will admit I am an infrequent visitor to BB) has astonished me
Yes @ Dave short term investors have a valid input - though on the spread it must be difficult for us poor individuals to make a gain (my broker - HSBC - will allow me to sell but not buy)
I am a long term holder based on the fundamentals - and even with a move to AIX and having GDR's does not look inherently prohibitive if you believe in the company long term - note at present if you buy share on the LSE at present they are Depositary Receipts - and it will then depend on whether your broker deals in those GDR's (just check out all the Global companies that trade via DR's on the LSE)
Any move will be dependent on the outcome of the Russian invasion of Ukraine but that is affecting the world not just POLY - it is not certain (I understand Nesis considers it essential)
My current view/opinion is wait and see and, whilst being positive about the operations of the company, tough it out.
From initial investment my average is £2.95, whilst saving £3K in CGT by switching some of the holding to ISA's last year.
For those of you down on the company why keep on about it - it isn't simply negative it is boring - will not one negative post a day satisfy your angst??

GDR/ADR are traded as a normal share if listed on an exchange

Clear statement for the future with POX 3 ++

Well somebody happily accumulated 4.1M shares - we haven't seen trading levels like that since the invasion of Ukraine last spring
MMs must have had some fun shaking the tree :-)

Re disappointed on dividends - they are not part of the the production results report - wouldn't be announced anyway until final results in March (see earlier Q4 announcements)

No comment in capex of POX to Kazak though

sorry 50% not 20% - whoops

@JOB
Ok re 20% but @ December it was only 38% which presumably reason for extension - thats hopefully what we get with the update

Dividend policy is still on website (see under Investors and Media tab)
Amount to be paid - 50% underlying Net income subject to Net Debt/Adjusted EBITDA of 2.5)
September H1 presentation said 2021 final and 2022 interim cancelled and future dividends being paid would be subject to resolving NSD issue - approx 22% of shares or 104M
December RNS said they had "bought" 39M of NSD shares so still another 65M shares to resolve - 13% of shares - still is a significant number
Will be interesting to further news on that

Worst Case
The unthinkable happens in the next week and all talk of a future is irrelevant...

But lets just hope that doesn't happen and then the company will continue operating, apparently very effectively with a product that has a resilient demand - remember it is a resources company so unlike services companies if they don't dig out the product or sell it it is still there in the future to be sold - just some overheads to cover in the meantime

As far as I am concerned there is only one party at fault - Russia invaded Ukraine - end of

I don't live in the Ukraine - but clearly they need to get their act together to loin the "Western" societies - you know like Saudi Arabia and the Gulf States have :-)

Rouble currently trading at US $ 72.191 _ :-)

It would be nice to actually look at the company this board is supposed to represent :-)

It's late at night just come on to see the myriad of posts and discussions- it comes to mind that at least we "live" in a society that allows anybody to express their opinions; whether valid or not; whether relevant or not ; whether simply so stupid they incur the ire of the "community"
At the end of it "stuff" appears and receives responses from those who don't like it - but it is allowed to appear
Happy New Year everyone

Re Possible Cash position based on comments in published info

H1 Cash Flow Statement
Cash reduction from increase in Working Capital (note 20 ) - $483M - strip out increase that arises from Maskoye (its iced in so will always increase inventories from December - say $116 (increase in H1 2021 ) - gives $367M cash used for operating purposes.
That, would appear to be funded by short term Rouble borrowings - increase from December 2021 from nil to $662M - other Rouble borrowings that are fixed are probably regional loans available for Capex (that's my guess/assumption)
Further in note 16 of H1 2022 results they note that $637M repayable by December 2022

Going back to cash flow "guess" realising excess inventories and prepaid consumables should bring in FCF of say $800M - plus second quarters trading

Note that loss for H1 was caused by write down of Nezhda-Prognoz of $677M - primarily due to changes in discount rate from 10% to 15% - the cash will be still forthcoming but today it is worth less - not actually affecting ability to service capital in the future

As to cash on hand - at 30 June it stood at $541M up from $417M at December 2021 - so the cash that was sitting in Cyprus is still there (guess) and has increased Kazak flows - as I understand it Capital flows are restricted out of Russia so they would appear to have borrowed in Russia what they need for Capex and Operational needs

Conclusion - depending whether they restate the dividend policy - and additional requirements which allow them to "adjust" the dividend as calculated by that policy - there would appear no reason not to pay a dividend - whether it is a 2022 final or 2023 interim - still the same effect - we are getting a dividend :-)

Final comment re FCF - if and when POX3 moves to Kazak they are going to need to fund that

Anyway that's my 2 tenge worth

Happy New Year

Just to add some Merry Cheer
Current Rouble Rate Rou 69.139/ US 1
Debt in Roubles (OK its a long time ago - June 2022) - $1.126Bn - rate @ June 54.882 - reduction in borrowings (simply from exchange rate) could be $231M

https://www.exchangerates.org.uk/USD-RUB-exchange-rate-history.html

Comments re payrolls and local inflation Poly say they uplift local pay by annual CPI ( see H1 report on website)

Increased cost of production in Russia for local inflation offset by fall of local currency on world market - PS do you want to buy and hold Roubles?????

Back end sales of excess stock ($500M) at cost + profit) - realisation of prepayments on consumables say $50M

Reduction in debt $1Bn - possibly depending on operations

Result for Poly +++

For those that the war is the ONLY factor - look at the fundamentals - as noted by many Russia has been priced out of the scene - but Kazakhstan, and the management, surely deserve this price an upgrade - LT holders will benefit.

Can Poly pay their dividend - I think very likely (their problem was not being able to pay everyone i.e. Russian shareholders previously ) - move to Kazak from Jersey and problem solve (very simplistic view I know) - expected dividend $0.50 - cost to company £237M - but what a message it would send!!

Obviously cash restrictions from Russia but Capex (inflows) possibly exceed operational surpluses at the moment.

Anyway Merry Christmas all - to truly bizarre site (the company is secondary to every possible external factor0 - I follow with amazement

Observation on the the hair pulling and bewailing of the RNS If one was to actually review the information provided so generously and comprehensively by the company - Not sure where the extra capex is but to December 2021 (p111) they had spent $125M on Kutyn (capitalisation of licencing?) - suggesting that this years developments have not added that much to debt. They also highlighted in that annual Report they were accelerating the project - and they have achieved that.
Coming into operation early for 2022 they are bringing forward sales of 40Koz which with a price of ,say, $1500/oz and AISC of $950 gives a surplus of $22M.
Good point by Chippyjo (14:05) as to why a separate RNS
What the RNS doesn't explain is the make up of the extra $30M - is it extra highlighted costs or is it additional facilities not in the original budget/plan?

also nice to see Poly trading @ 542p on MOEX with similar volumes to LSE (but I seem to recall only 25% of shares or thereabouts) are traded on MOEX

I would refer you to the Q2 Production report on website re Kyzyl (p4) and their website explaining operations
High Carbon Concentrates from Kyzyl are shipped to customers in Asia, not to customers in Russia, - as concentrate - and yes it goes by train through Russia to Khabarovsk
Note 2 highlights accumulation of concentrates in Kyzyl due to Covid restrictions in China - in the Q2 figures they highlighted that they produced 75Koz of gold in concentrate but it didn't count as production in the figures as it was not dispatched.
Re possible effects on income it will depend on ... yes the quantity shipped and the price it is sold for - roll on 22 September and all will be revealed