Member Info for jezzahold

@Equanamity
I am confused how you can equate the risk of nationalisation with the Duma's decision to ban Russian Companies from listing on a foreign stock exchange - they are mutually exclusive
Polymetal plc has a number of subsidiary companies - it is listed on LSE and AIX with a secondary listing on MOEX - also it is not a Russian company
Its Russian subsidiary - Polymetal JSC controls the Russian subsidiaries and simply pays up dividends to head office in Cyprus. Now it is reasonable to say that those dividends may not be forthcoming - a risk already highlighted by the Board in their RNS
What source indicates that Russian Assets may be nationalised (which would be bad news for the 20% of Poly shareholders - also highlighted in an RNS)?

95% of the loans are in US $ - will not be significant to the company (and a lot are fixed - see note 23 on page 233 of annual accounts)

2.23M of fees to the auditor and their associates in 2021 - who wouldn't want that?????

Obsolete - absolute tosh
Only UK registered companies are required to appoint a UK registered auditor
Jersey companies can have auditors where ½ the partners are from the EEA

That's why the ships are at Kaliningrad which is generally ice free
Now that depends how you classify indigenous Russian regions - go back to 500CE,1000Ce, 1500CE or 1800CE - what is your starting point. Rus imperialism started very early (unlike UK & US imperialism which only began in early 17th century and late 18th century respectively)

Share Hobbit - I do believe Russia has plenty of access to the Black Sea and the Baltic - they have fleets in Sevastopol (Black Sea - currently blowing up Odessa) and in the Baltic at Kaliningrad and Kronstadt

@obsolete - HY accounts are not audited - they are reported on
It is Deloittes in London who have resigned - they can still appoint Deloittes in Russia
No big deal
There reason for resigning is that THEYT WERE NOT CAPABLE of doing the work not that there is any problem with the company

They as in the Russian subsidiaries

Even more so if they cannot remit dividends to Cyprus - dividends to Shareholders can come from Kazak surpluses

JSC Polymetal is a Russian company - not a new investment in Russia simply their existing resources

@ BRB - But don't you think a new iron curtain is going up now?

Conclusion right but POLY produce dore from their concentrate that is processed at their POX plant. For the Kazak operation the dore is actually returned to Kazak for refining

You can only put 20K
If you draw any out you can not put it back in
If you buy an investment for 20K and it goes to 100K - the 100K is still covered by the ISA umbrella as are any divis you receive and reinvest
Its only when you take out you cannot add it back

If seized most of the debt would go
Another thought with a lot of discussion about the divi perhaps POLY should buy POG - the $246M divi would pay for POG @ 6.2p per share; they would acquire another POX plant on the Amur (which is underutilised) and they were only building Pacific POX to increase capacity - off the wall proposal I know

Jotom;
Agree - I want the divi - but will abide by the recommendation of the BOD for the AGM
If BOD agree it should still be paid, at $0.52 or less, do you not think their recommendation will have been made considering all the necessary factors. They have already cut back on capex plans (we await the capex guidance which was deferred - and best decision I can see is looking into moving Pacific POX to Kazak - a very positive step)
As you say once the situation settled down they can declare an interim dividend for 2021 later on (its only a final that is voted on at the AGM)

$1 @ current exchange rate is 77p - not far of 70p
Anyway it simply depends on the profits and net debt as stated in their published dividend policy
Profits up dividend up - net debt down dividend up
https://www.polymetalinternational.com/en/investors-and-media/shareholder-centre/dividends/

I use Sharescope - that has forecasted dividend in 2024 @ 203p per share!!!!!
(not sure how reliable that is though)
I imagine from the figures $1 per annum is going to be possible going forward

@jeremy
Noted your observation that the company had borrowed an extra $500M @ 20-25% - not sure I can agree with your conclusions.
RNS says ne DEBT had increased by from $1.65Bn to $1.94BN - that's a difference of $300M
Why would they be paying 20-25% interest - if you are assuming that relates to increase in Russian interest rates it doesn't tie in with the statement that 94% (93% at year end) of debt is in US $.
also it is an increase in NET debt so it could just as well mean that the $417M of cash balances at year end may have reduced by $300M (but they have already said they are holding the money for the dividends $246M offshore) so that could be a max reduction of $50M
They acknowledged that the effective rate may increase slightly but i doubt very much you will see them paying a lot more (rouble factoring loan will be probably be @ central bank rate + but this is small - @ year end this was only $48M)

With their assets they should be able to go anywhere for the money - when they can - the Bonds were listed in Dublin

Just checking out ½ year report and noted sales guidance
Full years production guidance 430-470 koz - compared to 2020 which was 514 koz
at the ½ year they had only done 195koz due to sated reasons (see report) - better 2nd half
IRC asset for resale increased by $35M to $77M - selling that would help reduce debt