Member Info for justdriftin

Redinjin
If you interested….,

Poly semi-interested in pog pox plant

See https://www.webcast-eqs.com/polymetal20220425/en

Approx….. 1.04.10 this is straight from the horses mouth - ceo of poly @ investor webinar

A lot also relates to gold mining business in Russia - worth a listen if you got a hour plenty of synergies with pog

Lohen
Higher up it says
The company's market capitalization on the LSE is 59 million, the largest shareholder (about 29%) is Konstantin Strukov's Yuzhuralzoloto.

Krss
Monopoly not issue Polyus are 10x size of
Pog + ummc combined.

Lohen
There were 2 links it’s in one of them
See the posts earlier they are both quite close

Nooby
Insolvent = bankrupt = game over

Rich by30
defaulting on paying debt is been insolvent (classic one) irrespective of why

Is it coincidence pog actually defaulted on the loan 16th may

And pog SP has hovered around 1.5p since that date - previous week was slightly higher.

And now we appear to have a buyout price also @ 1.5p

We have buyout news (widely available) and SP stays at 1.5p

Is this a done deal ????

Got a stink to it - still think it’s seizure by the back door on the cheap

Accept or lose the lot - Russians eh, who’d trust em

Whoever wrote that article is a clown - the only reason pogs earning yield is 13.9% is because it’s mcap is false @ £60m and your a clown for posting it

Putin & but in the same sentence!!!

tell me if wrong but I assume,
'plc' is responsible for bondholder debt
'group' is responsible for Term/RCF debt
& 'plc' is only a shell for the 'group' / i.e. worth a negative value without the 'group' (the russian subsidiaries)
& as shareholders we own the 'plc' - which for now is the plc + group.

why hasn't 'plc' moved all the debt/bonds to the 'group' i.e. russian subsidiaries?
this would make seizing the subsidiaries on their own much less attractive to any possible hostile actors.

and any potential buyer/takeover/merger may as well just obtain the 'plc'
which if correct should protect shareholders intrests

yes/no ?

Did strukov sell his stake to ‘book’ the loss - to offset against a presumably v large tax bill (as was mentioned) then buy it back so he didn’t lose his stake ?

Strike, all good points
Worth noting Strukov’s stake cost him $250mn (was reported at time) it’s now worth $20mn. Hardly small change but does he.care about this stake now ?

I’m assuming the ‘plc’ owes the bondholders
And the ‘group’ owes the term loan & RCF

And the ‘group’ is unable to get cash out of Russia to the ‘plc’ to pay the coupon to the bondholders

So I think this means

1. the bondholders definitely don’t want seizure as they would get diddly
2. The debt holders don’t want administration / liquidation as they probably would get diddly

So there are good omens that keeping pog alive benefits all

And us!!!!!

I agree

My logic with this was…
1. If money was actually paid (full value)
Both new debt holders are confident of getting their money back…. ie
Confident all parties are working to keep pog a going concern
Or
By seizure of assets (maybe they become the 1st teir debtor above bond holders)?

…..If they paid full value means administration/ firesale /bankruptcy is definitely off the table as it would be unlikely 2nd tier debtors are fully reimbursed

2. If pence in pound…
They think they can obtain a stake in pog (debt / equity swap)
Or
They think pogs situation is dodgy and it’s a punt

If gpb gifted the debt
Gpb are friendly and all parties are working together to keep pog as going concern
Or
Gpb want to avoid publicity if the dirty deed is done I.e seizure - doubt they care about this
Or
Gpb want pog cheaply (debt/equity swap)

Any body got other thoughts?

I was trying to get an answer from IR as to whether ummc / Nordic had paid full value for the pog debt or for pence in the pound or just given a guarantee to GPB - I thought this would indicate whether they thought they the debt was serviceable / good value. Or whether it indicated it was a high risk punt by them.

Giving us an idea of how safe our investment my be…

emailed to JM

1. Can you confirm if either UMMC or Nordic LLC have purchased petropavlovsk's term loan or RCF from GPB for a cash value / or guarantee, and if so for what value / or guarantee?

If not, can you explain their relationship?

Reply
I can confirm that UMMC-Invest JSC has been assigned the US$201m term loan by GPB, as per our announcement on 20.04 (https://petropavlovskplc.com/wp-content/uploads/2022/04/20220420-GPB-Update.pdf). UMMC is the Urals Mining and Metallurgical Company, a large Russian conglomerate.

I can also confirm that Nordic LLC was assigned the $US87m RCFs, as per our announcement earlier this week (https://petropavlovskplc.com/wp-content/uploads/2022/05/20220516-DebtUpdate.pdf). Nordic is a Moscow-based fin. company.

We are not privy to any financial arrangements between GPB and UMMC-Invest or Nordic. You'll have to ask them.

Conclusion
Very vague and just reiterated the stated line
So either,
1 They genuinely don’t know
2 Unwilling to disclose

That’s P then ?

Law13,
I think I know who your contact is … rusty? And I would say I followed his, your and others who’s posts go back years….the days of the rights issue… I’ve always found them very informative & insightful. It’s a pity how this board has deteriorated.

And I think the are plenty of LTH’s who also think the same, so no longer post.

‘In a world of crooks and Russian mafia... there's just too much money to be made by taking POG down and putting it into private hands.’

just snipped the above off poly - seems to have been pogs motto for as long as I can remember, shame how a company with such potential never fulfilled the founders ambitions.

All the best!
Mark

here are the bonds POG has outstanding , both are very illiquid instruments, so can be a bit ambiguous .

https://markets.businessinsider.com/bonds/petropavlovsk_2016dl-notes_201722-22_regs-bond-2022-xs1711554102
this says - going bust

https://markets.businessinsider.com/bonds/petropavlovsk_2010dl-exch_bonds_201924_regs-bond-2024-xs1843433555
this says - surviving

I'd like to know if ummc & Nordic paid full value for the loans they took over or for pence in the pound ?

one or the other would indicate so much !!!!!

Typically extra logistical costs & Chinese / Indian buyer discount equiv to $150 per ounce