Member Info for oatey

Have to agree with this. It's a big problem with these small firms, as an outsider you've really no idea and no way of knowing what is going on on the inside.

The SP movements in the weeks leading up to this seem pretty suspect.

However, just to play Devil's Advocate - a large part of the rise could be attributed to the huge rises in CWR and ITM...

Glad I took profit at 16p now, however, if they can sort out the mess and raise funds they'll be back on track.

GLA, see you in a year's time (hopefully)

You do know the market cap is just the share price x the amount of shares in existence, right?

So if the share price doubles, and there's no buybacks or dilutions, then the market cap doubles too. Incredible

Some businesses even go up 1000% or 2000%, the market capital was £10m then it went to £100m or £200m! Wow!

Can't see anything on website about FY 2025 results - 2024's were published 1st May, so should be soon?

Also surprised by lack of share price movement given the news yesterday, although it isn't a firm order it is positive. Shares are still quite illiquid. Need something more concrete for it to gain proper traction, I think.

Seems like some extreme views in both directions on this board. The problem seems to be most posters can't consider the opposing view to their own.

The good points about Poly are it's fundamentals. Making good revenue/profit, gold price is at near all-time highs etc, well established company trading on ridiculously low P/E.

The bad point now is the whole issue of re-domiciliation. I don't understand why some holders of Poly seem to kid themselves into thinking it is a good thing. If you were today looking to invest some money and were doing research, came across a share in Kazakhstan on the AIX exchange, nothing on the London one, and had gold mines there and Russia, would you seriously dive in and buy? (Even if the company had the same fundamentals as Poly) Quite possibly not.

And the uncertainty is what caused the sp to nosedive. People want shares that are liquid, not something that they are going to struggle to sell in the future or even be able to keep hold of in their ISA's / SIPPs with whatever online broker they're using

If those kind of hurdles can be normalised for the average private investor then we might see some return of the share price to normal.

As for the war ending or peace talks, it seems pretty unlikely. We're nearly a year in now and there's not been much movement in the last few months, its just dragging on and on.

Had the following reply from Investor Relations in relation to the re-domicile and how it would look with ISA's etc. I guess most of it is old news but might be useful to some.

How does this work with my ISA?

We are not experts on this issue, and are seeking legal and financial advise on how this exactly would impact ISAs and SIPPs. As a generic point there are tax rules around what shares can be held in a ISA and SIPP - HMRC state there needs to be a listing on a “recognised stock exchange”. https://www.gov.uk/government/publications/designated-recognised-stock-exchanges-section-1005-income-tax-act-2007/designated-recognised-stock-exchanges-section-1005-income-tax-act-2007-v3

Astana International Exchange (AIX) is on that list.
There is also a point that brokers (e.g. HL and others) need to permit trading in those shares and allow them in their ISA/SIPP accounts, (even if tax rules allow). We will be working with them to secure that.

I don't understand why the board hasn't considered keeping the listings/domicile where it is, paying down debt seeing as the company is still making good money, and when there is cash available having a share buyback scheme (which could a) reduce some % of NSD holders and b) help support the share price).

Do-nothing strategy entails a number of risks that Mr Nesis has discussed at length during CMD (replay and presentation deck is on our website). In short: staying put on Jersey risks uncontrollable and irreversible consequences in both Jersey (loss of share registrar, other key providers of professional services that ensure smooth operation of POLY as a public entity) and Russia (licensing, permitting, taxation). This is an option that may lead to full loss of value for the Russian business. These risks are real, even though they may not feature prominently in the conversations of investors discussing our choices. Buybacks is an option that the Board and the management will consider as a means to return cash to shareholders should it be deemed the optimal way to return capital to equity holders. For obvious reasons we can not extend the buyback to NSD shareholders.

Does the board also not consider that it could go to all this effort and then a year or 2 later the war in Ukraine has ended and things start to get back to normal? (and therefore it was all a waste of time to re-domicile?)

This scenario (war in Ukraine ending soon) is not the baseline working assumption of the management and the Board. Our expectation is for a protracted war of attrition. Regardless, we must face the dangers to the business which are clear and present in the short-term. We very much hope on speedy resolution of the conflict, immediate ceasefire and launch of talks to settle the conflict peacefully, but can not ignore the risks of maintaining status quo.

Finally, the Company will not de-list from premium segment/alter any current trading arrangements until there is a shareholder vote and sufficient notice to al

Ramp: Where do you get that the current setup in Jersey is fatal?

Correct me if I'm wrong but the company could pay divis right now and it would only be the NSD holders (approx 8% of total?) that wouldn't be able to receive them.

Why not instead of paying a dividend this year, doesn't the company start buying back shares whilst the price is low, and reduce the amount of NSD share holders? could even get it down to zero pretty easily

To buy back the whole of that 8% would cost the same as paying an 8% dividend, peanuts at the current share price

Correct me if I'm wrong, but share buybacks, even though they seem to be not so popular, I think have a better "image" so to speak than paying a huge dividend.

What I mean by this is that any big dividend payout at the moment from anything Russian related will attract some media attention, whereas a share buyback, the value of your capital is increasing by the same amount as you would have had if it were a dividend, doesn't "look" as bad in the scrutinising eye of Mr. Joe Public.

I actually kind of hope they half the dividend and use the other half as a buyback - if for no other reason than to reduce any scrutiny from the media/general public.

I re-invest all my dividends at the moment anyway, so for me its completely academic however they pay it

The cut off date for the dividend is in May. Suggest you use Google and Dividendmax.com

For those below that don't seem to understand simple percentages.

If something is worth £1.00 and then it RISES by 10% to £1.10, the new value is 110% of the first value. But we don't say "oh its now worth 110% of what it was previously", you would just say it has risen by 10%.

A 10% increase is the same as multiplying by 1.1. Similarly if a share has *risen* by 100%, then its now worth 200% or 2 times, what it was worth originally.

If you change the semantics and say "the share *is at* 110% of its previous value", that doesn't mean it has risen by 110%, that would mean it is 10% higher.

Seriously - why are people getting their knickers in a twist about what another shareholder is doing?

Last week I said that the fundamentals of the company haven't changed.

That is true and yesterday the company provided a good update to the situation.

Still too many trolls on here - some of which posting reputable articles like ones from the Daily Mail (?!)

And then others still saying it will be delisted, getting confused with the fact they are dropping to the FTSE250

Holding for the long term. If they have to cancel the next dividend just to avoid PR heat, fine. The money is still there in the business and Gold is at an all time high

Dividend yield will be close to 100% soon :P

How is gold shipped around the world?

What's not to say all of a sudden, that my Khazak gold mine has some gold for sale ( ;) ) in USD and it will be shipped to wherever it needs to be and is definitely not coming from my Russian gold mine for those cynics in the room....

They haven't back-tracked, they've just said they won't be buying any more Russian linked stocks - they're keeping what they already have

So many trolls on this board today trying to suggest the share will be de-listed. I already posted a good article from the Guardian which gives commentary from the LSEG on why/which shares had been delisted and why Polymetal and Evraz wouldn't be. Don't listen to the trolls that seem to be trying to deramp the price.

One or two seem to be asking what happens to a share once it is delisted. Well, you still own the same share of the company, but you won't be able to buy or sell on that particular exchange. So it becomes less liquid and harder to buy/sell.

As for Poly going about their business, I personally doubt they will have much problems selling gold - and getting the market value for it - if the rouble drops then they will still sell it at market value, which in USD will remain the same, they will just get relatively more roubles. The email reply I had from them a few days ago also seemed to suggest that they wouldn't be affected by banking sanctions and in that respect they would still be able to operate normally.

The crux at the moment is this and Evraz is akin to holding tobacco shares - it feels to some immoral and the big institutions (bar Blackrock) have all tried to distance themselves from anything Russian - hence the SP.

The quality of the actual business has barely changed, except the fact they may have slightly higher operational costs whilst this situation is going on.

My plan is to have these shares for 10+ years so I'm in for the long run. Avg paid now is £6.04

GL to everyone

Can't post the link but it's from the Guardian. Gives me some confidence that the share won't be de-listed(!)

As for Putin's demands, is it classic negotiation tactic - ask for more than what you really want and then when the negotiations push back then you end up in a position with what you really wanted in the first place.

Asking to de-militarise a sovereign nation is a bit too far, but might end up in a position where they get Crimea recognised, possibly some of the Eastern areas of Ukraine too, and some guarantee they won't join Nato for the next X amount of years?

Companies that are incorporated in the UK with a primary listing in London – or those incorporated elsewhere that adhere to the UK corporate governance and takeover codes and have more than 50% of their shares traded freely in the UK capital – are so far not subject to sanctions.The mining company Evraz, in which Roman Abramovich owns a 29% stake, and the precious metals mining group Polymetal meet LSE criteria for being assigned “UK nationality” for trading purposes. https://www.theguardian.com/business/2022/mar/03/london-stock-exchange-suspends-trading-in-27-firms-with-strong-links-to-russia