Just listened to the call and Q&A.
A lot less scary then how it's been put on here but can certainly understand the big drop as there are millions of other shares for people to invest in.
They keep saying a London listing, though not the premium listing, is there preferred choice and that what they want is to stay on the 3 current markets just move their country of residence.
The fatal comment has been jumped on but both times it was explained in the reasoning that this is why they are looking to move to a friendly territory, in case more restrictions come down the line that could be fatal to the company in it's current form.
TBH there was no sweet talk just it seemed facts, this is the situation, everything is ok at the moment but we can't know what further restrictions may come down the line which is why we are looking into this.
Our preference is to stay on LSE but we are telling you the risks and what our 2nd and 3rd plans are.
Better then some facade pretending all is great IMO.
Not that I planned to sell, but certainly worth anyone with concerns to hear from the horse's mouth
oh Blue, don't hit me with them negative waves so early in the morning.
"He said we're here for the shareholders"
We hope so, obviously if you can't trust the people running the company you shouldn't be invested but back in 2007 heard the lies about Bear and others before they collapsed that they are fine and strangely the more money you have the less consequences you have for lies/fraud (#zahawi) fingers crossed, I have enough here that I'd be very annoyed to lose but at same time it wouldn't be fatal to my portfolio.
lol must be some whales on here as since John's info the price is pumping :)
if it helps, it's only 8% down year to date :)
I can imagine lots of conclusions an educated man could have come to that made them sell.
I wish I had but predictions are tricky, especially about the future
this was an exciting day
same again tomorrow? :)
263 now, what an exciting day.
Who needs themeparks?
Polymetal is preparing to relocate its domicile from Jersey to Kazakhstan, so that the Anglo-Russian gold miner can carve out its Russian business in the wake of sanctions and war.
Until recently one of the most profitable gold miners in the world and a FTSE 100 company until last year, Polymetal has become emblematic of the difficulties in navigating mounting sanctions against Russia, despite not being targeted itself.
By redomiciling to Kazakhstan, the company could be allowed by Moscow to split its assets, carving out its Kazakh and Russian mines into separate entities.
Russia has banned asset sales by gold miners domiciled in “unfriendly” places such as Polymetal’s current choice of the Channel Islands.
“This would allow for the restoration of shareholder value, because the Kazakh business would re-emerge without being under the shadow of sanctions,” chief executive Vitaly Nesis told the Financial Times.
The redomiciling could be accomplished by the third quarter of this year, allowing for the split to take place potentially in the first quarter of 2024, he added.
By separating the assets, shareholders in the Kazakh mines — which accounted for more than half the company’s profits last year — could enjoy a more favourable valuation, Nesis said. The structure would also allow shareholders in the Russian mines to receive their normal dividends, which are currently blocked.
The group has eight gold and silver mines in Russia, and two in Kazakhstan. Its main holding company is incorporated in Cyprus and is owned by a Jersey-domiciled entity listed on the London Stock Exchange.
Polymetal last year produced 1.7mn ounces of gold equivalent, 2 per cent higher than in 2021, and has forecast similar production levels this year.
Sales of gold — which had temporarily fallen as sanctions forced the company to find new buyers for its Russian-produced metal — recovered by the end of the year, partly because of a surge in buying by Russian retail investors.
The Astana International Exchange (AIX) does not have arrangements in place that allow proxy voting for remote shareholders, but Nesis said Polymetal was working with AIX to make sure the infrastructure for this was put in place.
He said that while he would like to remain listed in London, this would probably be impossible once the redomiciling was complete. Polymetal’s efforts to list depository interests in London had been “denied” by service providers that “refused to deal with us”, he added.
The EU’s ninth sanctions package, adopted in December, prohibit new package, adopted in December, prohibit new investment in the Russian mining sector.
this is really bouncing around all over the shop.
Probably why the stomach is the most important organ in investing.
cheeky 11% bounce, dead cat or eagle?
still over 15% you year to date, 'hopefully' just a lot of people selling profit whilst they can.
Interestingly, wasn't someone on here a week or so ago talking about a gap in the charts around 270 that needed filling?
Pretty sure he was roundly derided.
the news doesn't sound great, though they still say they are not close to moving yet.
Certainly feels like one of those times where either you sell and risk missing out on a huge upside, or hold and end up with nothing.
Lucky in a few weeks we'll have people on here telling us what we should have done!
probably US PMI report
did my bit today, ok it was from the Xmas sales deal but hey I'm helping reduce inventory :)
no big collapse today
Sellers exhausted at low 300s?
lol it's still up 37% just this year.
Some perspective needed by a lot of people who maybe shouldn't be buying individual stocks
I doubt there will be any bumper dividends this year or as long as the risk of sanctions either from West or Russia remain in place.
They'll want to make sure they are extra covered in case of any grey, maybe even white swan events.
After the war then yeah these div levels long fairly likely