Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
Article came from the Financial times online
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.
who got caught up in the usual outrageous ramping that has been going on here the last few months. I do hope they had set sensible stop-loss's. A lesson to be learnt here-When it seems too good to be true press the sell button. This was always a risky stock and a upcoming RNS with no end to Putins invasion in sight was warning to sell even though the price was rising.
Tonight I'm dinning out... Champaign and a steak dinner thanking my lucky stars I made profit...Now then boys where's the next stock being ramped up on Lse? The dessert wine is rather good at Rules.
https://www.rolls-royce.com/innovation/small-modular-reactors.aspx#/
Bushveld Minerals had debt of US$76.7m at the end of June 2022, a reduction from US$87.7m over a year. However, because it has a cash reserve of US$7.01m, its net debt is less, at about US$69.7m.
According to the last reported balance sheet, Bushveld Minerals had liabilities of US$51.7m due within 12 months, and liabilities of US$96.7m due beyond 12 months. Offsetting this, it had US$7.01m in cash and US$24.6m in receivables that were due within 12 months. So it has liabilities totalling US$116.8m more than its cash and near-term receivables, combined.
The deficiency here weighs heavily on the US$74.0m company itself, as if a child were struggling under the weight of an enormous back-pack full of books, his sports gear, and a trumpet. So we'd watch its balance sheet closely, without a doubt. At the end of the day, Bushveld Minerals would probably need a major re-capitalization if its creditors were to demand repayment.
While Bushveld Minerals's debt to EBITDA ratio (3.2) suggests that it uses some debt, its interest cover is very weak, at 0.20, suggesting high leverage. It seems that the business incurs large depreciation and amortisation charges, so maybe its debt load is heavier than it would first appear, since EBITDA is arguably a generous measure of earnings. It seems clear that the cost of borrowing money is negatively impacting returns for shareholders, of late. However, the silver lining was that Bushveld Minerals achieved a positive EBIT of US$2.6m in the last twelve months, an improvement on the prior year's loss. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Bushveld Minerals's ability to maintain a healthy balance sheet going forward.
https://simplywall.st/stocks/gb/telecom/lse-vod/vodafone-group-shares/news/shareholders-in-vodafone-group-lonvod-are-in-the-red-if-they
I sort of laughed sardonically when I read this and shrugged my shoulders. If the dividend holds it will another five years before I get back to where I started-Never mind at least there is a dividend and I'm in good health!
Last week I flew from Bristol to Glasgow easy jet, flight was at midday, I arrived early thinking it might be quiet! There was not a seat to be had in the departure lounge and long queues at every eatery. By 10am people were tanked up and lying about on the floor. My flight was completely full and took off on time. Plus my local costa has put up the price of a latte to over £3...it's never been so busy!
Peteret, Your share broker/share platform will liquidate your shares and credit your account.
Re- my post yesterday. I caught the share price on a bad day and teetered over the sell button. The initial shock has now past, perhaps Bushveld will come good one day...hopefully before I'm too old to appreciate it!
Having invested in Bushveld over 3 years ago first in the 20s and then averaging down, I was shocked to see the price today. Having foolishly listed to people like Richken and Ophilian (Where are they now?), I find myself well out of pocket and even having to delay my retirement because of this investment. The question i ask myself is-Do I get out now and salvage a small amount or do I hold and potentially lose everything. I suppose many private investors are in this position with Bushveld.
"but unfortunately true communism (this has never been tried I accept) judging by the experiments up to now won't work."
As a young teenage idealist I decided to live in a truly equal society so off to Israel with my rucksack to live on a Kibbutz (Communal Farm) and practice Utopia. Their, everyone owned everything but nobody owned anything. After six months I discovered that although everyone was supposed to do their fare share in fact some did a lot less than others (Animal Farm!). There was no incentives to work hard-why fill five boxes of oranges while others only picked three. You had no money of your own and had to share everything (Cars, Communal dinning room, Holiday slots) . You were provided with everything you needed but hey life became stale somewhat. I came home with lots of happy memories but no money while my best friend had started his career, buying a flat, car and …Girlfriend.
Communism is a utopia that has never worked because humans are all different, Capitalism is not perfect but it's about as good as it gets, without it we would still be living in the feudal system (like Russia& North Korea). The Russian invasion of Ukraine has given us a kick in the back side to remind us of just how awful communism is and how it always attracts people who are bitter and resentful of progress, incentive and advancement...and of course risk taking, which is what all who invest in Poly are doing. "Carpe diem" -Seize the moment!
I posted this a couple of weeks ago. I repeat it for those who have ethical concerns about trading in Polymetal-
Most of us are here to make money and nothing else. If you have moral qualms about making profit from war then please go live in a welsh small holding, grow your own veg and live in penury. The money market pays most of the taxes in this country and keeps us (The UK) in a high standard of living. I pay my taxes so I can live in a free country and buy and sell what stock I like. If you think trading in this share in immoral you definitely need to read some history books.
Life isn't Fair-It's never been Fair-It never will be Fair. That's all you need to know really!
Perhaps we should start using all that potash from the Woodsmith mine (remember Sirus minerals?). There's about a 100 years supply down there!
What a lot of tosh being discussed this morning. Most of us are here to make money and nothing else. If you have moral qualms about making profit from war then please go live in a welsh small holding, grow your own veg and live in penury. The money market pays most of the taxes in this country and keeps us (The UK) in a high standard of living. I pay my taxes so I can live in a free country and buy and sell what stock I like. If you think trading in this share in immoral you definitely need to read some history books.
Life isn't Fair-It's never been Fair-It never will be Fair. That's all you need to know really!
Informative video on Redox flow Batteries-Apologies if it's been posted before
https://www.youtube.com/watch?v=Be_rVtMFXSw
Here is an interesting link to a discussion about converting a Gas boiler to run on Hydrogen. Video about a year old.
https://www.youtube.com/watch?v=4uNKPDREa-Q&t=921s
Further to my last post I have discovered that Australia and New Zealand will be opening their borders to foreign tourists from April 30th 2022. Tourists will be required to self isolate for seven days. BA are already flying two flights a week to Auckland. Good News indeed!
Spanish flu-A far more serious and deadly pandemic than the one that afflicts us today(It killed young and old alike), took about two years to fizzle out. The first recorded infection was March 1918 and the pandemic ended in mid 1920. Back then there were no effective treatments to speak of, no vaccines and no way of tracking mutations as they occurred. Yet the pandemic eventually just died out of it's own accord . There is no evidence to suggest that virus mutations become more infectious- on the contrary to survive the viruses have to become weaker and endemic. For a virus to become more infectious would be virtually unique in terms of the history of pandemics. I believe that we are entering the end game...someone please tell the government that.