Poly selling Russian assets10 Aug 2023 08:11
Interesting and debunks a lot of the daily drivel from the mob.
The sanctions have complicated the company's plans, Nesis said on an investor call,
making an asset sale, for which he said there were a number of interested buyers, the only viable option.
"A spin-off or distribution of the subsidiary to investors are not possible given the sanctions regime," Nesis said.
"As much as we are keen to preserve the shareholder value, we are equally keen not to breach any sanctions.
"And therefore, the sale of the Russian business remains the only reasonable option, which we will pursue in the course of the next several quarters."
Six to nine months was a realistic timeframe, he said.
"Management and the BoD are able to extreact substantial if not full value from this business. This will not be a sellout or giveaway"