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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Polymetal International Plc | POLY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 215.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 215.00 |
| Top Posts |
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Posted at 25/4/2024 07:07 by k1ssxofxdeath Yes the Russian part of the business was fully divested on 7 March. hxxps://www.polymeta |
Posted at 11/3/2024 16:59 by loganair "We are pleased shareholders of Polymetal supported the sale of our Russian business. With the transaction closed and major risks eliminated, we plan to present our new strategy and capital allocation policy in May," group CEO Vitaly Nesis was quoted as saying in Polymetal's press release.As a result of the deal, Polymetal has deconsolidated $2.20 billion of external net debt, fully settled $1.04 billion of its intragroup liabilities net of tax and received after-tax cash proceeds of $300 million, the company said. Following completion, the group has a net cash position of about $ 130 million. Following the sale of the Russian business, Polymetal is left with two production facilities in Kazakhstan, Kyzyl and Varvara, as well as the Ertis POX development project. Polymetal's largest shareholders are a consortium of Omani investors led by Omani government-owned fund Mercury Investments International with 23.9%, and BlackRock Inc. with 7.5%. |
Posted at 19/2/2024 19:01 by sign1 Intragroup debt of $1.151b arose from the debt pushdown from the topco (holding company level) to subsidiary level (POLY R). As of today POLY INTL owes POLY R the said amount, while POLY R owes the external creditors $2.2b. For the avoidance of doubt: it’s not on top of $2.2b, it’s part of $2.2b. The reason why IGD isn’t reported is because IFRS uses consolidation basis for reporting. It only records the aggregate number of external liabilities, which is ~$2.4b (~2.2b in RU and ~0.2b in KZ) in our case. If we were to publish standalone KZ business accounts – only then IGD would have been visible. On consolidated basis we reported $170m of debt to external parties, because that’s how much POLY K owed and still owes to the creditors. POLY K and POLY R were never split in the accounting sense, because there’s no basis for it. Assets are still under one roof: POLY INT. Following the designation in May 23 we continued to report consolidated numbers, because that’s what IFRS requires. We added some of the reporting lines for KZ and RU for the benefit of investors to see what the country breakdown is along different lines of the i/s and b/s but the basis for reporting remained consolidated.While I understand that stated $3.7b EV of POLY R is confusing, if seen from the pov of the seller (not the buyer) the IGD of POLY K to POLY R is real, and must be extinguished. That’s why the buyer will upstream $1.479b from POLY R to POLY K, with POLY K returning $1.151b to settle IGD to POLY R and keeping the balance as cash proceeds from the sale. The difference in numbers is tax. |
Posted at 02/2/2024 20:26 by k1ssxofxdeath What about the Oman investors? They arent doing it for love. Their investment must be predicated on some kind of return, unless you are suggesting its just a complex loan agreement or something?Even then, that also assumes that there is no discount on the current price caused by the political risk. So even on the most cynical view that this is just a savage buyout by people connected to management, the value of the Kazakh assets on their own is substantially greater than the current share price Once the political risk evaporates, and investors who were forced to sell can return, there may be a rerating just on the Kazakh assets with net cash. All this assumes the CEO was being disingenuous this week when he said that the Russian assets would sell for "much more" than Net Debt and the fact that he previously said the value would be a percentage less not multiples less. He was less optimistic in the last call but a chasm separates a percentage discount of a business previously worth $5bn+ and $500m plus debt. The CEO has never talked about EV either so suddenly using warm words about Enterprise Value at $2.5bn on an equity plus debt basis aint going to cut it either. But we must wait and see as ever. KoD |
Posted at 29/1/2024 07:33 by k1ssxofxdeath Date: 29 January 2024Polymetal International plc Notice regarding a change of a major shareholder Oman’s Mars Development and Investment LLC acquires a significant stake in Polymetal from ICT Holding. Polymetal International plc (“Polymetal MDI LLC is an investment company registered in Oman and fully owned by the government of Sultanate of Oman, which pursues diversified investments across a range of international sectors including industrials, commodities, and finance in accordance with the strategic priorities of the Sultanate. The Buyer is a dedicated vehicle facilitating MDI LLC financial investment in the natural resources sector, including metals and mining. The Company has been informed that the Buyer intends to support the management and the Board of Directors of Polymetal and their strategy for the Company in the interests of all shareholders. “We welcome our new significant shareholders led by Mars Development and Investment LLC and we look forward to our engagement with our new Omani investors. We are pleased that MDI LLC has confirmed its full support of Polymetal’s strategy, which includes de-risking the Company’s business by disposing its Russian operation and further developing its asset base in Kazakhstan and the wider region”, said Vitaly Nesis, Group CEO of Polymetal International plc. As a result of the transaction, ICT Holding has now fully disposed of its stake in Polymetal. Accordingly, Konstantin Yanakov, representing ICT Holding, has resigned from the Board of Directors, with the Buyer expected to nominate their candidate to the Board in due course. The value of the transaction has not been disclosed. |
Posted at 26/1/2024 10:41 by maxplus2 Production results and a webcast will be published and held on 31 January. Webcast details could be found on their website within the events calendar section - https://www.polyme |
Posted at 21/1/2024 19:44 by loganair The head of Polymetal International, Vitaly Nesis said in an interview on Thursday:Q.: Will the company be expanding its own resource base in Kazakhstan? A.: We have an extensive geological exploration program, which focuses on copper and refractory gold ores, so we have some hope for growth of our own. Q.: Are you thinking of expanding your mineral resource base by purchasing pre-explored blocks or companies at the pre-mining stage? A.: We are looking at all options. We have been in Kazakhstan almost 15 years, so we know most of the promising well-known sites. Also, the country is currently experiencing a wave of inactive license withdrawals and termination of dormant contracts. As a rule, these are for anything but top sites, but we are also monitoring the process: maybe the state will put something interesting up for tender again. We also conducted a preliminary analysis of other countries, formed working groups on some with representatives of government bodies. At this point it's premature to talk about anything specific, but we're seriously looking. Kazakhstan, of course, is a promising country, large in area, with substantial potential for geological exploration. But it wouldn't be bad to have some second, third jurisdiction. One country is good, but two are better. Q.: What are your impressions of the Astana International Financial Centre’s (AIFC) Astana International Exchange (AIX)? A.: It’s a very professional, competent and constructive team. The move from London to Astana was a unique project. A lot of difficulties arose - legal, technological - but all of them were resolved successfully. The AIX, AIFC, and AFSA [Astana Financial Services Authority] teams were very pro-active and we are grateful to them for their support and prompt delivery of this complex project. But we can’t rest on our laurels yet - our interim goal is to increase liquidity. So far the volumes can’t compare with those we had in London. But Polymetal International is already one of the most traded securities on the AIX, with turnover of about 100,000 securities per day. Our interim goal is 1 million securities, and this will be about $5 million. It’s a matter of time before we reach this figure. It can be achieved, and it will mean that Polymetal International is not just formally a public company, but also a liquid investment tool. Q.: What can the company do for its part to increase liquidity? A.: We need to work with investors, but our team has always been very active in this regard. For now, the lion's share of time goes on the ongoing migration from London, and I think this will take at least until the New Year. Now the main thing is to help all shareholders, wherever their shares are located, to make a successful move to the central depository in Astana. Then there will be classic marketing: meetings with investors, explaining the company’s prospects on the new stock exchange with a new strategy, with new investment plans. As for longer-term prospects, it is of course necessary to bring back institutional investors. I think there is a chance of that by the end of next year, after sale of the Russia-based assets goes through. There’s a lot of work to do and some things will have to be re-done. On the other hand, this, unlike the actual move, is easy to understand, with a fairly standard toolset and sequence. Q.: As you mentioned selling Russian assets... It seems that there are not many potential interested parties. A.: I’ll not comment on specific interested parties. There are quite a lot of them. The problem is that the deal will be non-standard; it will involve scrutiny by American and Russian regulators. It won't be easy, but I remain optimistic because these are prime assets and we are totally transparent. The principles on which the transaction will be carried out are also clear: total emphasis on compliance, as well as maintaining the full viability of existing Russian businesses, so that operating plans, investment plans and social commitments are not disrupted. This is crucial to Polymetal International from a corporate governance perspective, as well as to ensure that the transaction itself goes as smoothly as possible, because abrupt twists and turns will inevitably generate unnecessary risks. The task is complex, but clear. The principles are demanding, but can be fulfilled. So let's get on with it. Q.: It the company prepared to sell assets piecemeal? A.: Of course not. In fact, of those preliminary expressions of interest that we have received over the last month or so, only two serious offers were for a partial acquisition. All the others, and there are more than ten of them, have been for the company as a whole. We're not even considering a piecemeal sale. Q.: My reasoning is that some potential interested parties are out of the running because they themselves are sanctioned, and others because not every company will be able to secure funding for such a big deal. Chinese investors will need additional approval to buy federal subsoil areas. Then we’re talking about more than six to nine months. A.: Foreign investors will want some kind of extension to the process, and perhaps we will not then meet the nine-month deadline. But if we have a signed deal, and it's only a matter of state approval, then I think other stakeholders will understand. But I am optimistic as regards financing. The gold mining industry is now “hot”, the external environment is very positive against the backdrop of high gold prices and a weak ruble. The assets are quality assets. I think a deal will definitely be found and done. Yes, there are risks attached to timing, but I don’t think they are that great because we have taken on certain obligations and must honor them. And we have time - not very much, but enough so that the deal does not turn out to be a fire sale, so that the shareholders of Polymetal International can get a reasonable, decent amount for Russian assets. Obviously it we take a sober look at the situation we can't hope for the same valuation as there was in 2021. There will be some kind of discount, but it needs to be measured in percentages, not multiples. Q.: Following the sale of assets, will it be possible to distribute funds between shareholders, for example in the form of special dividends? This could encourage shareholders to vote for the deal at the meeting. A.: There’s a good saying: don’t count your chickens before they are hatched. Better to ask this question once the sale has gone through. Right now I think it’s too soon. A simple majority of votes is needed to get the deal over the line. If we look at the situation pragmatically, the main factors for shareholders will be its structure and cost. Where the money goes is less important. Polymetal International management has always allocated capital in a balanced and proper manner. At the time of voting there will be more clarity on plans for the construction of the new POX hub, there will be specific ideas on the acquisition of new assets in Kazakhstan, and less likely, but still possibly, in other countries. The main thing is to finish separating the businesses in Kazakhstan and Russia. I think the logic of doing this is so obvious that the vast majority of shareholders will not have any objections. The main thing is for the terms to be reasonable. Q.: How are management functions now distributed between the Russian and Kazakh offices? A.: The Russian business is already being managed on a standalone basis. I still spend a lot of time in Russia, but this is mainly in connection to the upcoming transaction, communicating with potential buyers. In terms of production and investment decisions, the new management of Polymetal JSC – it’s not that new in fact, these are people who have been working in the company for about 20 years – is entirely independent. In general, the business split is already 80% complete. We’ve hired additional employees in Astana, switched to some service contracts with independent providers, in particular in information technology, and we continue to maintain some service relationships without payment, but in the near future we will stop them completely. Ultimately there will be no relations between the Russian and Kazakh parts of Polymetal, with the exception of the tolling agreement. Q.: What else would you like to convey to investors? A.: We have discussed both the process and goals very carefully, so I would like to convey the general optimism of the board of directors and management. It is clear that both the sale of the Russian assets and the split of the company into two parts are events that undermine shareholder value. But on the other hand, the Kazakh company, on a standalone basis and left to its devices, will have many opportunities for development and a management team that will be focused on Kazakhstan and other countries in Central Asia. The options will only increase. |
Posted at 30/12/2023 21:38 by 1917again You are exactly right masergtThe fugitive war criminal child trader Putin is already charging 50% on Russia exits. So seizing 50% of the 350 bn is fair for a start It's cost the West only 100 bn to wipe out 50% + of Russian army equipment so another 100 bn will finish the job Wall street at record high and the new cash will help nicely, lovely jubbly for trend investors. Meanwhile China shorts gone lovely jubbly too for trend investors |
Posted at 11/9/2023 13:47 by sign1 The arduous part is now for us to work with Nominee holders to locate investors' holdings and squeeze them out of the Nominee account. Investors then have the choice either to receive them in an account opened under their name at the AIX Registrar (after successful KYC) or to an account opened under a broker or custodian at the AIX CSD.Following this statement above from the AIX team. I have contacted Polymetal Investor Relations. It is not really new news as this is also set out in the communication released by Polymetal below. AIX Guidance on Share Transfers post Re-domiciliation If you have not gone to material format before the re-domiciliation effective date then your name will not appear in the register of securities holders maintained by AIX Registrar. Your shareholding will be hidden under the nominee holder, which is that of Hargreaves and Lansdown or AJ Bell. AIX Registrar will create an account in AIX Registrar under the Hargreaves and Lansdown or AJ Bell name. So in essence you can vote and receive dividends but not buy or sell your holding. But you can request your shares are transferred to a local Kazakhstan broker, they cannot deny your request. Following the re-domiciliation effective date, you may request Hargreaves and Lansdown or AJ Bell to move your shares to a local brokerage account opened with a Participant of AIX CSD. From Polymetal Investor Relations. “You must contact Hargreaves and Lansdown or AJ Bell and instruct them they have to liaise with. registrar@aix.kz So to understand what the steps are and what is required to make these transfers happen. Chief operating officer of AIX Mr Olivier Gueris should be addressed in the correspondence&rdquo Mr. Gueris moved on to Kazakhstan where he initially advised the Astana International Financial Centre to set up Astana International Exchange (AIX) and become the financial hub of Central Asia and beyond. Local brokerage accounts below (for active trading on AIX Market). You should open a brokerage account in your name with Participant of AIX CSD. List of brokers. Please ask contacts from the Polymetal IR team at redom@polymetalinter Nominee, which has a direct account with AIX Registrar, shall send re-registration instruction (upon receipt of instruction from you) to AIX Registrar via SWIFT - BIC code: ASIHKZ22REG, or by submitting a transfer form via e-mail Registrar@aix.kz. The form will be provided to a direct client of AIX Registrar (Nominee) at request. You shall send matching instruction to your local broker (AIX CSD Participant) to accept shares at your brokerage account opened with AIX CSD Participant at AIX CSD. |
Posted at 15/5/2023 22:20 by loganair Polymetal International - On The Path To Restoring Shareholder Value by GoldStreetBets Research:Polymetal has announced its intention to redomicile to the Astana International Financial Centre (AIFC) in Kazakhstan. This is the stepping stone on the path to restoring shareholder value, by unlocking dividend payments and further corporate actions. I believe the current valuation implies a meaningful margin of safety, with a 2-4x potential upside over the next few years. Interestingly, the Russian listing on MOEX is trading at around 700 pence per share, more than three times the valuation on the LSE. I would argue that the valuation on the MOEX is the most realistic one. If anything, the Russian listing should trade at a discount, given that Russian investors holding Polymetal's shares via the NSD are unable to vote, or receive dividends. Cheap valuation, with tailwinds: Polymetal is a company with a market capitalization of $1.4 billion that is likely to generate around half a billion in FCF in 2023. Two tailwinds are also gaining strength: the ruble is weakening and gold prices are rising. After averting financial collapse last year by constricting the flow of funds out of the country via capital controls, Russia seems now inclined to let the ruble fall. A weakening ruble helps commodity exporters, but is also the result of declining energy prices and increased deficit spending. Since the majority of the company's costs are denominated in rubles, while revenues are in dollars, a weaker ruble implies higher free cash flow. In its 2023 guidance, Polymetal was assuming a RUB/USD exchange rate of 65, while today the exchange rate is around 76. A 1 RUB/USD movement in the exchange rate is approximately equivalent to a $25 million increase in FCF according to the company's disclosure. Meanwhile, gold prices are up 7% year-to-date, at around $2000 per ounce. This is well above the $1764 per ounce the company realized last year. Since every $100 per ounce increase in realized prices is roughly equivalent to a $140 million increase in FCF, we should expect very robust FCF generation during 2023, also considering that Polymetal is on-track to achieve its guidance of 1.7 million ounces per year (in line with last year's production). It should be noted that the company still has to unwind some of the accrued gold inventories from 2022. As of May 2023, based on remarks from Polymetal's CEO Vitaly Nesis during the recent Investor Briefing event, the company was still holding around 100 thousand ounces in bullion and around 120-130 gold-equivalent ounces in concentrates. This accumulated inventory is expected to be fully sold down during the year, and should also boost 2023 financial results. Risks: While the company is certainly cheap, it is also obvious that the valuation suffers from a severe discount due to geopolitical factors. I cannot emphasize enough that, while the risk/reward is, in my opinion, attractive, there remain significant sources of risk. First and foremost, there are the uncertainties related to the redomiciliation. While the company claims to have obtained all the necessary authorizations at the highest political levels and not to be violating any sanctions, it is not certain that the change of domicile will go through. It will need to be approved by shareholders, and also not be blocked by Russian authorities. There is the issue of the trade suspension and subsequent cancellation of the primary listing on the LSE. Unfortunately, the company has not managed to find a willing provider to maintain the current listing through the use of depository interests and/or the listing of global depositary receipts. This is not a surprise, since the company had already warned of this eventuality. More precisely, during the conference call, it was mentioned that there would have been willing providers, but that the new listing would then have been suspended again at the time of the jurisdictional split off of the Russian business. The board has therefore chosen not to pursue a solution destined to stay in place only temporarily. In the meantime, what will happen is that, if the redomiciliation goes through on July 17, trading on the LSE will be suspended, as the company's shares become foreign shares and cannot be traded and settled within CREST (at least, without the addition of some additional structure, such as a GDR, which will however not be in place for the reasons mentioned above). On that day, shares will become untradable, but the listing will continue to exist. The intention of the company is then to request an orderly termination of the London listing. The timeline for this further step is a bit nebulous. Termination would require the publication of an FCA-approved circular and shareholder approval. Therefore, it depends on when the UK Financial Conduct Authority (FCA) will release the circular and is conditional on shareholder approval. In any case, it cannot happen before July 17, which means that investors have more than 2 months to take care of transferring their position, if need be. The delisting from the LSE exposes investors to the risk of seeing their position liquidated by their brokers, if brokers are unable or unwilling to hold the Kazakh shares in their name. While this risk can be removed simply by either transferring the shares to any of a number of brokers that can hold the AIFC listing (such as Halyk Finance, Freedom Finance, or Wood&Co; the latter one offers only custody), or converting them to certified shares, it is still an inconvenience. In addition, unless the broker has access to the AIFC, the position will be untradable. It should be emphasized that this is a temporary solution. In fact, the intention after the redomiciliation is to split off the Russian business (POLY-R), while the Kazakh business (POLY-K) will be relisted on the LSE. POLY-K will have no association whatsoever with Russia. As a fully independent company domiciled in Kazakhstan, unless Kazakhstan also falls under Western sanctions in the future. The issue remains about POLY-R after the spin-off. Russian shareholders will be able to receive dividends, but Western shareholders will not under the current sanctions. POLY-R will be listed on MOEX, which means that Western shareholders will also not be able to sell. POLY-R may receive an alternative listing. For example, Rusal is listed in Hong Kong and is able to pay dividends even under the current sanctions, but it is unclear whether POLY-R will manage to be listed there. In other words, POLY-R is intended to concentrate in itself all the Russia-related risks, leaving POLY-K free to re-rate. Crucially, the current valuation already assigns no value to POLY-R at all and implies at least a 50% discount on POLY-K, so despite the uncertainties regarding the value of POLY-R to Western investors, the margin of safety remains meaningful. Conclusion: In my opinion, Polymetal is not a trade. Other sell-offs are possible on low volume, especially if some positions get liquidated after the delisting. Polymetal is instead a buy-and-hold speculation for at least a couple of years. It is a bet that the management's strategy will work out, with optionality due to rising gold prices and a weakening ruble. The recent sell-off is probably motivated by fear, uncertainty and doubt regarding the change of domicile and subsequent delisting from the LSE. Nonetheless, I believe the company has been very transparent in its communication. There is even a dedicated webpage and a dedicated address for inquiries (redom@polymetalinte To summarize, if an investor desires to sell already (after all, the price has already almost tripled from the lows), he is advised to move his position to a broker integrated with the AIFC. If not, he should only make sure not to get liquidated, by engaging with his stockbroker and clarifying whether the stockbroker can continue to hold the Kazakh listing in his name. If not, he should transfer his shares to a broker who does, or convert them to paper certificates. In both cases, dividends can be paid. Many investors may consider Polymetal too risky at the moment, or be unsure whether Western shareholders will be able to realize the value implied by the current valuation. My belief is that the current strategy has a high chance of going through, and that value will also be returned to Western shareholders, given the commitment to resume dividend payments as soon as possible. |
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