POLY

Polymetal International Plc

182.50
2.50 (1.39%)
Share Name Share Symbol Market Type Share ISIN Share Description
Polymetal International Plc LSE:POLY London Ordinary Share JE00B6T5S470 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  2.50 1.39% 182.50 265,853 14:53:48
Bid Price Offer Price High Price Low Price Open Price
175.00 190.00 182.50 165.00 175.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Miscellaneous Metal Ores,nec 2,801.00 -288.00 -60.80 - 864.37
Last Trade Time Trade Type Trade Size Trade Price Currency
14:53:16 O 2,500 184.70 GBX

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Date Time Title Posts
30/5/202311:14Polymetal International19,582
10/5/202319:36Polymetal International PLC161
23/1/202317:13Polymetal International PLC2
23/1/202316:42Polymetak International PLC-
27/4/202216:22PLASTIC RECYCLING investments1

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Polymetal (POLY) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
13:53:17184.702,5004,617.50O
13:51:20182.102850.99O
13:50:46182.1070127.47O
13:41:51181.503,0005,445.00O
13:37:24181.00451816.31O

Polymetal (POLY) Top Chat Posts

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Posted at 25/5/2023 01:29 by garycook
Dear Shareholders of Polymetal



we would like to provide you with some preliminary information on the onboarding process that will take place in the coming days. We continue to ask for your patience as we analyze the needs of the diverse shareholder base and try to find a solution for the majority of cases (admittedly, given the timeframe, there may be situations that are outside the scope of the service we can offer - we will endeavor to identify such situations and communicate accordingly as soon as possible).



As you are aware, there are specific circumstances surrounding this project and the adaptation of our standard onboarding package to reflect the complexities of current regulatory & sanctions requirements is underway. We are confident that we will be able to begin distributing the specific onboarding packages to the first set of stockholders this week. We thank you for your patience in the meantime; you will appreciate that the core of our offer is to allow onboarded Polymetal shareholders to:

Open a custody account linked to AIX CSD in Kazakhstan,
transfer your existing position in Polymetal ordinary shares into this account (in cooperation with your current custodian/broker),
place a sell order on AIX CSD (should you wish to reduce the position),
participate in the proposed redomiciliation corporate action in respect of the position held in the custody account on the record date.


In particular, the onboarding package will include:



i) A bespoke Polymetal-related contract - we daresay that the contract will be based on a fairly standard EU brokerage agreement with a simple custody addendum.

ii) KYC form - it will speed up your on-boarding considerably if you begin to collect documentation for the following key areas that will be covered during the KYC process:

Your legal/personal details (name, address, IDs)
Contact details
Ultimate beneficial owners and ownership structure
Legal entity and authorized persons
Tax domicile
Bank accounts
Source of income
(detailed explanation will be included in the KYC form; some of the questions will only apply if you are a legal entity, but please be prepared to provide supporting documentation such as copies of IDs and/or statutory documents from commercial or court registers, possibly certified if you are located outside the EU).

Could you please let us know if you hold the shares as a physical person or as a legal entity – so we know which of the KYC form to send you, once ready?



iii) Guidance to your broker/custodian on the settlement route that the initial transfer of shares must take - both WOOD & Co and your current broker/custodian will need to exchange certain technical information (called SDI or 'standard delivery instructions') about the way in which the shares are currently held for you, so that we can successfully process the subsequent transfer of shares into our custody (an 'NCBO' = no-change-of-beneficial-owner transfer). It would be helpful if you could provide us with a copy of your most recent statement of holdings from your provider. We may also need to contact your provider directly. Would you please be so kind and let us know your current holding in Polymetal?



You will note that WOOD & Company is an EU-based broker (domiciled in the Czech Republic and regulated by the Czech National Bank), which has some notable implications for the expectations of the service we are currently authorized to provide (situation as of 23 May 2023).
Please be informed that:



a. for onboarded clients, WOOD & Co will be able to provide custody services for holding positions in ordinary shares of Polymetal International (ISIN: JE00B6T5S470) and clients will also be able to place a sell order in this instrument with AIX. However, the current sanctions regime does not allow EU brokers to intermediate additional purchases.

b. Upon completion of the necessary KYC/AML onboarding procedures, both professional and non-professional investors will be able to hold shares in their account with WOOD & Co in accordance with EU regulations, provided that their current custodian/broker is able to deliver Polymetal International ordinary shares (ISIN: JE00B6T5S470) to the international central securities depository level operated by Euroclear (this is the institution where the AIX CSD holds its international shares registered for trading with AIX in Kazakhstan; as explained in section iii. above, we are preparing settlement guidance for your custodian/broker on how to match our receipt counter-instruction there). Other forms of holding an interest in Polymetal International, such as depository receipts (ADRs, GDRs) or share swaps through a third party broker, will require prior conversion into ordinary shares by your custodian/broker before WOOD & Co can match their delivery instruction in Euroclear.

c. Please note that WOOD & Co is not in a position to provide services that are not covered by our EU licenses, particularly where additional authorization would be required in the US or UK - namely we are not familiar with Self-Invested Pension Plan (SIPP) schemes in the UK, nor 'Roth IRAs' for US individuals (and we have no aspirations to enter these businesses). However, we can still receive and hold Ordinary Shares for onboarded clients as explained in a. and b. above and in sections 1-4.





Best regards



Kateřina Stejskalov√°
Client Service Specialist | Wealth Management
E: katerina.stejskalova@wood.cz



WOOD & Company
Palladium, n√°m. Republiky 1079/1a | 110 00 Prague 1, Czech Republic | wood.cz

Posted at 22/5/2023 14:50 by stevensupertrader
Polymetal management will give an update the U.S. sanctions on Russia Operation in 2 weeks time , however the vote to redom Poly From Jersey to Kazadistan still go ahead on 30 May . Poly share price is tanking today and UK might follows US sanctions to blockthe splitting of Poly operation - time to abandon ship before it too late and sink and bring everyone down . The balance of Risk and Reward is tilted HEAVILY TO THE RISK SIDE
Posted at 22/5/2023 08:04 by stevensupertrader
Poly share price now in free fall mode
Posted at 19/5/2023 02:50 by garycook
RE: POLY De-listing
Corporate actions, dividends and IPOs
Yesterday 20:19
Dear Mr Cook,



Thank you for your secure message dated 18/05/2023.



Our mandatory commission-free sale of any remaining Polymetal International shares held on our platform on or after 10/07/2023 is based on a business decision and not due to ISA or SIPP ineligibility. The business decision was made as we do not support trading on the AIX exchange on our platform.



As per our corporate action notice which was issued to shareholders on 15/05/2023, you do have the options of selling your Polymetal shares before our sale, transferring your shares to another broker or requesting a certificated withdrawal of your shares. Please be aware of our deadlines which are stated on the notice.



We trust that we have answered your questions, however please do let us know if we can do anything else for you. You can continue to write to us by secure message. Our response time is usually within a few days, however, in times of high volume, we can take up to 5 days. If your enquiry is more urgent, please call us on 0345 607 6001.



We are open between 7:45am and 5:30pm, Monday to Friday, and 5:30pm to 9pm, Monday to Friday for international trading calls.



Best regards,



Luke Bellavia

interactive investor
Dear Sir/Madam. It is illegal to sell shares without the owners permission. After taking legal advice the POLY shares even after suspension can still remain in my ISA. Also Hargreaves Lansdown are doing so.
Taken from HL. Would a delisting affect my ability to hold Polymetal shares in an ISA or SIPP?

The AIX is recognised by HMRC as a qualifying ISA market, so the shares will still remain eligible to be held in an ISA after the LSE delisting. The shares will also remain eligible to remain within a SIPP.

Posted at 18/5/2023 04:17 by garycook
So HL quote POLY shares can be kept in a ISA, and SIPP, but Interactive Investor declaring on de-listing ii will mandatorily sell your shares ?
From ii CORPORATE ACTION NOTICE Important information about your stock 15 May 2023 A corporate action is taking place in relation to POLYMETAL INTL PLC (stock code B6T5S47), which you currently hold in your portfolio (a/c 2229755). What is happening? Delisting – subject to shareholder approval Meeting date: 30th May 2023 Expected LSE suspension date: 17th July 2023 Market affected: London Stock Exchange (LSE) Trading restrictions: The last day we will be supporting sales in this stock will be 7th July 2023 Polymetal International plc has announced its intention to re-domicile from Jersey to Kazakhstan. A consequence of this will be the cancellation of its Ordinary shares from trading on the LSE. This is subject to shareholder approval at a general meeting due to be held on 30th May 2023. If approved, Polymetal International shares are expected to be suspended from trading on the LSE on 17th July 2023. However, our final date for facilitating purchases of Polymetal International shares on our platform will be 30th June 2023, and our final date for facilitating sales of Polymetal International shares will be 7th July 2023. As the shares will cease trading on a stock exchange we support on our platform, we will endeavour to perform a mandatory commission-free sale of any remaining shares held on accounts on or after 10th July 2023. If you do not wish to have your shares mandatorily sold, you may choose to liquidate your holding prior to 7th July 2023, transfer your holding to another broker, or withdraw your holding into certificated form, registered in your own name. The deadline for receipt of requests to transfer out to another broker will be 25th June 2023. Any transfer-out requests received after this date will not be processed. The deadline for receipt of requests to withdraw holdings into certificated form, registered in your own name, will be 30th June 2023. To request a certificated withdrawal, you can contact us by phone. Alternatively, you can send us a secure message using the subject-line Polymetal Certificated Withdrawal. Please note, certificated withdrawals can only be processed for settled stock positions, and are not permitted from SIPP, Pension Trading Account, or Junior ISA Accounts.
Surely ii are breaking the Law. POLY shares should be able to be retained in my ISA.I have emailed ii regarding this situation.

Posted at 18/5/2023 02:42 by exotic
Hargreaves Lansdown clients:


Polymetal International has announced plans to relocate the company from Jersey to Kazakhstan.



If approved, this will result in Polymetal shares being delisted from the London Stock Exchange (LSE) and its main listing being changed to the Astana International Exchange (AIX) in Kazakhstan.



If approved, it’s currently expected that the last day to trade shares on the LSE will be Friday 14 July. We are unable to trade shares on the AIX, so if the delisting goes ahead, you won’t be able to sell shares via HL after this point.



You can vote on the proposals

The proposals will go to a shareholder vote at a meeting on 30 May 2023. If you’d like to vote, please follow the steps below before 1pm on Wednesday 24 May 2023.



FAQs


Why is the company proposing to relocate from Jersey to Kazakhstan?

As a result of the Russia-Ukraine conflict, Russia has imposed sanctions against companies operating in certain areas, including Jersey. This has caused difficulty for the company’s Russian operations, so they are looking to move to an area where they can avoid as many of these sanctions as possible.



Why does this mean the shares will be delisted from the LSE?

If the relocation to Kazakhstan takes place, the company will not meet the criteria to be listed on the LSE.



Can I transfer my holding to a different provider that can trade on the AIX?

You can transfer your holding to a provider that can trade on AIX. We’ll provide more information on this option if the proposal is approved.



Can I withdraw my holding into a share certificate?

We do not offer a certificated withdrawal service so are unable to send you a certificate for your shares.



Can I buy more Polymetal shares?

Due to the potential delisting, we are no longer accepting any further buy orders for Polymetal shares.



Would a delisting affect my ability to hold Polymetal shares in an ISA or SIPP?

The AIX is recognised by HMRC as a qualifying ISA market, so the shares will still remain eligible to be held in an ISA after the LSE delisting. The shares will also remain eligible to remain within a SIPP.

Posted at 16/5/2023 07:18 by loganair
My understanding on the pervious 2 articles I posted.

1. Materialise Polymetal shares in to Certificated form.

2. After the split hopefully Certificated share holders will be offered shares in one form or another in the new Polymetal Kazakhstan.

3. Wait for Polymetal Kazakhstan to relist on the LSE. These shares will be worth double the current Polymetal share price.

4. Wait for several years to be able to reap the rewards of holding Polymetal Russia shares.

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@polymetalinternational.com).

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.

Posted at 15/5/2023 22:03 by loganair
Polymetal - Relisting Is A Buying Opportunity (Rating Upgrade) by Tim Worstall:


Summary:

There will be many who don't want to do this as Polymetal will end up on the Kazakh stock exchange.

However, I see the relist and re-domiciliation as a buying opportunity.

This might not be the solution all want, but given reality, it seems to be the optimal one available.


The problem becomes that those three different markets have now become detached from each other. MOEX (i.e. Moscow) price is now 660 roubles, which is about £7. The London Quote, POLY, is £2.50 at the time of writing. Almaty follows London very closely.

The reason for Polymetal's low current price:

Now, it's entirely possible to think that Polymetal's share price has taken a shellacking because assets in Russia, military operations, who knows what Putin is going to confiscate next? My own view is that anything that has survived this far isn't going to get taken. Can't prove that but I did work within the Russian economy for most of the 1990s and that's just the way I read it.

It's also possible to think that the Kazakh assets alone (about 40% of the company) are worth the current valuation. So, anything that frees the Russian assets will be beneficial to the POLY price.

My view though - and this is what informs the rest of this - is that it's that inability to pay a dividend which is really responsible for the share price crash. Don't forget, POLY was up at £20 back three years, at £12 just before this unpleasantness started. It's that the company simply cannot pay out to shareholders which has caused the crash - that's my contention at least.

The Polymetal solution:

What Polymetal has decided upon is to redomicile the company to Kazakhstan. The primary quote will be in Almaty, the company under Kazakh law. The announcement triggered a 20% fall in POLY in London - which was followed a day later by a 10% rise. I think that rise is the correct reaction, not the fall.

For the re-domiciliation fixes what I see to be the problem. A Kazakh share can be traded across the border into Russia, those clearance systems do talk to each other. Therefore it will be possible to restart dividend payments. Which, as in the past, I expect to be substantial. Thus a significant rerating can be expected.

Yes, it's true, Kazakh shares won't be to everyone's taste. I expect there to be a substantial discount to the valuation that would prevail in London absent all of the current unpleasantness. But those problems do exist. And I expect the Kazakh discount to be lower than the current London one - or, to say the same thing, once settled in the new domicile I expect Polymetal to be worth substantially more than it currently is.

The logic is therefore buy Polymetal in London at the current price and wait some months for the redomicile and higher value.


The London stock (or even the Kazakh for the adventurous) is real stock, directly in Polymetal. That will therefore definitively be exchanged for the new shares in the redomiciled company.



My view:

I think there will be a substantial revaluation of Polymetal once it is settled in the new domicile and with the new quote. The only way to take part in this is to buy in London then sit and wait and find out. Given the indeterminate time this is not a position that can - or should be - financed. It's also not a widows and orphans trade. It is very much a speculation - the contention being that the absence of the dividend will be corrected and that this will boost the price.



The investor view:

Thus I recommend Polymetal. Obviously in risk adjusted size, this isn't something to bet the house upon. Buy Polymetal, wait for the redomicile and my assumption is that a return to the dividend list will lead to a substantial revaluation.

Note there's not much about numbers here but that's because Polymetal's problem doesn't stem from the numbers - operating margins, here gold price and so on. It's the political implications of the capital structure that is the problem, that's what they're solving.

Posted at 26/1/2023 13:20 by spacedust
It's dropped because thre satans have spent more billions of American money and giv8ng away armoured tanks for free. Germany also send leopards so the poly share price tanked.
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