In the light of recent developments, and in the interests of preserving shareholder value, the Board and the Special Committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries.
Please note that https://www.polymetalinternational.com/ and https://www.polymetal.ru/ are the two only official URLs of Polymetal International plc.
Other websites even if they resemble the official ones and/or contain full or a part of the Company’s name in their URL do not relate to Polymetal International plc or its subsidiaries.
Apart from the shares the Company has not issued any other publically traded securities or financial instruments including tokens.
Polymetal International plc does not have any official accounts in social media except of Youtube and LinkedIn.
Any statements purportedly provided on behalf of a company is deliberate misrepresentation
Sanctions impact on business
Polymetal International plc is not subject to any sanctions. On 19 May 2023, the U.S. Department of State designated JSC Polymetal (AO Polymetal), the Company’s subsidiary in the Russian Federation, pursuant to Executive Order 14024 for operating in the metals and mining sector of the Russian economy. Please see the relevant announcement in our Press Releases section at the link https://www.polymetalinternational.com/en/investors-and-media/news/press-releases/
In the light of recent developments, and in the interests of preserving shareholder value, the Board and the Special Committee have decided to consider all possible options available for divestment of JSC Polymetal and its subsidiaries.
Any potential transaction will be subject to receipt of any required corporate, governmental, and regulatory approvals, in all applicable jurisdictions, as necessary.
Please see our latest operational results announcements which contain information on our sales dynamics.
Polymetal operations in Russia and Kazakhstan continue undisrupted. On 25 January 2023, Polymetal reported strong production results for the fourth quarter of 2022 and has met full-year production guidance of 1.7 Moz GE. 2023 guidance of 1.7 Moz GE is also reiterated. H1 2023 production results are available at the link https://www.polymetalinternational.com/upload/ib/1/23-08-09/2023_08_09_Q2_Production_eng.pdf
Procurement continues to adapt to the current environment with orderly replacement of sanctioned equipment, consumables and supplies with alternatives from Russia and other countries. The majority of existing deliveries with foreign suppliers continue to be honored and the Company maintains significant safety stock for critical consumables and spares.
Shareholder information
Company’s shares are listed on Astana International Exchange and Moscow Stock Exchange.
Our registrars, AIX Registrar, maintains the name, address and holding details for all Polymetal’s shareholders. If you have a query about your shareholding please contact AIX Registrar at registrar@aix.kz.
In order to buy shares, you will need to contact your chosen brokerage firm, open an account with them and choose the shares you would like to invest in.
Please note that https://www.polymetalinternational.com/ and https://www.polymetal.ru/ are the two only official URLs of Polymetal International plc.
Other websites even if they resemble the official ones and/or contain full or a part of the Company’s name in their URL do not relate to Polymetal International plc or its subsidiaries.
No. If you would like to purchase shares, please, contact your brokerage firm.
On November 2, 2011 Polymetal International plc was admitted to trading on the Official List of the London Stock Exchange raising US$ 763m from the IPO.
On June 17, 2013 Polymetal has become the first foreign issuer of shares to be included to MICEX index.
In April 2019, Polymetal International plc was listed on the Astana International Exchange (“AIX”) in Kazakhstan
According to the Russian legislation, shareholders must declare income on foreign shares and pay income tax themselves. Dividends are paid by the Company on a gross basis. Some brokers, however, withhold income tax when transfer dividends to a shareholder account. The availability of this option must be confirmed with your own broker.
ADR programme was terminated. Please see the relevant announcement at the link.
Securities and dividends
Yes, Polymetal has been paying a dividend since 2012 in accordance with the dividend policy.
However, after careful evaluation of the liquidity and solvency of the business and taking into account significant decline in operating cash flows, challenges in establishing new sales channels and the short-term liquidity headwinds, the Board decided to permanently cancel full-year 2021 dividend. Given the continuing impact of these external uncertainties, the Board does not propose any interim 2022 dividends to allow the Group to strengthen its cash position and enhance its resilience in a highly volatile environment.
- Minimum final dividend of 50% of Underlying Net Income for 2H (subject to absolute Net debt/Adjusted EBITDA ceiling of 2.5x).
- In addition, the Board will now have discretion to increase the final dividend amount to a maximum annual payout of 100% of Free Cash Flow (provided that it is greater than 50% of Underlying Net Income). In making this decision, the Board will consider, among other factors, the macroeconomic outlook, debt position and future investment requirements of the Group.
- Interim dividend will remain at 50% of Underlying Net Income for 1H (subject to absolute Net debt/Adjusted EBITDA ceiling of 2.5x).
- It may take some time from the date of payment to receive a dividend by shareholder. Please contact your broker for more information.
Polymetal’s dividends are declared in USD with an option for shareholders to elect to receive the dividend in pounds sterling or the euro.
Polymetal’s last dividend was the interim dividend for the 1H 2021 paid on 30 September 2021 in the amount of US$ 0.45 per share.
Please contact your broker.
Record date is a date by which a shareholder must officially own shares in order to be entitled to a dividend.
Ex-dividend date is the first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment.
Company’s shares are listed on Astana International Exchange and Moscow Stock Exchange and with POLY ticker. Security and therefore ISIN is the same for all exchanges, JE00B6T5S470.
On 3 June 2022, the EU imposed sanctions on the National Settlement Depository (“NSD”), which effectively blocked the operations between Euroclear and NSD. Euroclear is the operator of CREST, the relevant system for paperless settlement of share transfers and the holding of shares in uncertificated form.
As a result of the sanctions, shareholders who hold their shares through NSD (which the Company estimates to be, in aggregate, approximately 22% of the Company’s issued share capital), have been unable to receive dividends and/or take part in any corporate actions of the Company.
On 22 September the Board announces its intention to conduct an exchange offer. The exchange offer invites shareholders whose rights have been affected by the sanctions imposed on NSD, subject to fulfilling eligibility criteria, to tender such shares for exchange in consideration for the issuance of a certificated share, on a one-for-one basis.
Please note the tender offer closed on 3rd of November. Settlement is in progress.
Full exchange offer details could be found in the press release here.
In this case, our advice is to transfer your shares to a broker who is not on a sanction list.
No, as:
- a) Shares are issued by Polymetal International plc which is a non-Russian entity so the regulation does not apply to us.
- b) The regulation applies to depositary receipts, while Polymetal International plc has shares not DRs on both LSE and Moscow exchange.
ADR programme was terminated. Please see the relevant announcement at the link.
Shareholders holding ADRs can apply for conversion and receive underlying shares. Instruction from the depositary bank, BNY Mellon, is below:
Please refer to the general cancellation process below. Please note that all correspondence with BNY Mellon should be done only by a broker. Brokers could reach us by e-mail: drsettlements@bnymellon.com.
- Deliver the DRs via DTC to BNY Mellon DR DTC account 2504. Please note if there are standing settlement instructions for the DTC participant and market in place we can action. However, if there are no SSI currently in place, we will require one of the following and either condition must be met to process.
a. SWIFT MT599 must be sent to IRVTUS3NADR from the delivering DTC participant, this must contain.
Security Name
CUSIP Number
Date
Number of DRs
Name and BIC code of the bank the ordinary shares will be delivered to in the local market, beneficiary name, and beneficiary account number
b. We can accept valid instructions via email to drsettlements@bnymellon.com, this will require a call back to authenticate the details before transactions can be processed. Instructions must be on the company’s letterhead, signed (electronic signatures are valid), in a non-editable format, such as PDF, as an attachment to the email and must contain the following information:
Security Name
CUSIP Number
Date
Number of DRs
Name and BIC code of the bank the ordinary shares will be delivered to in the local market, beneficiary name, and beneficiary account number
If option B is chosen, brokers must provide a list of multiple contacts that are privy to and can authenticate instructions. Each contact should have a listed phone number and an email address. The list must be sent in a PDF format, on company letterhead, and signed by someone from the broker’s management team (digital signatures are acceptable) and medallion stamped. BNY Mellon will ring a designated and authorized person other than the person who issued the instructions, and to the telephone number provided in the contact list.
- BNY Mellon will then charge an applicable cancelation fee of 5 cents per DR rounded up to the nearest 100 DR +$17.50 per instruction.
- After BNY Mellon DRs receives the DRs, valid instructions and fee payment, it will instruct its custodian to deliver the ordinary shares. Ensure that your custodian is set up to accept delivery of the ordinary shares from the local SSI’s.
SSI: The Bank of New York London Branch
BIC: IRVTGB2X
PSET: CRSTGB22XXX
SAFE: 144029 — BANK OF NEW YORK ADR
We have been also advised that ADRs continue to trade through the Frankfurt exchange as these ADRs are traded by non-US persons.
No. We also cannot distribute dividends to shareholders through NSD (i.e. those trading on MOEX) — see above.
The Board and the management strongly believe that share buy-backs are presently inappropriate given short-term liquidity challenges, grave business uncertainties, and NSD challenges outlined above (see Q. no. 12) which make it impossible to offer buyback on equal terms to London and Moscow exchanges.
Strategy
The company’s geographical area of interest is CIS only.
Polymetal’s policy is based on a no-hedge strategy. The company prefers to have full exposure to the upside in metal price.
ESG
Polymetal yearly discloses qualitative and quantitative information on ESG in the Sustainability Chapter of Integrated Report which is prepared in accordance with the GRI SRS and SASB Standard and is aligned with TCFD recommendations. Our recent sustainability disclosure and all related data are assured by Ernst & Young Advisory LLP. We also disclose historical quantitative data in our Sustainability Datapack.
All of the above can be found in the Data Center via the link.
Our Code of Conduct, as well as Human Rights, Community Engagement, Environmental, Climate, Health and Safety, Anti-Bribery and other policies are available at our website.
We have identified key impact areas of mining and we are working to maximise our positive and minimise any negative impacts, aligning them to the UN Sustainable Development Goals and setting targets to measure our progress. Explore our Impact and the UN SDGs Report via the link.
To date, there have been no environmental accidents involving tailings facilities at the Company’s operations in Russia or Kazakhstan. Our investigations confirmed that any emergency failure at our dams would have no impact on settlements, buildings, structures or facilities where communities or employees may be present. To further improve tailings safety and minimise the risk of dam failure, we are moving towards dry stack storage methods. We currently store 72% in dams and 28% as dry cake, but we are gradually increasing dry stacking as this significantly reduces the risk of water contamination. We are committed to ensuring the compliance of all our operations with the Global Industry Standard on Tailings Management and, in 2023, we updated our Tailings Storage Facilities Report which is available on our website and provides the detailed information on each facility, associated risks and mitigation measures.
Evaluation of climate risks is an integral part of our strategy and decision-making across project life cycles, from scoping to operations and reclamation. The risk analysis complies with recent TCFD guidance, and includes three climate scenarios that correspond to the baseline goals of the Paris Agreement. The physical risks associated with the melting of permafrost, as well as the transitional risks associated with national and international carbon regulation, are the most likely to increase in the long term. We are particularly attentive to these risks and we have developed preventive adaptation measures. To inform our stakeholders on our exposure to climate-related risks and how we manage them, we have implemented detailed TCFD disclosure in our Integrated Report and have issued a separate permafrost FAQ available in the Sustainability section of our website.