Please note that https://www.polymetalinternational.com/ and https://www.polymetal.ru/ (auto-redirecting to https://www.polymetalinternational.com/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
Although the Group complies rigorously with all relevant legislations and sanctions, international sanctions against Russia continue to have a material impact on sales, procurement and logistics. They might further affect key Russian financial institutions as well as mining companies. Polymetal believes that targeted sanctions on the company remain unlikely, but are not impossible. Contingency planning has been initiated proactively to maintain business continuity.
On 19 July 2022, the Company announced that it was evaluating the potential disposal of the Company’s assets located in the Russian Federation (the Potential Transaction), with the primary objective of restoring shareholder value by seeking to allow the market to appropriately value the Company’s Kazakhstani assets and de-risk its ongoing operations.
On 5 August 2022, a Decree of the President of the Russian Federation #520 (the Decree) was issued. The Decree imposes a prohibition, unless explicit presidential authorisation is obtained, on the sale of certain Russian assets, including all gold mining companies, if such assets are owned or controlled by residents of countries which the Russian Federation considers “unfriendly”. The jurisdiction of Jersey, where Polymetal International plc is incorporated, is currently included in the list of jurisdictions deemed to be “unfriendly” by the Russian Federation.
The Company continues to evaluate all available options to modify its asset holding structure in order to maximise shareholder value. Potential transaction structure include, among others, a potential re-domiciliation of the parent company, Polymetal International plc, to a “friendly” jurisdiction, a move which could unblock the ability to execute further corporate actions. Based on the initial analysis, the Company’s view that a re-domiciliation into the Astana International Financial Centre (AIFC), a financial hub in Astana, Kazakhstan, is the preferred jurisdiction, taking into account the Group’s significant operations and presence in the region, the AIFC legal system, tax regime and the ability to execute such a re-domiciliation. No decision has been made in relation to the various options available to the Company.
- Sales of gold bullion and concentrates from Kazakhstan continue as usual.
- Over the H2 2022, the Company has successfully completed the restructuring of its sales channels and started to unwind accumulated inventory. The sales terms remain broadly consistent with those received earlier. Polymetal currently does not sell any of its products to Russian Central Bank or its affiliates, directly or indirectly.
Lending is available in both RUB and USD. RUB interest rates decreased significantly following gradual Russian Central Bank’s benchmark rate decrease. Polymetal is currently financing its short-term working capital requirements with USD-denominated debt at lower interest rates.
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.
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 the Main Market of the London Stock Exchange, Moscow Stock Exchange and Astana International Exchange.
Our ticker symbols are:
- LSE, MOEX, AIX: POLY
- ADR: AUCOY
The Company has not issued any other publically traded securities or financial instruments including tokens.
Our registrars Computershare, maintains the name, address and holding details for all Polymetal’s shareholders. If you have a query about your shareholding please contact Computershare via their Investor Centre web-site.
https://www-uk.computershare.com/Investor/#Help
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/ (auto-redirecting to https://www.polymetalinternational.com/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.
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.
Polymetal launched a sponsored Level 1 ADR program in the United States in 2013. The ADRs have been traded on the US over-the counter ("OTC") market since August 27, 2013 under the ticker symbol AUCOY.
Polymetal ADRs are US dollar negotiable certificates representing ordinary shares of the Company. Each ADR represents one ordinary share of the Company. The Bank of New York Mellon has been appointed as the depositary bank for the ADR program.
Polymetal ADR details
- Trading Market: OTC
- CUSIP Number: 73178Q105
- ISIN Number: US73178Q1058
- ADR Ticker Symbol: AUCOY
- Ratio: 1 ADR: 1 share
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 the Main Market of the London Stock Exchange, Moscow Stock Exchange and Astana International Exchange with POLY ticker. Security and therefore ISIN is the same for all exchanges, JE00B6T5S470.
ADR with AUCOY ticker is traded OTC. It is a sponsored ADR program administrated by BNY Mellon. More details here.
Ordinary share of a foreign issuer, ticker POYYF, traded on the OTC Market in the U.S.A.
We are aware that many international and UK brokers restricted trading in Polymetal. However, there are no regulatory, technical, or administrative reasons to do so. Trading in Polymetal is still facilitated by a number of brokers, such as Hargreaves Lansdown, AJ Bell and Halifax. Please note that we may be not aware of other names trading our stock so we would recommend investors to do their own research if they want to trade with other brokers.
Yes, the ownership is not affected by trading suspension.
Trading will be still available over-the-counter. Centralized exchange trading will continue on AIX and MOEX (only available for local investors) even in case of suspension on LSE (other than in case of direct sanctions on the company).
Yes. If a shareholder owns a stock bought on an exchange where listing is suspended, they are still entitled to receive dividends unless the Company’s cash distribution is restricted due to sanctions.
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.
Trading in AUCOY ADRs in the USA was largely frozen by the 6th June announcement made by OFAC clarifying the scope of the US E.O. 14066 (https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1055 and https://home.treasury.gov/policy-issues/financial-sanctions/faqs/1054). US brokers and banks consequently stopped executing orders.
After consulting with the depositary bank administering the program and our legal advisors regarding the situation the Company confirms that no shareholder rights are affected by this event, including right to receive dividends and voting rights. 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.
The Company continues to evaluate all available options to modify its asset holding structure in order to maximise shareholder value. Potential transaction structure include, among others, a potential re-domiciliation of the parent company, Polymetal International plc, to a “friendly” jurisdiction, a move which could unblock the ability to execute further corporate actions. No decision has been made in relation to the various options available to the Company.
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.
Corporate governance
In March 2022, six independent non-executive directors stepped down from the Board of Directors. Following the appointments made on 1 December 2022, the Board will consist of eight members, of which six are independent non-executive directors.
Following Deloitte LLP’s decision, at its own initiative, not to stand for election by the shareholders at the AGM that took place in April 2022 (please see the related press release at the link) the Audit and Risk Committee of the Board of Directors of Polymetal International plc held a competitive tender process in compliance with the Competition and Markets Authority regulations, applicable EU requirements and Financial Reporting Council guidance. As a result of evaluation of the tender participants, the option of engaging MHA MacIntyre Hudson LLP (an independent member of Baker Tilly International Limited) as a group auditor jointly with AO Business Solutions and Technologies (previously AO Deloitte & Touche CIS) as a component auditor was considered a preferred option, which was recommended by the Audit and Risk Committee and approved by the Board. MHA MacIntyre Hudson LLP will act until the conclusion of the 2023 AGM at which meeting the Group auditor will be proposed to shareholders for appointment by ordinary resolution.
Based on the initial analysis, the Company’s view that a re-domiciliation into the Astana International Financial Centre (AIFC), a financial hub in Astana, Kazakhstan, is the preferred jurisdiction, taking into account the Group’s significant operations and presence in the region, the AIFC legal system, tax regime and the ability to execute such a re-domiciliation. No decision has been made in relation to the various options available to the Company.
ESG
Polymetal yearly discloses qualitative and quantitative information on ESG in the Sustainability Report which is prepared in accordance with the GRI SRS and SASB Standard and is aligned with TCFD recommendations. The report is assured by PwC. 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, 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. However, in light of incidents in our wider industry, in 2019, we published our first Tailings Storage Facilities Report which provides the detailed information on each facility, associated risks and mitigation measures.
As one third of our total reserves is situated in permafrost regions of Russia, we pay particular attention to physical risks attributable to the changing climate. To inform our stakeholders on our exposure to risks related to permafrost operations and how we manage them, we have issued a separate permafrost FAQ available in the Sustainability section of our website.