Polymetal, a precious metals mining company, intends to withdraw its shares from circulation on the London Stock Exchange (LSE). The final decision will be made at the general meeting of the company's shareholders, TASS reports.
"Polymetal announces its intention to delist [its shares] from the London Stock Exchange subject to shareholder approval. An explanatory circular to shareholders and notice of a general meeting will be issued later," the company said in a statement.
The meeting is scheduled to take place in July 28.
"Subject to shareholder approval and after being delisted from the LSE, ordinary shares will continue to be officially listed on the AIFC Exchange (AIX) and admitted to trading on AIX, which will become the company's initial listing. They will also continue to be traded on the Moscow Exchange, however, there will be no ordinary shares trading available at the main segment of the LSE," Polymetal said.
The delisting will take place simultaneously with the company's headquarters relocation process from the island of Jersey (UK offshore) to Kazakhstan.
The company made an announcement to shareholders on May 10, 2023, requesting their approval to relocate headquarters. The corresponding decision was made at the general meeting of shareholders on May 30.
The company continues to work towards fulfilling the conditions necessary to relocate the head office to the Astana International Financial Center (AIFC) in Kazakhstan, however, it admits that it is behind schedule as a result of unforeseen delays.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
