Polymetal expects ruling

GOLD miner Polymetal yesterday said it should know the outcome of a ruling on buying out its Russian minority shareholders by the regulator in Moscow in about 15 days’ time.

Polymetal, which started trading on the London Stock Exchange on 2 November after switching from a Moscow listing, said its subsidiary Polymetal Holding had sent off an application to allow its remaining local shareholders to tender their shares to complete its swap to the UK.

Most of its investors have swapped their shares for new ones in a UK-incorporated holding company to enable its UK listing, but 17 per cent have not yet done so. Polymetal needs to buy these out and will wait for the Russian Federal Service for Financial Markets to approve a compulsory tender offer to do so.