As predicted by "Y", "Polymetal" left Russia. The company launched on the reverse takeover transaction, enabling it to get a full listing in London. However, investors did not appreciate this initiative - the campaign "Polymetal" and abroad, and on Russian exchanges fall synchronously with papers of other steelmakers and twice as fast decline of the index.
"Polymetal" has begun to change in the Russian offshore registration ("Y" spoke about the possibility of implementing such a scheme yet October 29, 2010). Today, the Cyprus PMTL Holding has announced an offer to shareholders, "Polymetal" for the purchase of their shares and depository receipts, according to its message . securities of Russian companies will change the shares Polymetal International, which owns 100% PMTL, in the proportion of one to one. As long as the offer approved only 51.1% of shareholders, but the transaction took place, it should accept no less than 85% of the owners of the shares. received a of them agreed in principle to a deal, it is unknown - in the "Polymetal" declined comment.
If the offer is approved by the required number of votes, not willing to return to shareholders will be made a mandatory offer to repurchase their shares in "Polymetal". That is, it could be a redemption of 15% (about $ 1 billion). Part of the sum may be held by Polymetal International public offering of $ 500 million (as it was not specified), which will be used to purchase shares PMTL Russian company. Total free-float in "Polymetal" is 37.5% of capital.
Formally, the change of registration is to obtain a direct listing on the London Stock Exchange (LSE). According to materials that PMTL filed by FAS in October 2010 (available to the "b"), Polymetal International plans IPO worth up to $ 1 billion on the LSE and in the form of depositary receipts - on the stock exchanges in Russia. August 18 to a similar scheme of Russia finally left «Polyus Gold." Nevertheless, investors are the initiative of "Polymetal" is not rated. By 15.00 Moscow time company shares in London fell by 7%, Russia - 5% on the MICEX index decline only by 3.7%. At the same time synchronously parallel falling shares in Russian steel companies (in London and Moscow), while the rival paper, "Polymetal" "Polyus Gold" move against the market, almost without change in price.
"Polymetal" has begun to change in the Russian offshore registration ("Y" spoke about the possibility of implementing such a scheme yet October 29, 2010). Today, the Cyprus PMTL Holding has announced an offer to shareholders, "Polymetal" for the purchase of their shares and depository receipts, according to its message . securities of Russian companies will change the shares Polymetal International, which owns 100% PMTL, in the proportion of one to one. As long as the offer approved only 51.1% of shareholders, but the transaction took place, it should accept no less than 85% of the owners of the shares. received a of them agreed in principle to a deal, it is unknown - in the "Polymetal" declined comment.
If the offer is approved by the required number of votes, not willing to return to shareholders will be made a mandatory offer to repurchase their shares in "Polymetal". That is, it could be a redemption of 15% (about $ 1 billion). Part of the sum may be held by Polymetal International public offering of $ 500 million (as it was not specified), which will be used to purchase shares PMTL Russian company. Total free-float in "Polymetal" is 37.5% of capital.
Formally, the change of registration is to obtain a direct listing on the London Stock Exchange (LSE). According to materials that PMTL filed by FAS in October 2010 (available to the "b"), Polymetal International plans IPO worth up to $ 1 billion on the LSE and in the form of depositary receipts - on the stock exchanges in Russia. August 18 to a similar scheme of Russia finally left «Polyus Gold." Nevertheless, investors are the initiative of "Polymetal" is not rated. By 15.00 Moscow time company shares in London fell by 7%, Russia - 5% on the MICEX index decline only by 3.7%. At the same time synchronously parallel falling shares in Russian steel companies (in London and Moscow), while the rival paper, "Polymetal" "Polyus Gold" move against the market, almost without change in price.
No comments:
Post a Comment