Polymetal Gets 83% to Swap

By The Moscow Times

Oct. 24, 2011

Polymetal International, the Britain-registered gold producer created to take over Polymetal, said 83 percent of shareholders in the Russian company agreed to swap their shares.

Polymetal International waived a condition for 85 percent approval and extended the acceptance period to noon London time Oct. 26 from Oct. 21, the company said Monday.

Polymetal International may sell more than $725 million of shares in its initial public offering in London, two people familiar with the matter said. The sum is more than the estimated $555 million that the company needs to buy out minorities in Polymetal as part of listing plans. The balance will be used to reduce debt, the people said.

(Bloomberg)

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue