19/12/2011 The London Stock Exchange welcomes Polymetal International Plc to a Premium Listing and the FTSE 100 Index
Today Polymetal International opened the London Markets in a ceremony at the London Stock Exchange, as Polymetal International’s shares started trading as part of the FTSE 100 index. The London Stock Exchange is pleased to welcome Polymetal International, a leading gold and silver producer in Russia and Kazakhstan, whose Premium Listing along with the inclusion into the UK market’s most prestigious index is an endorsement by the UK and international financial markets of the company’s excellent corporate governance and increased liquidity of its stock, in addition to world class portfolio of assets coupled with significant growth opportunities and a strong management team.
Polymetal is the largest Russian silver producer, and fifth largest in the world, and one of the largest gold producers in Russia and Kazakhstan. Since it was founded, Polymetal has built a focussed portfolio of high quality assets with an attractive growth profile by developing new mines, restarting inactive operations and acquiring an operating mine. The Company has a strong operational track record and has increased annual gold equivalent production of gold and silver from 327 Koz of AuEq in 2003 to 753 Koz of AuEq in 2010, a compound annual growth rate of 13 per cent. Polymetal aims to produce over 800 Koz in 2011 and over 1.4 Moz in 2014 in AuEq.
The company’s strategy is to ramp up production as well as investing to expand its reserve base and production growth. It also intends to establish the feasibility of constructing two new standalone mines by 2013 whilst continuing to pursue selected synergistic “bolt on” acquisition opportunities.
Polymetal International has a highly experienced Board of Directors, with a majority of independent directors, chaired by Bobby Godsell, who was the former CEO of Anglogold Ashanti.
The inclusion into the FTSE 100 follows the company’s restructuring as it changed its incorporation to Jersey via an Institutional Share Swap Facility, followed by a Premium Listing on the London Stock Exchange and a fundraising that led to the increase of the company’s free float to 51.1%.
Deutsche Bank, HSBC and Morgan Stanley were joint global co-ordinators and, together with VTB Capital, joint bookrunners in relation to the transaction. Collins Stewart was co-lead manager. Freshfields acted as international counsel to Polymetal International and Clifford Chance acted as international counsel to the joint global coordinators. College Hill acted as financial communications advisor.