By Rhod Mackenzie
The AIFC Exchange (AIX) in Kazakhstan resumed trading in the ordinary shares of Polymetal International Plc, which were suspended due to its redomiciliation, the company said.
Within hours, Polymetal's share price soared to $4.5 a share, up 19.4% from the opening of trading.
Polymetal shareholders at a general meeting on May 30 approved the redomiciliation of the company from the island of Jersey ( Channel Islands) to the AIFC in Kazakhstan. As a result, the company was removed from the register of companies of the island of Jersey, transferred and registered with the AIFC on August 7.
Polymetal Int shares were previously traded on the London Stock Exchange (LSE), the Kazakhstan Stock Exchange (AIX) and the Moscow Exchange (MOEX). The last day of trading on the LSE was August 1st. In order to carry out the necessary operations related to the Redomiciliation, AIX also suspended trading in the company's shares. The Moscow Exchange has also suspended trading in Polymetal Int shares from July 29, 2023, and will also resume trading soon.
As the head of the company Vitaly Nesis said the day before, Polymetal is considering options for a return to dividend payments before the end of this year. The company is likely to resume paying dividends in the fourth quarter. Based on the results of 2022 and 2021, Polymetal did not accrue or pay dividends. For the first half of 2021, the company paid $213 million in dividends, at $0.45 per share.
Polymetal Int (combines the assets of JSC Polymetal) announced on August 8 that it successfully completed the re-domiciliation of the company from Jersey to the Astana International Financial Center (AIFC) in Kazakhstan the day before.
Polymetal is a Russian gold and silver mining company with operations and development projects in Russia and Kazakhstan.