JSC "Polymetal" (LSE, MICEX, RTS: PMTL) confirms that it has been notified by one of its principal shareholders that a formal approval has been received from the Russian Federal Antimonopoly Service pursuant to the Law of the Russian Federation No. 57-FZ "On the procedure of foreign investment in companies with strategic significance on national defence and security'' in relation to a possible restructuring of the Company's shareholder structure involving the transfer of a majority of the Company's shares to a newly-established holding company ("HoldCo").

It is envisioned that HoldCo would subsequently pursue a listing of its shares on the London Stock Exchange.

The Restructuring has been proposed previously by one of the Company's principal shareholders and has been reviewed by the Board of Directors of Polymetal; however there are no assurances that the proposed transaction will be pursued ultimately by the Company or its principal shareholders. If the transaction takes place, it will be subject to a number of conditions and pre-conditions, including a number of regulatory approvals and approval from the UK Listing Authority and the London Stock Exchange for the listing and admission to trading of HoldCo shares.

The proposed Restructuring would not affect the assets or operations of the Company or its subsidiaries, nor otherwise change the organizational structure of the Company and its subsidiaries. The Company will remain a tax payer in Russia and certain other jurisdictions.

FAS adopted its decision on February 9, 2011 in pursuance of a resolution by the Committee of the Government of the Russian Federation on foreign investment in the Russian Federation, and the decision is effective for a period of two years.

The Restructuring falls within the Law of the Russian Federation No. 57-FZ "On the procedure of foreign investment in companies with strategic significance on national defence and security'' because it would result in the change in ownership in respect of more than 10 percent of the Company, which has controlling stakes in the strategically important companies in the Chukotka Autonomous Region, the Magadan Region and the Khabarovsk Territory.

 

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