Polyus PJSC plans to spend as much as 579 billion rubles ($6.32 billion) on buying back shares as Russia’s biggest gold miner prepares to delist from the London Stock Exchange.
(Bloomberg) — Polyus PJSC plans to spend as much as 579 billion rubles ($6.32 billion) on buying back shares as Russia’s biggest gold miner prepares to delist from the London Stock Exchange.
The board approved the repurchase starting Monday of as many as 40.8 million shares at 14,200 rubles a piece, the company said in a statement. The price represents a premium of about 33% to the July 7 closing level.
In June, the board approved delisting from the LSE, which is expected to become effective on July 25, saying it was “no longer reasonable” to maintain a depositary receipt program after the US and UK imposed sanctions the previous month.
Read more: US Imposes Sanctions on Some of Russia’s Biggest Gold Miners
The buyback’s maximum level represents about 29.99% of outstanding shares, according to the company. Holders may tender any number of the shares they held as of the close of business on July 7, with August 9 set as the deadline for submitting bids for sale.
Polyus shares rose as much as 14.7% in Moscow after the buyback announcement. They traded up 5.3% on Friday’s close at 11,305 rubles as of 2:12 p.m. in the Russian capital.
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