Polyus Gold International Ltd Corporate Update (3176G)
19 Novembre 2015 - 2:23PM
UK Regulatory
TIDMPGIL
RNS Number : 3176G
Polyus Gold International Ltd
19 November 2015
For immediate release 19 November 2015
Polyus Gold International Limited
Corporate Update
Polyus Gold International Limited (LSE and MOEX - PGIL) ("PGIL",
"Polyus Gold" or the "Group"), the largest gold producer in Russia,
provides the following update regarding the further development of
the Group.
As previously announced by Wandle Holdings Limited and its
wholly owned subsidiary Sacturino Limited (collectively and
individually, "Wandle"), following the completion of its
acquisition of PGIL, Wandle will procure the cancellation of the
admission to trading of PGIL shares on the London Stock Exchange
("LSE") and the admission to listing of PGIL shares on the premium
listing segment of the Official List. It is expected that the
cancellation of listing and admission to trading will take effect
on 3 December 2015.
OJSC Polyus Gold (in which PGIL has a 95% interest), a Russia
domiciled public company, will become the principal holding company
for the assets of the Group and will retain its listing on the
Moscow Stock Exchange ("MOEX").
In its announcement of 4 November 2015, Wandle stated that it
"confirms the importance it attaches to high corporate governance
standards and its intention that Polyus Gold OJSC (in which PGIL
has a 95% interest) will have a board of directors whose
composition reflects the level of independence appropriate for best
governance practices and will continue with its policies being in
compliance with the laws of the Russian Federation, the company's
Charter and internal policies".
PGIL confirms that OJSC Polyus Gold intends to adhere to high
levels of corporate governance and disclosure as the principal
holding company of the Group. In particular:
-- OJSC Polyus Gold is in the process of identifying potential
candidates of appropriate caliber, experience and stature to fill
the roles of independent Board members reflecting Polyus Gold's
status as a world-leading public gold producer.
-- Subject to applicable legal and listing requirements and
market conditions, OJSC Polyus Gold will at the appropriate time
consider seeking an upgrade of its MOEX listing and at a future
stage will consider the potential merits of listing depositary
receipts representing its shares on the LSE (replacing the existing
Level I ADR program).
-- OJSC Polyus Gold intends to implement a disclosure and
reporting policy consistent with the applicable regulatory
requirements and in line with the appropriate best practice
standards. In addition, PGIL will continue to comply with the
applicable regulatory disclosure and reporting requirements with
respect to its issued USD 750 million 5.625% guaranteed notes due
2020.
PGIL foresees no changes in the Group's strategy, which is
focused on monetizing its existing resource base via low cost value
accretive growth, continuous operational efficiency and maintaining
a leadership cost position in the industry. PGIL is confident that
the current management team of the Group can deliver on this
strategy.
Pavel Grachev, Chief Executive Officer of Polyus Gold,
commented:
"In the last few years we have strived to meet the best
standards in respect of corporate governance and disclosure. OJSC
Polyus Gold as a new holding company will keep this commitment.
Our strategy will enable us to build on the success the company
has already experienced in expanding production, optimizing costs,
and streamlining the pipeline. The disciplined approach to growth
and the focus on efficiency will remain the cornerstones of the
transformation Polyus Gold is experiencing."
Polyus Gold International Limited
Polyus Gold is the largest gold producer in Russia and one of
the top 10 gold miners globally by ounces produced and mineral
resources base. The key operations and projects are located in the
Krasnoyarsk, Irkutsk and Magadan regions and the Sakha Republic
(Yakutia). In 2014, Polyus Gold produced 1,696 thousand ounces
(52.75 tonnes) of gold.
Enquiries:
Investor contact
Sergey Krivokhizhin, Director Investor Relations
+44 (0) 203 713 42 90 ir@polyusgold.com
Media contact
Artem Gorbachev, Press Secretary
+44 (0) 203 713 42 90 gorbachevav@polyusgold.com
Forward looking statements
This announcement may contain "forward-looking statements"
concerning PGIL. Generally, the words "will", "may", "should",
"could", "would", "can", "continue", "opportunity", "believes",
"expects", "intends", "anticipates", "estimates" or similar
expressions identify forward-looking statements. The
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
expressed in the forward-looking statements. Forward-looking
statements include statements relating to future capital
expenditures and business and management strategies and the
expansion and growth of PGIL's operations. Many of these risks and
uncertainties relate to factors that are beyond PGIL's ability to
control or estimate precisely and therefore undue reliance should
not be placed on such statements which speak only as at the date of
this announcement. PGIL assumes no obligation in respect of, and
does not intend to update, these forward-looking statements, except
as required pursuant to applicable law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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