Ejected Polymetal in Moscow listing
Polymetal International, the Russian gold producer that is set to be ejected from the elite FTSE 100 this month, will start trading shares in Moscow tomorrow as it shores up its investor base.
Chief executive Vitaly Nesis told The Independent last week that setting up a secondary listing in Moscow was "imminent" and industry sources confirmed this should kick-off tomorrow. Polymetal, which also mines for silver and platinum, stopped trading in its home country after becoming one of the first two Russian companies to join the FTSE 100 in 2011.
The other was steel giant Evraz, part-owned by Roman Abramovich. The companies joined at the same time and the London Stock Exchange confirmed last week that they will depart from the blue chip index together.
Shares have been badly hit due to a sharp downturn in the commodities markets, which Mr Nesis believes could take up to three years to correct. He is turning to formerly loyal shareholders in Moscow who rarely, if ever, dabble in the London markets, by again listing in the Russian capital.
Mr Nesis is also looking at expanding its platinum business. The centre of platinum mining is South Africa, but bloody union disputes have badly hit production in the past year.
He said: "I believe that South African platinum production will go the way of South African gold, which saw production halved in 10 years. I'm very positive on platinum, based on the supply disruptions from South Africa."
The group is also on the hunt for all-share deals worth up to $1bn (£639.5m) and has identified the mines and assets that it would like to own. Offers are likely to start being made in the final few months of the year, so Polymetal can be expected to have completed some major acquisitions in early 2014.
Evraz and Polymetal will be replaced in the FTSE 100 by housebuilder Persimmon and builders' merchant Travis Perkins. Persimmon has been out of the top index since the height of the crisis in 2008, when housebuilding was one of the worst struck industries.
But the housing market has improved, which has equally helped Travis Perkins, as homeowners snapped up DIY products in its Wickes chain.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
- 3 The Grace Dent Christmas Questionnaire
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Vagina canoe artist defends herself over ‘obscenity’ charges
PlayStation and Xbox hacked by Lizard Squad
Boxing Day snowfall set to push even more bargain-hunters online for sales
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
Postcard from... The Vatican
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...