PMTL Holdings Ltd has made an exchange offer to acquire up to the entire share capital of OJSC Polymetal represented by both common shares and GDRs in exchange for Polymetal International shares.

The share swap offer is being driven by the intention of Polymetal International and certain major shareholders of Polymetal to change Polymetal corporate structure. Under these proposals, Polymetal International will become the new holding company for OJSC Polymetal.

Polymetal International will seek application for having its shares listed in the premium segment UKLA Official List and accepted to trading on the main LSE market.

Concurrently with the admission, Polymetal International intends to offer its shares to institutional investors in the United Kingdom and elsewhere. The aggregate gross income of Polymetal International from the stock purchase offer is expected to be about USD 500 million.

The funds obtained will be used to finance the mandatory Polymetal stock acquisition offer PMTL will be obliged to make when it accomplishes the conversion of the institutional shares. Any remaining proceeds will be used to repay Polymetal Group's existing liabilities.

(Sourced from AK&M)