Interfax reported that Jersey based Polymetal International plc, through its subsidiary PMTL Holding Ltd has closed a squeeze out of shares in Russia OJSC Polymetal from minority owners and consolidated 100% in the OJSC.

It was earlier reported that a notification on the squeeze out had been sent to Polymetal on April 19. The squeeze out was closed on July 10.

It was earlier reported that PMTL announced a squeeze-out of shares in the company at 531.15 rubles each after consolidating 99.52%.

It was also earlier reported that following the completion of a institutional share swap in autumn 2011 which was done through PMTL Holding Ltd Jersey-based Polymetal International plc consolidated around 83.3% in Polymetal and later following a binding offer the new holding's stake went up to over 99%.

The company initially announced that it planned to hold a squeeze-out if the necessary terms had been met.

Source - Interfax

(www.steelguru.com)