Dour market welcomes Polymetal sparkle
Polymetal, the Russian gold and silver miner, came to the rescue of the European equity capital market on Friday, beginning a re-listing process in which it hopes to raise $500m of new money while appealing to the broad FTSE 100 investor community. The announcement came barely 36 hours after the postponement of the much bigger Loterias IPO, a move that had deflated bankers’ expectations for the fourth quarter.
Polymetal is restructuring its corporate set-up to seek a premium London listing, which with a $6bn market capitalisation and a free-float of more than 50% will make it eligible for FTSE 100 inclusion.
Holders of its Russian listed shares and London listed GDRs were on Friday invited
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