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04/08/2017
16:10
M&A: Said Kerimov's PGIL reduces stake in Polyus to 82.4%

The shareholding structure of PJSC Polyus changed after the secondary public offering, RNS informed referring to the company's statement on the London Stock Exchange.

In particular, the share of PGIL (Polyus Gold International Limited) affiliated with Said Kerimov (the son of Suleyman Kerimov, a Russian senator representing the Republic of Dagestan) decreased to 82.44% of the authorized capital (110,105,471 shares) from 91.73%.

The free float currently reaches 21,818,941 shares of Polyus (16.34%), the number of treasury shares being 1,636,707 shares (1.22%). Prior to the offering, PGIL owned 91.73% of the shares, the percentage of treasury shares was 1.51%, the free float was 6.76%.

It should be recalled that on June 30, Polyus placed 9.7% of the company's authorized capital on Moscow Exchange and the LSE. The total amount of the offering (including the option exercised by Goldman Sachs) was $858 million.

PJSC Polyus is Russia's leading gold producer, one of the 10 leading goldminers worldwide with one of the lowest cost value in the world. The company's key production assets located in Krasnoyarsk Krai, Irkutsk and Magadan regions, the Sakha Republic (Yakutia) include 5 producing mines, gold-bearing placers and a number of projects under construction and development.

Polyus ranks fourth worldwide in terms of gold reserves (with proved and probable reserves according to the international classification reaching 64.3 million ounces). In 2015, the company's total output was 1.763 million ounces. Polyus's medium-term ambition is to increase the output to at least 2.7 million ounces per year by 2020.

IFRS net profit of PJSC Polyus for Q1 2017 was $499 million increasing by 70% year-on-year. Revenue was $609 million against $511 million in Q1 2016, total cost of production increased by 6% to $380 per ounce. Adjusted EBITDA grew by 16% to $383 million.


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