Polymetal International PLC’s shares dropped 28% after the Russian and Kazakhstan gold and silver miner announced plans to exit the London market in favour of a primary listing on the Astana Stock Exchange (AIX).
The move has been prompted by the Ukraine war and sanctions initiated by both the West and Moscow.
As part of the process, it will also give up its Jersey registration to ‘redomicile’ in the central Asian country. It said it looked at a number of alternatives, including Dubai, Abu Dhabi and Hong Kong, before opting for the Astana International Financial Centre.
“In determining that the re-domiciliation to the AIFC (Kazakhstan) is the preferred alternative, the principal focus of the board has been on the removal of as many Russian counter-sanction restrictions as possible, in a legal forum that offers shareholders as much similarity to the status quo as possible,” investors were told.
In afternoon trade the stock was down 80.73p at 199.27p.