Polar Acquisition Limited has completed the sale of its stake in the Prognoz silver mine in Russia to Polymetal International PLC (LON:POLY).
The consideration was US$72mln in Polymetal shares for the 45% stake, though volatility in the share of the Russian miner has since seen the current value drop to US$59.4mln.
Polar is one of the most significant investments held by Baker Steel Resources Investment Trust (LON:BSRT), which cautioned the volatility in the Polymetal share price will have an impact on the trust’s published NAV.
Over the past year, shares in Polymetal have traded between £10.95 and £5.91.
Polar intends to distribute the Polymetal shares received from Prognoz to its shareholders.