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Baker Steel Resources Trust notes completion of Prognoz sale to Polymetal

Polar intends to distribute the Polymetal shares received from Prognoz to its shareholders, of which Baker Steel is one of the most significant
silver bars
Prognoz is a silver mine

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.

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