Polymetal International PLC (LSE:POLY) (Polymetal International PLC (LSE:POLY)) led the fallers in the FTSE 350 after the Russia-based precious metals miner shelved its dividend.
The company said its board decided to postpone the payout and a decision on making an interim dividend payment until at least August based on "significant changes in operating conditions" in the last few weeks - ie since Russia invaded Ukraine.
Nearly all of gold miner Polymetal's sites are in Russia (two are in Kazakhstan).
Although the company said at the end of last month that anti-Russia sanctions before 30 March “did not have a material impact” on its business, directors have now concluded that "is no longer appropriate to recommend or declare the 2021 final dividend payment".
This is due to: "mounting uncertainty with availability of funds due to sanctions on Russian banks and economy; higher working capital needs as a result of liquidity crunch and supply chain limitations; balance sheet constraints imposed by lower credit availability as well as significantly higher cost of funding".
Chair Riccardo Orcel said: "We have thoroughly re-evaluated the board's March recommendation on dividends taking into account recent changes in macro and regulatory environment and unanimously have come to a conclusion that the payment decision should be postponed in order to sustain the stability and liquidity of the business.
"We will continue to monitor the operating, funding and regulatory conditions in which the business operates, hoping that stability is restored, improving visibility which would allow us to return to our cash distribution policy."