OREANDA-NEWS. October 27, 2011. Further to the announcement made on 6th October 2011 regarding the proposal to establish a new UK holding company by way of a scheme of arrangement under Jersey law (“Scheme”) and that preparation was underway for an application for the shares of the new holding company, Polyus Gold plc, to be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities (“Admission”), Polyus Gold announces that the expected effective date of the Scheme and date of Admission is being postponed, reported the press-centre of Polyus Gold.

The Company understands that consideration of its application for consent by the Government Commission on Monitoring Foreign Investment in the Russian Federation under the Strategic Investment Laws of Russia (the “Commission”), a condition to effectiveness of the Scheme, has been postponed.  The Company expects that the application will be heard at the next meeting of the Commission. 

As previously announced, a meeting of shareholders has been convened by the Jersey Court for 2.00 p.m. on 28th October 2011 to approve the Scheme and an extraordinary general meeting of the Company convened for 2.15 p.m. following that meeting.  If approved by shareholders, the Scheme will remain conditional, amongst other things, upon receipt of the consent of the Commission and on Admission.

Accordingly, the Jersey Court hearing to sanction the Scheme and to confirm the Company's reduction of capital will not take place on 3 November 2011 and is expected to be rescheduled for a later date.

A further announcement will be made in due course.