OREANDA-NEWS. September 11, 2014. Polymetal International plc (LSE, MOEX: POLY, ADR: AUCOY) (together with its subsidiaries – “Polymetal”, the “Company”, or the “Group”) is pleased to announce that the acquisition of the entire issued share capital of Altynalmas Gold Ltd, the holding company for the Kyzyl gold project in Kazakhstan, completed.

Details of the transaction were announced on 22 May 2014 and the acquisition was approved by shareholders at a  general meeting on 14 August 2014.

The initial consideration for this acquisition comprised USD318.5 million in cash and USD 300 million payable through the issue to Sumeru Gold B.V. of 31,347,078 new ordinary shares of the Company (the “Consideration Shares”), representing approximately 7.45 per cent. of the Company’s enlarged issued share capital. 

The number of shares issued was determined by dividing USD 300 million by the unweighted mean average closing price of Polymetal shares on the Main Market of the London Stock Exchange in the twelve calendar months ending three trading days before Completion which comprised USD 9.57027 per share. Deferred additional cash consideration up to an agreed cap, contingent on certain conditions being met and dependent on the relative dynamics of the gold price and the price of Polymetal’s shares, may be payable over up to the next seven years. Sumeru Gold B.V. is entitled to a put option giving it a right to require Polymetal to acquire or procure acquirers for the Consideration Shares by notice to Polymetal during the one month period immediately following the first anniversary of Completion at a price per Consideration Share equal to USD 9.57027.

The new shares are expected to be admitted to trading on the London Stock Exchange on 5 September 2014. Following the allotment, the total issued share capital of the Company will comprise 420,819,943 ordinary shares of no par value, each carrying one vote.