Kazakhstani gold producer announces delisting from MOEX, inviting investors to join AIX
Solidcore Resources plc (formerly known as Polymetal), the biggest producer of gold and silver in Kazakhstan, has applied for delisting from the Moscow Exchange (MOEX), the company announced in a statement.
Shareholders who meet specific requirements will be able to exchange their MOEX shares for shares traded on the Astana International Exchange (AIX).
«Regarding recent U.S. sanctions against the Moscow Exchange, the board of directors of the company has decided to quit the exchange. Under the delisting application, the company asked MOEX to set the final trading day for September 30, 2024. If the application is approved, the stock exchange can choose a final trading day other than the aforementioned date,» the company said in a statement.
Once the delisting procedure is completed, shares of Solidcore Resources plc won’t be available for organized trading on MOEX.
The company also noted that due to sanctions against the National Settlement Depository of Russia and other depositories, shareholders who have acquired their stocks on MOEX are not eligible for corporate actions related to the company.
«Considering all these circumstances, the company calls on all shareholders who meet specific requirements to take part in the current program of exchanging old shares for the new ones issued on the AIX (1:1) by September 30, 2024. Participants in the program will be able to trade their shares via the stock exchange infrastructure and will enjoy their shareholder rights to the fullest extent. There are no restrictions for our shareholders on the AIX,» the gold producer said in the press release.
You can review the share exchange program more closely here.
On June 12, the Office of Foreign Assets Control under the U.S. Department of the Treasury imposed sanctions against the MOEX.
The context: Solidcore Resources plc announced its intention to redomicile from the island of Jersey to the Astana International Financial Center in the fall of 2022. In August 2023, the redomiciliation was completed. Solidcore’s stocks have traded on the AIX since August 10, 2023, in parallel with being traded on MOEX. In October 2023, Solidcore was added to the AIX Qazaq Index.
In late September 2023, CEO of Solidcore Vitaly Nesis said that the company would sell its Russian assets because of Western sanctions against its Russian subsidiary Polymetal. The deal was closed in March 2023, when structures controlled by Sergey Yanchukov, a Russian mogul and owner of Mangazeya Plus, acquired the asset for $3.69 billion. Solidcore Resources has big plans to boost its gold production to one million ounces by 2029, entering the markets of Tajikistan, Uzbekistan, Saudi Arabia and Oman.
