Gold rush

30 September 2011 By Jason Bush

Polymetal has become the latest to seek a full premium listing in London. The precious metals miner is upping its free float to get into the FTSE 100, expanding the universe of investors and boosting liquidity. It’s a reminder that the attractions of just listing GDRs are fading.

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Russian precious metals miner Polymetal is seeking a premium listing on the London Stock Exchange, in a move it hopes will catapult it into the FTSE 100 blue-chip index. Polymetal announced on Sept. 30 that it would change its corporate structure. Shares in JSC Polymetal and its London-listed global depositary receipts (GDRs) will be exchanged for shares in a new Jersey-based holding company, Polymetal International, on a one-for-one basis. It will then seek to delist both its Moscow shares and the GDRs.
The listing plan mirrors measures taken by Russia’s top gold miner Polyus Gold, which bought Jersey-registered Kazakh firm KazakhGold in July to obtain a premium listing.

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