Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Petropavlovsk Announces Sale Of Non Core Assets - Quick Facts

Petropavlovsk Plc. (POG.L) announced the execution of a Share Purchase Agreement dated 2 July 2013 relating to the transfer of 21% of the issued shares in closed joint-stock company JSC Verkhnetisskaya Ore Mining Company to OJSC Krasnojarskaya Gorno-Geologicheskaya Company. The total consideration for the sale is a rouble equivalent of US$172,756 which will be applied to ongoing working capital requirements.

Verkhnetisskaya holds two licences to explore and extract hard-rock gold from the Verkhnetisskaya and Troeusovskaya deposits in Krasnoyarsk region of Russia. Both of these deposits are at the exploration stage of development; neither are producing or are included in the Group's production plans.

The value of the gross assets which are the subject of this transaction is US$0.2 million and a loss of US$10.4 million was attributable to them, as consolidated in the Group's consolidated financial statements for the year ended 31 December 2012.

The company said that the transfer of title will take place within five business days from the date of the Share Purchase Agreement. The prior approval of the Federal Antimonopoly Service of Russia has already been obtained for the transaction. Following completion of the transaction, the Group will remain a 49% shareholder in Verkhnetisskaya. Upon completion of the sale Verhnetisskaya will cease to be a subsidiary of the Group.

Register
To receive FREE breaking news email alerts for Petropavlovsk PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
After trending higher over the past several sessions, stocks showed a lack of direction throughout the trading day on Friday before closing roughly flat. A muted reaction to a highly anticipated speech by Federal Reserve Chair Janet Yellen contributed to the lackluster performance. Republican Scott Brown has significantly narrowed the gap in the race against incumbent New Hampshire Sen. Jeanne Shaheen, D-N.H., according to the results of a new WMUR Granite State Poll. On the heels of the violent clashes between local police and protestors in Ferguson, Missouri, Sen. Claire McCaskill, D-Mo., announced that she will hold a Senate hearing in September to examine the militarization of local police departments.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.