logo
Share SHARE
FONT-SIZE Plus   Neg

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Embark Veterinary Inc., a startup that makes dog DNA-testing kits for pet owners, vets and breeders, said it has raised $4.5 million in funding from investors and relocated its headquarters to Boston. The company intends to use the new funding to expand its canine genetic testing suite for pet owners, breeders, and veterinarians. Intel Corp. has completely shut down its wearables division about two weeks ago, CNBC reported, citing a person familiar with the matter. The company reportedly intends to focus on augmented reality. According to the CNBC report, Intel laid off about 80 percent of the team that made the Basis fitness watch in November 2016 and has now eliminated the division entirely. The Federal Trade Commission is investigating allegations that Amazon.com Inc. misled consumers about its pricing discounts, Reuters reported, citing a source close to the probe. The FTC probe is reportedly part of the agency's review of Amazon's proposed $13.4 billion deal to buy grocery chain Whole Foods Market Inc.
comments powered by Disqus
Follow RTT