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
Global consumer confidence increased in the second quarter to reach the highest levels since the first quarter in 2007 as job optimism improved, results of a survey by Nielsen showed Tuesday. The Nielsen Global Consumer Confidence Index rose a point from the previous quarter to 97 in the second quarter.... Texas Instruments Inc., the world's largest maker of analog chips, said Monday after the markets closed that its second quarter profit rose 3% from last year, as revenue increased 8%. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly revenue. At the same time, the company gave an upbeat outlook for the third quarter. After coming under pressure in early trading on Monday, stocks regained some ground over the course of the trading session but still closed modestly lower. The pullback on the day partly offset the strength that was seen last week.
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.