Polymetal International plc (POLY.L) reported acquiring a 24.99% shareholding in the Svetlobor platinum exploration project from Ubergot Investments Ltd. in exchange for 130,053 new ordinary shares in Polymetal. Simultaneously, CJSC VTB Capital has purchased the final 75.01% stake in the project from Ubergot in return for 390,369 new ordinary shares in Polymetal, and would dispose this stake to Polymetal for $6.9 million, plus interest, following receipt of regulatory approval.
Together, Polymetal and VTB have bought 100% of the shares in CJSC Nevyansk Group or NG, a Russian legal entity whose wholly-owned unit holds a mining and exploration licence for the Svetlobor area valid until November 30, 2031, from Ubergot, a Cypriot entity controlled by several Russian individuals.
Based on Polymetal's ordinary shares' closing price on December 17, 2012, the total transaction value is around 6.1 million pounds (plus interest payable to VTB), or $10.0 million at an exchange rate of 1.00 pounds = $1.6204. The new ordinary shares to be issued to Ubergot and VTB's division together represent some 0.14% of Polymetal's increased ordinary share capital.
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