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Britain’s Authorities Probe Into Surge in Polus Zoloto
Britain’s Financial Services Authority (FSA) has set to probing into the surge in Polus Zoloto quotes. The stocks went up once the capital fund Kazimir Partners made an offer for the buyout of 2.5 percent in Polus from its subsidiary, Jenington, for $350 million, Vedomosti reported.
An official letter to Polus Zoloto management was sent May 22, said sources close to the company. FSA is willing to check Polus for transparency and expediency of information disclosure and requests the management to provide personal evaluation for current performance of the company.
The management of Russia’s leading gold miner Polus Zoloto responded to the offer of Kazimir Partners by saying that the company’s ready assets ($1.4 billion as of January 1) enabled it to fund activities without raising money of external sources.
The managers reasoned that investing in deposits and trust management won’t ensure the yield comparable to investments in Polus stocks.
The Kazimir’s offer set forth nearly 20-percent premium to the market price. The newswires reported it Friday evening and Polus surged nearly 10.57 percent on LSE Monday, the regulator said in the letter to Polus Zoloto. Polus had been growing two days before it, by roughly 15 percent. The stocks surged 18 percent on MICEX May 21, which was the closing day for the AGM attendence. The growth on LSE and RTS was more moderate, 2.7 percent and 1.5 percent respectively.
Polus shed 28 percent on MICEX the next day. Its quotes stood still on LSE yesterday, while the company’s capitalization reached $12.77 billion there.
Chief of Interros holding Vladimir Potanin has roughly 30 percent in Polus Zoloto and ONEXIM Group President Mikhail Prokhorov owns similar 30 percent.
www.kommersant.com
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