The Lemon Fool

I see that Blackrock has just doubled it's stake in Polymetal to just over 10% and Polymetal has just announced a dividend of $0.52.
Swansong or glimmer of hope? Shareprice hasn't moved much on the news.

https://www.hl.co.uk/shares/shares-sear ... lc-ord-npv

yieldhog wrote:I see that Blackrock has just doubled it's stake in Polymetal to just over 10% and Polymetal has just announced a dividend of $0.52.
Swansong or glimmer of hope? Shareprice hasn't moved much on the news.

https://www.hl.co.uk/shares/shares-sear ... lc-ord-npv

It closed up 18.54% which is somewhat encouraging. I won't risk any more but will hang on and hope for the best. Listening to the news today caused me far more distress than the loss on my shares, needless to say.

I'm not sure at this point if POLY is one of the 27 or 28 shares suspended from the LSE but it's down another 30% today.

Y

If it's anything to go by, the share price is fluctuating today. Presumably, there's still trading in the UK for this share?

I don't think it has been suspended but it will be demoted from the FTSE 100 because of the massive price drop.

bouleversee is correct, Polymetal has not been suspended:

From The Guardian:

"The mining company Evraz, in which Roman Abramovich owns a 29% stake, and the precious metals mining group Polymetal meet LSE criteria for being assigned “UK nationality” for trading purposes. On Wednesday, both companies dropped out of the FTSE 100 in its quarterly review after their market values have plummeted."

Y

"In equity markets, Anglo-Russian precious metals miner Polymetal International rocketed 69.2% after it said there had been no disruption to its operations in Russia and Kazakhstan, despite sanctions imposed on Russia after its invasion of Ukraine" said ADVFN's Evening Markets Bulletin. Yeah, I thought, but 69% of peanuts is still peanuts and sure enough when I checked my p/f I found that I was still losing 85% of my investment after this rocket. or

OTOH the 66 shares I was awarded when Anglo American spun off its investment in Thungela Resources last June to make itself look more eco-friendly have gone up by 1,118% ( my £44.71 initial value is now £544.76) so someone must be buying all that thermal coal and making a mint for Thungela and its investors, which makes me feel rather guilty but until there are sufficient alternative resources my selling won't make a scrap of difference to the environment so I shall hang on for the time being as a small compensation for all my other losses.

Poly https://www.investegate.co.uk/polymetal ... 0005EUQSM/

"The Company currently intends to pay the final dividend as proposed by the Board on March 2, 2022. At the same time, the Board retains the discretion to re-evaluate its dividend recommendation prior to the Annual General Meeting with a view to ensuring liquidity and solvency of the business"

Current yield 47 %... Would anyone be surprised if they were to cut/cancel the dividend ( noting the commentary on increasing debt level in the announcement)?


I see Evraz have cancelled the interim divi.

https://www.investegate.co.uk/evraz-plc ... 12202369E/

"Dividend Cut - Dividends currently suspended. $0.50 interim dividend declared on 25-Feb-22 and due for payment on 30-Mar-22 was cancelled on 09-Mar-22."

Yes, I am resigned to that happening. Pity, as it would have helped pay for the massive increase in my utilities bill.

Bouleversee wrote:Yes, I am resigned to that happening. Pity, as it would have helped pay for the massive increase in my utilities bill.

I hear cleaning the radiators can help

This one is on my watchlist as potentially massively underpriced due to the ongoing geopolitical situation.

Does anyone have any insights into their fortunes? Are their financials holding steady through this?

H

Hornblower wrote:This one is on my watchlist as potentially massively underpriced due to the ongoing geopolitical situation.

Does anyone have any insights into their fortunes? Are their financials holding steady through this?

H

I wish. I haven't seen any comments anywhere recently and I doubt if anyone knows what is likely to happen. I am currently losing nearly 81% on my holding whereas at one time I was making a sizeable profit. The fact that they cancelled the dividend (last paid Sept. 2021) would suggest that they are not too confident themselves. I'm not inclined to risk anymore myself.

Bouleversee wrote:

Hornblower wrote:This one is on my watchlist as potentially massively underpriced due to the ongoing geopolitical situation.

Does anyone have any insights into their fortunes? Are their financials holding steady through this?

H

I wish. I haven't seen any comments anywhere recently and I doubt if anyone knows what is likely to happen. I am currently losing nearly 81% on my holding whereas at one time I was making a sizeable profit. The fact that they cancelled the dividend (last paid Sept. 2021) would suggest that they are not too confident themselves. I'm not inclined to risk anymore myself.

Thank you for your reply. I'm sorry to hear of your losses. What do you see as the main risks here, that they might not be able to access banking/financing facilities in Western countries & this could drastically effect their operations? Is that perhaps why they suspended the dividend, to build up cash reserves?

H

Hornblower wrote:

Bouleversee wrote:

Hornblower wrote:This one is on my watchlist as potentially massively underpriced due to the ongoing geopolitical situation.

Does anyone have any insights into their fortunes? Are their financials holding steady through this?

H

I wish. I haven't seen any comments anywhere recently and I doubt if anyone knows what is likely to happen. I am currently losing nearly 81% on my holding whereas at one time I was making a sizeable profit. The fact that they cancelled the dividend (last paid Sept. 2021) would suggest that they are not too confident themselves. I'm not inclined to risk anymore myself.

Thank you for your reply. I'm sorry to hear of your losses. What do you see as the main risks here, that they might not be able to access banking/financing facilities in Western countries & this could drastically effect their operations? Is that perhaps why they suspended the dividend, to build up cash reserves?

H

I presume you have seen this: https://www.polymetalinternational.com/ ... 3-04-2022/

I received a couple of emails this morning giving quite long updates which can be found on POLY's website: https://www.polymetalinternational.com/ ... 06-2022-b/ and https://www.polymetalinternational.com/ ... 06-2022-a/.
Worth a read and reasonably encouraging though anybody's guess as to how it will all end.

Comment on Citywire today: https://citywire.com/funds-insider/news ... s/a2390734

Bouleversee wrote:I received a couple of emails this morning giving quite long updates which can be found on POLY's website: https://www.polymetalinternational.com/ ... 06-2022-b/ and https://www.polymetalinternational.com/ ... 06-2022-a/.
Worth a read and reasonably encouraging though anybody's guess as to how it will all end.

The links don't work, for some reason. You can get to
https://www.polymetalinternational.com/en/investors-and-media/news/press-releases/?asset=0&type=2022

but the sub-headings just hang my browser when I click on them. Something not working on their website, I think.

As you say, it's anybody's guess as to how this will play out. I've got a suspended ETF (IEER) with Norilsk Nickel in it - no useful information on that, but it also contains assets that are not suspended, so it's difficult to imagine how such situations can ultimately be resolved.

S

It seems that POLY may not be affected much by the sanction on buying Russian gold. see
https://www.thearmchairtrader.com/berenberg-bank-gold-sanctions-polymetal/
because Russia has not been selling to Western buyers, but principally to Chinese buyers.

My desire for gold miners is satisfied by SPGP (a gold producer ETF), which does not appear to contain any Russian holdings. Although touted as an alternative to physical gold, or to other ETFs that track gold one way or another, it doesn't seem to follow the gold price very closely. Maybe that's the result of energy cost or currency exchange rate fluctuations, or something.

S

Update from the company earlier today. shares up 32% at the close.

https://www.lse.co.uk/ShareChat.asp?Sha ... nal&page=6

Y

Release from Polymetal today:

Polymetal announces that Riccardo Orcel and Giacomo Baizini are stepping down from the Board of Directors effective immediately.

“I am very grateful to Giacomo and Riccardo for their valuable contribution to the company’s development and corporate governance. We plan to start searching for new candidates to replace the outgoing directors as soon as practicable”, said Vitaly Nesis, Group CEO of Polymetal.

Not an encouraging sign.