Notice of Extraordinary General Meeting of Shareholders
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Saint-Petersburg, Russia, February 18, 2009 - JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that on February 17, 2009, the Company's Board of Directors (the "Board") made a decision to hold Extraordinary General Meeting ("EGM") of Polymetal's shareholders in the form of absentee voting on March 17, 2009.
The Board approved the form and text of the voting bulletins and set March 17, 2009 as the last date when voting bulletins shall be accepted. Filled and signed voting bulletins should be sent to the following address: OAO "Registrator R.O.S.T.", P.O. Box 9, Stromynka Street 18/13, Moscow, 107996, Russia.
The Board approved the following agenda of the EGM:
1. To approve increase of share capital of the Company by issuance and placement of new ordinary shares.
2. To determine the appraiser to be engaged for determining market value of property that can be used as consideration for the shares to be placed.
The Board has fixed February 18, 2009 as the record date for determining shareholders eligible for participating in the EGM.
The Board also approved the list of information (specifically, information about CJSC "Artel of prospectors "Ayax", whose shares can be used as consideration for the new shares of Polymetal to be placed, and information about the appraiser to be engaged for determining value of property that can be used as a consideration for new shares of Polymetal to be placed) that will be provided to the eligible EGM participants in the Company's headquarters at prospect Narodnogo Opolcheniya 2, St. Petersburg, 198216, Russia (room 1112) from 10am till 5pm Moscow time every day, except weekends, starting from February 25, 2009.
All shareholders eligible for participating in the EGM shall be sent corresponding written notifications not later than 20 days before the date of the EGM.
The Company would like to remind that on January 23, 2009 it announced that a 100% of the shares in CJSC "Artel of prospectors "Ayax" holding the mining license for Goltsovoye silver deposit located in the Magadan region of Russia ("Ayax") and receivables of US$8,653,682.10 due from Ayax were acquired by Polymetal and a third party entity in exchange for a payment of US$8,653,682 by Polymetal and the transfer of 7.5 million common shares in Polymetal by the third party entity. The Company plans to place 7.5 million of its new ordinary shares in exchange of 35,934 shares in Ayax and thus consolidate a 100% stake in Ayaks. According to the Russian legislation, shareholders who will not support such placement will have the right to purchase newly issued shares of Polymetal for cash at a price that will be determined by the Board between the dates of state registration of share issuance and the beginning of placement of new shares.
Pavel Danilin
VP, Corporate Finance and Investor Relations
Tel. +7 812 334 3666
E-mail: danilin@polymetal.ru
Website: www.polymetal.ru
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This release includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or "should" or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements are not guarantees of future performance. Many factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. These forward-looking statements speak only as at the date of this release. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.