Polymetal – Subsidiaries’ Reorganization
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JSC "Polymetal" (LSE, MICEX, RTS: PMTL) ("Polymetal" or the "Company") announces that the merger between its two 100% subsidiaries, Closed Joint Stock Company "Serebro "Territorii", operating Lunnoye and Arylakh mine, and Closed Joint Stock Company "Serebro Magadana", operating Dukat mine, was competed. The corresponding records were made today in the Unified state register of legal entities in Magadan.
Rationale for the merger between the two entities with technologically interrelated operations (Dukat ore concentrate is further processed at the Lunnoye plant together with Lunnoye ore) includes avoidance of concentrate tolling fees, simplification of budgeting and accounting procedures, optimization of organizational structure of the combined entity.
As a result of the reorganization, CJSC "Serebro "Territorii" ceased to exist, and all its rights and obligations are assumed by CJSC "Serebro Magadana", sole owner of which is Polymetal, effective today.
Corporate Finance and Investor Relations Department