Bloomberg News

VTB to Spend $100 Million on Polymetal International London Sale

October 14, 2011

Oct. 14 (Bloomberg) -- VTB Capital, an investment arm of Russia’s state-owned lender, agreed to become a cornerstone investor in Polymetal International Plc’s planned share sale in London, the gold miner said in a prospectus.

VTB Capital will buy as much as $100 million of the stock, taking up a maximum of one-third of the offering, the document obtained by Bloomberg News shows. Russian gold and silver miner OAO Polymetal intends to gain a primary listing in the city by year-end, by swapping shares with those of Jersey-based Polymetal International Plc.

Holders of 52 percent of OAO Polymetal shares have agreed to the swap, while minority investors have until Oct. 21 to decide. Polymetal International plans to sell $500 million of stock to help fund a buyout of shareholders who decide against the swap, according to a Sept. 30 statement.

VTB Capital’s press office declined to make any immediate comment when contacted by telephone.

--Editors: John Viljoen, Alex Devine

-0- Oct/14/2011 16:24 GMT

-0- Oct/14/2011 17:13 GMT

To contact the reporter on this story: Ilya Khrennikov in Moscow at

To contact the editor responsible for this story: John Viljoen at -0- Oct/14/2011 16:03 GMT

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