Bloomberg News

Polyus Gold Delays U.K. Trading Admission on Putin Review

October 25, 2011

(Updates with commission’s delay in third paragraph)

Oct. 25 (Bloomberg) -- Polyus Gold International Ltd., the largest miner of the metal in Russia, postponed the expected date of admission to trading in London, awaiting approval from a foreign investment commission headed by Prime Minister Vladimir Putin. 

A Jersey court hearing to sanction the establishment of a new U.K. holding company won’t take place on Nov. 3 as planned and will be rescheduled, Polyus said today in a statement.

The Russian commission, which monitors foreign investment, yesterday delayed making a decision on whether to approve Polyus’s decision to move its domicile to London. The commission needs additional information to reach a decision, Dmitry Peskov, Putin’s spokesman, said by phone yesterday, without elaborating.

Anton Arens, Polyus Gold’s spokesman, declined to comment on what additional information the government is seeking.

The approval is a condition for Jersey-registered Polyus Gold International to be taken over by Polyus Gold Plc, registered in England and Wales, in order to get London primary listing and to qualify for the benchmark FTSE100 index. The takeover deal was announced Oct. 6.

Polyus Gold expects the application will be heard at the next meeting of the commission, the Russian company said today.

Polyus Gold International, formerly KazakhGold, completed a reverse takeover with then parent OAO Polyus Gold in July as a first step toward getting London primary listing.

--Editors: Alex Devine, Torrey Clark

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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