Solidcore Resources plans to restore the value of sanctioned shares
The company intends to conduct a final exchange and buyback of shares
Solidcore Resources plc («Solidcore» or «the company») announces actions proposed by the company to resolve the issue of blocked shares. If all decisions are approved at the shareholders’ meeting on July 29, 2025, the Company will conduct a Final Exchange Offer and initiate a procedure for the mandatory buyback of the remaining blocked shares held in Euroclear,» the company said.
As emphasized by the Chief Executive Officer of the company, Vitaliy Nesis, the key task in dealing with blocked shares is to restore shareholder value and ensure full transparency of the shareholder structure. According to him, currently 8.5% of the company’s shares remain blocked due to international sanctions against certain Russian depositaries, as well as the inability to account for them in the Euroclear system.
«The liquidity of such shares is virtually non-existent, and their holders are deprived of the ability to vote and receive dividends. Furthermore, the lack of transparency regarding these shares poses significant risks in terms of compliance with regulatory requirements and compliance principles. The actual existence of blocked shares represents a serious structural obstacle to the effective implementation of Solidcore’s corporate actions and development strategy. To fully resolve these issues, we intend to conduct a final exchange followed by a mandatory buyback of the remaining blocked shares. Upon successful completion, this initiative will restore the shareholder rights of all Solidcore shareholders, as well as ensure transparency in ownership structure and compliance with regulatory and compliance requirements,» noted Vitaliy Nesis.
If all resolutions put forward at the general meeting are approved, the corporate procedure will include stages: a final exchange offer and a mandatory buyback. Details can be found here.
It is worth noting that previously Solidcore Resources plc. was named Polymetal International plc. The company was renamed by the board of directors’ decision and supported by shareholders at the annual general meeting on June 11, 2024, following the sale of the Russian JSC Polymetal, which retained its former name. The new stock ticker for the company on AIX is CORE.
On June 12, 2024, the Moscow Exchange was sanctioned by the United States. Restrictions were also imposed against the National Clearing Center of the Russian Federation. This led to the blocking of Solidcore Resources plc shares.
In September, Solidcore Resources plc received a notification of securities delisting from the Moscow Exchange.
FinanceSolidcore leaves the Moscow Exchange
Trading in the company’s shares will be discontinued from October 15
sharesSolidcore Resources restoration