Polymetal slides as shareholders sell stakes

Shares in Polymetal International tanked on Friday after two investors said they would sell shares in the miner.

Shareholders PPF Group – through Fodina – and Staroak have announced their intention to sell an aggregate of up to 26m existing ordinary shares in the company by way of an accelerated bookbuild.

ICT Holding, controlled by Alexander Nesis and his partners, long-term shareholder in Polymetal, has already submitted an indication of interest to participate in the placing.

The current ownership interests of Fodina and Staroak in the company's issued ordinary share capital are 16% and 4.5%, respectively.

Goldman Sachs and Morgan Stanley are acting as joint bookrunners on the placing.

At 0910 BST, Polymetal shares were down 8.4% to 970p.