The Agreement was signed and announced on 31 May 2017 and will not be completed due to non-satisfaction of a condition precedent pursuant to the terms of the Agreement. After the condition precedent was not satisfied, the parties discussed further options but did not reach a consensus, following which PGIL proposed to terminate the Agreement.
The parties agreed to terminate the Agreement, including the option for the Consortium to acquire an additional 5 per cent. of the Company’s share capital pursuant to the Agreement.
Following the termination of the Agreement, the shareholding structure remains intact.
The Company notes the statement from PGIL that it will continue its efforts to develop Polyus as a public company and does not expect to seek revisions of the Polyus strategy as a result of the termination of the Agreement.
