Solidcore Completes Buyback of Euroclear-Blocked Shares
Solidcore Resources has completed a major share buyback, regaining control of 123.4 million previously blocked shares. The company, formerly known as Polymetal, paid $2.57 per share for a portion of the stock while leaving the rest as treasury shares. This move follows a series of strategic changes, including a rebrand and the sale of its Russian operations.
The buyback process began after Solidcore’s restructuring in 2024. The company, which rebranded from Polymetal, had sold its Russian assets to Mangazeya Group earlier that year. The decision came as part of a broader shift away from Russia, prompted by U.S. sanctions. In 2023, the firm had already moved its registration from Jersey to Kazakhstan to comply with international restrictions.
In the summer of 2024, Solidcore delisted from the Moscow Exchange due to sanctions and began trading on the Astana International Exchange instead. The blocked shares, held in Euroclear, were then repurchased. Solidcore transferred 228.38 million dirhams (around $78.5 million) to a trust account for the transaction.
The company acquired 30.54 million non-treasury shares at $2.57 each but did not pay for the 92.86 million treasury shares it already held. After the buyback, Solidcore now holds 123.41 million treasury shares, with a total of 443.15 million voting shares remaining. The repurchased shares have since been locked by the company’s registrar and classified as treasury stock.
As of December 22, 2024, Solidcore’s share price stood at $6.11. No public details have been released about the specific depositary broker involved in the buyback.
The completion of this buyback strengthens Solidcore’s control over its share structure. With 123.41 million shares now held as treasury stock, the company’s total voting shares amount to 443.15 million. The move reflects ongoing adjustments following its exit from Russia and rebranding efforts.
