In a Friday announcement St Petersburg based Polymetal said that a wholly owned subsidiary, listed in Jersey is offering to swap Russian listed ordinary shares and London listed GDR's of the parent company, for London listed shares, ahead of seeking premium listing in the United Kingdom and admission to the London Stock Exchange.Polymetal added that it was proceeding with an offering to institutional investors expected to raise approximately $500 million, with the offer open until October 21, and 52% of shareholders having agreed to the swap.CEO, Vitaly Nesis,added that the company is committed to a free float of more than 50%"In order to be eligible for FTSE 100 index inclusion we need a 50 per cent free float and also because this is an important benchmark for investors who feel that only above 50 per cent has the company achieved truly independent status."