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Down 60% in the last 12 months, not because of the war but primarily due to company’s specific issues
Was lucky to exit at 90-ish last summer. Considered to buy again on a couple of occasions later but fortunately never did
jw*******y....close to 1000 posts in under 2 months....paid pennies per post no doubt to deramp....scum of the earth
Looking nailed on
You are still here. It is over.
Extraditing Zhevago back to Ukriane would probably be the best thing for the rest of us (not him obviously). He would be held until his share of the business is seized by the government or some deal is done. A simple transfer of ownership.
The longer he’s a fugitive to the law the more likely the government or plaintiffs seek others ways to get his assets. Seizing the assets directly or sending the bailiffs in. Therefore diluting everyone else’s investment. Is guess that’s what the ridiculous fine for waste products is. The government saying we’ll get what we want one way or another. Dragging us down with it. Just my ten pence worth.
Nice find Alex.
" can someone please tell me why court proceedings are not happening in the UK?"
Cos the alleged offence was committed in Ukraine and Ferrexpo Poltava Mining company is a subsidiary of FXPO in Ukraine which does all the ore mining.
On the basis that the case against him is very clearly having a financially detrimental effect on UK shareholders, and because of his substantial ownership of a UK listed company, can someone please tell me why court proceedings are not happening in the UK?
Looks like the Sp has settled for now, not much trading going on, we can assume the bottom has been reached , imo
The problem with the board having its hands full argument is it is not plausible - putting the results out and having a few zoom meetings - it will be done in a day maybe two maximum. The legal problems are ongoing and not going to be cleared in a few days anyway.
So what has been achieved here? i) panicking investors and making decisions that will panic s/h ii) draining confidence in the BoD iii) it is not entirely clear if a) FPM are unable to pay due to insufficient cash, provisioning for liabilities or b) unable to pay due to legal sanction.
What is also confusing are ongoing statements about FPM continuing to operate and being unaffected - it appears to be very affected.
Copied from another board. This makes more sense to me especially in regards to the ridiculously high fine for waste stripping:
From @baroninvestments...Sadly it does seem that whilst Zhevago is a majority shareholder these claims are not going to go away. The damage to Western minority shareholder continues as does the distractions. Frozen accounts at a subsidiary isn't a first and this relates to alleged waste stripping at FPM. Peel Hunt yesterday: "We continue to view these proceedings as efforts by the Ukrainian government to pressure the main FXPO shareholder into settling amounts with the Ukrainian Government over the failure of a bank he owned, rather than issues with FXPO directly."If the court approves application for creditor protection ($58,000), then likelihood is bailiffs come to site, appraise and seek the funds. It's a total mess with risks and yesterday was exacerbated by the biggest fall in Iron Ore this year.
I would guess.....that the results are pretty much done ...and the delay is possibly more because the BOD are now all hands to the deck dealing with FPM and don't want the Results and preparing for Analyst meetings etc to get in the way, right now ..especially when they will be questioned on FPM and the consequences .. last year they were on March15th ...
They are having to face various issues with FPM, the courts and the Supreme Court ..so it is quite a handful ...and very much dependent on local legal advice on the different claims etc
They have though stated that they feel they can defend themselves in court against any allegations which they say are without merit .... so..whatever happens...the lawyers have obviously realised they can make a few bob out of it all ...and in Ukraine right now I suspect they are quite happy with that ...even... if , at the end the Courts and Supreme Court were to throw it out
All remains to be seen where the courts will go with it all ...but it looks like quite a circus and FXPO are being made to jump through a large number of hoops in order to get to a position where they will be able to defend any claim in Court or through the Courts
I don't think people underestimate the seriousness. However, the value is now really quite low and so it is increasingly more like an option play. Huge risk of losing everything but, if he company gets through this, huge upside. So big risk for potentially big reward. Feels logical to me but you wouldn't want too much in it.
Fogthemogg, because in either case (bankruptcy or seizure), FXPO will be a completely different company. So a going concern basis in the financial statements is no longer applicable
But the bankruptcy would normally take at least 1-2 years and can be reversed. Perhaps, that's the plan
Sandyman, really? If FXPO comes under Russian control consider it a lost cause. Why you would be against sending arms to the Ukrainians? Literally protecting an investment. Unless you are trolling, an edgelord, or a idiot, this really shouldn't need spelling out.
Krok, that's a pretty logical guess. However, what isn't logical, is why these court shenanigans prevent FXPO from releasing prelim results...It shouldn't really.
Roxi, that debt has nothing to do with its amount, it is irrelevant
My best guess is that FXPO is trying to initiate a managed bankruptcy of FPM to avoid the asset being seized by authorities. Otherwise why would a related party initiate "creditor protection proceedings against FPM"?
Any legal entity of FXPO group could easily settle that debt on FPM's behalf. Still FXPO prefered to claim it is unclear whether "funds will be received in a timely manner"
So, again, it seems that FXPO is trying to save FPM from it being seized. Using a bankruptcy as a last resort
Sounds extremely bizzarre, I know. Anyway, I presume you can forget about accounts being published any time soon
Of a crash, seems there are a few who would have preferred Pi,s to sell out cheaply, some where even saying 10p????
Disgusting behavior!!!
it has risks , we know, but if results are held up, prob due to putting something in place to pay of that small amount of debt, thats created the recent problem, imo the Accounts will be out next week,
added a few more today, only holding a couple of K, so not too much of a risk as PF goes
Why would they even in their wildest dreams commit a soldier, I disagree with even arms being provided to Ukraine!
Those institutions haven't bought FXPO for their own prop trading desks though have they? They're custodians.
On what information is this viewpoint based? Have you got more information than the likes of Schroeder’s, Artemis,HSBC and Vantage , who together own around 20% of Ferrexpo. None of these have reduced their holdings over the past few days. None of us really understand what is happening here so to appear to do so is disingenuous and manipulative .
MC, just give it time. The Americans can afford to be apprehensive – Poland cannot. Hence why they spend 4% of GDP on military and now are gearing up. It's not farfetched or controversial, but absolutely necessary. You can't rely on the Americans for anything. During a recent debate on the 25th anniversary of Poland’s accession to NATO, Foreign Minister Radosław Sikorski stated that a full NATO presence in Ukraine is "not unthinkable."
have not been very understanding of the situation – too slow and apprehensive.