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Looking more and more like a binary play here, although those with a longer term outlook could see many multiples provided fxpo doesn’t get the evraz treatment imo
Iron ore prices up 5%
Cheap now IMO.
Jakub12 The source of information is the RNS.
So read the RNS released today.
Horses1 Please: Where did you find out FXPO results are out tomorrow?
Did Blacrock bought od sold shares? Where do You find information about release of raport?
Delayed results out tomorrow interesting to see how that affects share price.
The ports looking busier than ever. Whether that's FXPOs product or not I don't know.
https://www.marinetraffic.com/en/ais/home/centerx:30.985/centery:46.641/zoom:13
Solid Buy for the Long Term,, and hopefully court case would be settled in favour or out of Court settlement,, and exports would resume via port,, looking for a Strong Rally very soon and triple digits,,
Https://gmk.center/en/news/ukraine-exported-1-36-million-tons-of-iron-ore-to-the-eu-in-january/
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.