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Ferrexpo PLC - Baar, Switzerland-based mining company operating primarily in central Ukraine - On Tuesday says that it will need more time to finalise and publish its full-year results.
Ferrexpo said that the delay was due to a postponement to a scheduled hearing in the Poltava Oblast Commercial Court regarding a case between its subsidiary Ferrexpo Poltava Mining and LLC PCC. LLC, or Kysen, is a supplier to Ferrexpo Poltava, and is pursuing creditor protection proceedings against the subsidiary. Kysen claims the amount owed by Ferrexpo Poltava is UAH2.2 million, around GBP44,350. Ferrexpo says it is "continuing to explore options to settle the Kysen debt or agree an extension of payment terms". The company has not confirmed the date of the rescheduled court hearing.
Current stock price: 51.66 pence per share, down 6.1% in London on Wednesday
12-month change: down 60%
By Hugh Cameron, Alliance News reporter
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