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servants want to destroy private property.
i explain. today's agenda included draft law no. 11195 on "mechanisms for the protection of the property rights of third parties." but in fact, this draft law is about the destruction of the institution of property rights and ordinary raiding!!!
that is, if the enterprise has among its owners a person against whom the nsdc has applied economic sanctions, then the state has the right to take all 100% of the enterprise's shares. not the shares of the authorized person, but all of them!!!!
and what happened. the servants saw that there were no votes for this disgrace, fell into the cold and decided not to put it to the vote today.
but when i raised a scandal so that this draft law was excluded from the agenda - they went for a break. that is, they will continue to squeeze it. shame.
*************oleksiihoncharenko/41553
Post a link then Ageens. I will translate it.
LLC PCC "Kysen" ("Kysen") update
A rescheduled preparatory hearing on 29 April 2024 at the Commercial Court in Poltava Oblast (the "Court") to consider the application from Kysen, (as previously announced on 11 and 25 March 2024), was postponed. A preparatory hearing is now rescheduled for 4 June 2024.
Bail in connection with royalty related investigation
As previously reported in the Group's 2023 full year financial results, on 31 October 2023 a notice of suspicion was delivered to a senior manager of FPM (Viktor Lotous, the General Director and Chair of the FPM Management Board), regarding accusations for the potential underpayment of iron ore royalties. On 13 November 2023, a court of first instance approved a bail for Mr. Lotous for approximately UAH 800 million (approximately US$20 million). An appeal was filed and on 29 April 2024 the Kyiv Court of Appeal approved a bail of UAH 650 million (approximately US$16.5 million). The court did not provide any rationale for the high bail amount, nor its alignment with the financial standing of the suspect. This bail is separate to the previous bail amounts which were disclosed in the Company's announcement made on 2 November 2023, relating to a different investigation concerning the sale of waste products.
Following a detailed assessment of the position by the Board of Directors of the Company, and taking into account the financial position of the Group, the Group has decided to make a partial payment of the bail in the amount of UAH 50 million (approximately US$1.3million). Under Ukrainian law, there is no legal obligation to pay the remainder of the bail amount. The partial payment of the bail amount is a smaller related party transaction for the purposes of Listing Rule 11.1.10R. This announcement is therefore made in accordance with Listing Rule 11.1.10R(2)(c). As per the requirements of Listing Rule 11.1.10R the Company has obtained written confirmation from an FCA-approved sponsor firm that the terms of the transaction are fair and reasonable as far as the shareholders of the Company are concerned.
The operations of Ferrexpo are unaffected. Further announcements will be made as appropriate. This announcement contains inside information. The person responsible for the release of this announcement is Mark Gregory, Group Company Secretary.
These things do get changed, postponed. In which case we probably wouldn't get an RNS.
Maybe tomorrow
Maybe today.
Of course it’s worrying for the Ukrainians. Hopefully the new US aid package will help them stabilise the front line.
Note 14
Creditor protection application against Ferrexpo Poltava Mining (“FPM”)
In February 2024, a supplier and related party to the Group filed an application to open bankruptcy proceedings (“creditor protection proceedings”) against FPM, which was accepted by the relevant court for further consideration. The amount of debt claimed by the supplier of FPM was initially UAH2.2 million. The operation of FPM is not affected by this application and the supplier continued to provide its services to FPM. The amount of debt claimed by the supplier subsequently increased to UAH4.6 million (c. US$117 thousand as at 15 April 2024). A preparatory court hearing was scheduled by the court for 12 March 2024. This hearing did not take place and a further hearing scheduled for 9 April 2024 was also postponed. A new hearing is scheduled for 30 April 2024. The creditor protection proceedings are a lengthy process, which is not expected to limit the Group to continue to trade and generate resources to meet its other liabilities as they fall due. Furthermore, it is the Group’s intention to settle this debt or seek to extend the payment terms, but noting a previous extension request has been refused by the supplier, to avoid the opening of such creditor protection proceedings.
Isn't there a court hearing on the 30th April? This company has everything going for it, quality product, access to EU markets, reconstruction, massive growth prospects, good management, take over potential and selling at a huge discount compared to 2021 earnings. IMHO the legal issues are holding this back more than the prospects of the Russian scum taking over the country. I think Q2 production/exports are on track to beat Q1.
Https://www.pravda.com.ua/eng/news/2024/04/26/7453190/index.amp
I have no expertise about legal risks either but they are obviously relevant. With production and exports up something other that the war is supressing the stock price.
Sounds about right. I'm sure they are hoping the accounts will be unfrozen at the next court case.
Possibly. They won't be able to pay a dividend until the legal proceedings in relation to creditor protection are concluded. Next court hearing is scheduled for the 30th April (see note 14 of the 2023 final results), where FXPO stated:
The creditor protection proceedings are a lengthy process, which is not expected to limit the Group to continue to trade and generate resources to meet its other liabilities as they fall due. Furthermore, it is the Group’s intention to settle this debt or seek to extend the payment terms, but noting a previous extension request has been refused by the supplier, to avoid the opening of such creditor protection proceedings.
Playing games by the sounds of it. A dividend will be on the cards (as previously announced) when this mess is cleared up.
He doesn't give up:
https://www.bbntimes.com/global-economy/a-trillion-dollars-are-needed-to-rebuild-ukraine-businessman-zhevago-explains-which-countries-can-contribute-to-the-reconstruction
There good numbers. Makes Ben Davies 5mt for 2024 look a bit out.
I’m more optimistic for q2 as well. If things can be maintained. Capesize vessels have only started going in to port over the last month.
Yes Troajan hopefully some morale for the Ukrainians. Now we need the Europeans to grow a pair and use Russias frozen funds to support Ukraine.
A bit worrying the majority of republicans voted nay. Hopefully they’ll bang Trump up before November.