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In March 2019 the company delayed publication of its results pending an investigation into charitable donations in Ukraine.[5] In April 2019 its auditors Deloitte resigned, with Ferrexpo's former chief financial officer selling £400,000 of shares the day before the announcement.[6] In August 2019 Ferrexpo announced that the charitable donations may have been misappropriated; it had donated $24 million to the charity in 2017 and $9.5 million in 2018.[7] In October 2019, the CEO, Kostyantyn Zhevago, left the board, following allegations of the embezzlement of $113 million from the Finance & Credit Bank.[8][9][10]
Wikipedia
I bought in today on the back of black rock increasing their stake. I also unfortunately bailed on Poly yesterday morning at 220! Ffs
Were they not in trouble in 2019 for charitable donations that turned out to be embezzlement?
I.bought and then sold 600 shares on HL on the 13th. If anything it was the sell that wouldn’t quote but it went through quickly on a limit order, I think that the system was just overwhelmed
The FT reported the story Friday but they don't 'back up ' the Motley fool at all!
FT 2022.04.08:
https://www.ft.com/content/ec9a6b17-f49d-4af1-b5f1-7cfd059bfb17
"The company’s London listing would be threatened if it cannot find a replacement to sign off its accounts, which is a requirement of the Financial Conduct Authority’s disclosure and transparency rules.
It could face a difficult search to find another firm with the size and expertise to replace Deloitte, as the firm’s Big Four rivals, EY, KPMG and PwC, have announced they will also split from their Russian member firms."
Finding another Firm as big a s Deloitte may be a problem but it is hardly insurmountable. It is hardly a story really.
You still can't really buy it for much less than 300; nothing has changed. A May Victory parade really is a possibility, dictators do enjoy a good spectacle. The Auditor issue is all smoke and mirrors, as time goes by I get more and more confident about this stock. I genuinely do hope that it pulls back further and then I will top up. Now isn't a time to buy or sell. Sit on you hands, in fact stop looking at it. X
He doesn’t look terminally ill, he just has a fat face. If that does happen though the price of Poly stock won’t matter any more.
With no remarkable developments over the weekend; I predict low momentum blue in the morning with a huge spread, both the uptick and the spread will Peter out mid morning with the stock ending the day exactly where it began, just under 300. I sold some of my holding Friday and I don’t expect I’ll be retrieving it this week, I wonder if the upcoming AGM will cause turbulence?
In the end at about 4pm for 298 I off loaded a third of my holding and I am happy with my decision; I don’t think that there will be material progress over the weekend, I don’t think that we will see dramatic upturn on Monday (I hope I am wrong) and I am more comfortable with my stake somewhat lessened. I think it is inevitable that this obviously manipulated stock will yo-yo stock violently for some time and I may top back up. The spread has occasionally exceeded 10%, with the sizable volumes changing hands everyday the mm’s are making a fortune. I do believe that the stock will come very good in the end, there are too many powerful people with too much to lose and stealing a gold mine is fundamentally contrary to all that makes them rich.
I practically bailed out 2 Fridays ago at 170, only to buy back in at 220 and then again heavily at 308; I don't want to do that again. But it is quite scary.
mine too.. perhaps you have a point.
Yes, the market makers guarantee to buy and sell, up to the EMS, they make the market liquid
The dividend was recommended by the board but has yet to be approved by the shareholders at the AGM 25th April. I think that is highly unlikely that the dividend will or indeed should be paid. No dividend is already factored into the price.
Eliminate our imports of Russian oil, gas and COAL.
The spread on HL is outrageous it’s over 10% at time of writing
Who knows, but now you have committed you need to let it play out.
Monday 25th 9am
It’s back ~ stand down and apologies
It has also disappeared off H&L unless travelled to from within your portfolio at least that appears to be the case
1.2p or 0.08%