Last checked at 31 Jan 2020 07:00
31 January 2020
FERREXPO PLC
("Ferrexpo" or the "Group")
Ferrexpo AG Court Appeal
Ferrexpo advises that a Ukrainian court has placed a restriction covering 50.3% of the shares in Ferrexpo Poltava Mining (FPM) held by Ferrexpo AG Switzerland, the sole shareholder in FPM. Ferrexpo AG has appealed this court order.
The restriction does not affect ownership of the shares but prohibits their transfer. The Group believes this restriction is temporary and is in connection with ongoing matters in Ukraine involving Kostyantin Zhevago and one of the businesses he owned until 2015 (Bank Finance and Credit). Ferrexpo's operations remain unaffected and continue as normal. Furthermore, Ferrexpo AG has no intention, and never has had any intention, to transfer its shareholding in FPM.
The Board of Ferrexpo believes that an appeal should be successful given the advice received that the order has no proper or reasonable basis under Ukrainian law.
Once the outcome of this appeal is known Ferrexpo will inform the market as appropriate.
For further information contact:
Ferrexpo:
Ingrid McMahon | +44 207 389 8304 |
Maitland/AMO:
James Isola | +44 207 379 5151 |
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. In 2019, the Group produced 10.5 million tonnes of pellets ranking it as the 3rd largest exporter of pellets to the global steel industry with a market share of approximately 9%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. Ferrexpo has a premium listing on the main market of the London Stock Exchange. Since its IPO in 2007, the Group has paid approximately US$658 million in dividends to shareholders, invested over US$2.4 billion of capital into its operations and paid US$761 million in taxes and royalties to the Ukrainian government. For further information, please visit www.ferrexpo.com