Last checked at 5 Sep 2008 16:47
Ferrexpo PLC - Transactions in Own Shares
Ferrexpo plc ("Ferrexpo" or the "company") today announces the commencement of a repurchase of its own shares pursuant to the authority granted to it by its shareholders at this year's Annual General Meeting as part of its ongoing capital management program, in light of the cash generated by the company in excess of its current needs. The company today purchased for cancellation from JPMorgan Cazenove Limited 1,000,000 ordinary shares at an average price of 184.5973 pence per share. Following this purchase Ferrexpo holds 0 ordinary shares in treasury and has 612,967,956 ordinary shares in issue (excluding treasury shares).
The principal beneficial shareholder of Ferrexpo, Kostyantin Zhevago, intends to participate in the share repurchase through Fevamotinico S.à.r.l. in order to maintain his current ownership level, once any relevant and appropriate regulatory and/or shareholder approvals are obtained.
The Board is committed to maintaining an appropriate level of gearing which reflects a prudent capital structure which has the flexibility to enable the accelerated development of the company's extensive undeveloped iron ore resources.