Last checked at 26 Mar 2024 07:00
26 March 2024 |
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Ferrexpo plc
("Ferrexpo" or the "Group")
Restrictions on certain corporate rights in Ukrainian subsidiaries
Ferrexpo plc (LSE: FXPO), a premium iron ore pellet producer and supplier to the global steel industry, announces that it has been notified of a court order in the Ukrainian Register of Court Decisions, that imposes restrictions on certain corporate rights in all of the Group's Ukrainian subsidiaries. These restrictions are imposed on 49.5% of the shares in the Group's Ukrainian subsidiaries except for TIS-Ruda LLC and Nova Logistics LLC, where the collective restriction is 24.7% and 25.2% respectively (the "Restrictions").
The Restrictions do not affect ownership of the shares but prohibit their transfer and restrict certain rights attached to the shares, including the right to vote.
The Group confirms that it has no intention, and never has had any intention of transferring shares in its subsidiaries.
It is understood that the Restrictions are part of an ongoing series of legal proceedings against Mr Kostyantin Zhevago relating to Bank Finance & Credit and are not related to the Ferrexpo Group.
The Group is currently analysing the potential legal and other remedies available and intends to vigorously defend its rights.
Ferrexpo's operations remain unaffected. A further announcement will be made as appropriate.
Previously announced share freezes
The Restrictions are separate to those under the share freezes previously announced on 7 March 2023 and on 21 September 2023. Further updates 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.
For further information please contact:
Ferrexpo: | ||
Nick Bias | n.bias@ferrexpo.ch | +44 (0)20 7389 8305 +44 (0)7733 177 831 |
Tavistock: | ||
Jos Simson | ferrexpo@tavistock.co.uk | +44 (0)20 7920 3150 |
Gareth Tredway | +44 (0)7785 974 264 |
About Ferrexpo:
Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a premium listing on the London Stock Exchange in the FTSE 250 index (ticker FXPO). The Group produces high-grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group's iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 50 years. Before Russia's invasion of Ukraine in February 2022, the Group was the world's third largest exporter of pellets to the global steel industry. The Group has a customer base comprising of premium steel mills around the world. For further information, please visit www.ferrexpo.com.