18 Sep 2015 07:02
18 September 2015
Ferrexpo plc("Ferrexpo", the "Group" or the "Company")
Update on Bank F&C
Ferrexpo hereby provides an update on its transactional bank in Ukraine, Bank Finance and Credit JSC ('Bank F&C'), a related party ultimately controlled by Ferrexpo's largest shareholder Kostyantin Zhevago. Following the close of business on the 17th of September 2015, the National Bank of Ukraine made an announcement on its website stating that it had adopted a decision to declare Bank F&C insolvent.
(Source: http://www.bank.gov.ua/control/uk/publish/article?art_id=21722548&cat_id=55838)
The Board of Ferrexpo is assessing the situation and will update the market as necessary. As of the 16th of September 2015, the Group's total cash balance was approximately US$280 million after the payment of the interim dividend. Of this cash balance, approximately US$174 million was held at Bank F&C with the remainder held offshore. The Group's operations are not currently affected.
For further information contact:
Ferrexpo: | |
Ingrid McMahon | +44 207 389 8304
|
Maitland: | |
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 over 35 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. The Group is the 4th largest supplier of pellets to the global steel industry and the largest exporter of pellets from the CIS. In 2014, it produced a record 11 million tonnes of pellets, a 2% increase compared to 2013. Ferrexpo has a diversified customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea. Ferrexpo is listed on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com
Ferrexpo (FXPO)