5 August 2024
Ferrexpo
plc
("Ferrexpo"
or the "Group")
Update on restrictions on shares in
Ukrainian subsidiary
Ferrexpo plc (LSE: FXPO), provides
an update that the institution which acts as a depositary of shares
for Ferrexpo Poltava Mining ("FPM") has received a resolution from
the Department of State Enforcement Service of the Ministry of
Justice of Ukraine (the "State Enforcement Service") which places
restrictions (known as an "arrest" in Ukrainian) on certain
corporate rights relating to 49.3% of shares in FPM held by
Ferrexpo's Swiss subsidiary (Ferrexpo AG) (the "Restrictions"). The
Restrictions prohibit the transfer of 49.3% of the shares held by
Ferrexpo AG in FPM, but do not otherwise affect Ferrexpo AG's
ownership of the shares including its entitlement to exercise
voting rights or receive dividends on the shares.
The Group can confirm that it has no
intention, and never has had any intention, of transferring the
shares referenced above.
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 not related to the Ferrexpo Group. The Restrictions have been
made as part of the enforcement process to satisfy a judgment debt
owed by Mr Zhevago to the National Bank of Ukraine.
The Group is currently analysing the
potential legal and other remedies available to it and intends to
defend its rights. If the enforcement process pursuant to
which the Restrictions have been issued is not interrupted, this
could ultimately lead to a potential sale of shares representing
49.3% of the shares in FPM.
Previously announced share freezes
The Restrictions are separate to
those under the arrests previously imposed on shares of the Group's
Ukrainian subsidiaries (including FPM), as most recently detailed
in the Group's interim results released on 31 July 2024.
The operations of Ferrexpo are
unaffected. Further announcements 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
Group Head of Investor Relations and
Corporate Communications
+ 44 (0)7733 177 831
n.bias@ferrexpo.ch
Tavistock (Financial Public
Relations):
Jos Simson
+44 (0)20 7920 3150
ferrexpo@tavistock.co.uk
Gareth Tredway
+44 (0)7785 974 264
ferrexpo@tavistock.co.uk
Ferrexpo plc About Ferrexpo:
Ferrexpo is a Swiss headquartered iron ore company with assets in
Ukraine and a listing in the equity shares commercial companies
category on the London Stock Exchange (ticker FXPO) and a
constituent of the FTSE All-Share index. 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 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 full-scale invasion of Ukraine in February 2022, the Group
was the world's third largest exporter of pellets. The Group has a
global customer base comprising of premium steel mills around the
world. For further information,
