Ferrexpo PLC Court Appeal (4361Q)
19 Juni 2020 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 4361Q
Ferrexpo PLC
19 June 2020
19 June 2020
FERREXPO PLC
("Ferrexpo" or the "Group")
Ferrexpo AG Court Appeal
Ferrexpo has been informed that a district court in Kyiv has
placed a new restriction covering 50.3% of the shares in Ferrexpo
Poltava Mining (FPM) held by Ferrexpo AG Switzerland, the sole
shareholder in FPM. Ferrexpo AG will appeal this court order
shortly.
The new court order is similar to the court order that the Group
announced on 31 January 2020 and that was subsequently cancelled by
the Kyiv Court of Appeal on 2 June 2020. As such, the Board of
Ferrexpo believes that a second appeal should be successful given
that the order has no proper or reasonable basis under Ukrainian
law.
The Group believes this restriction is in connection with
ongoing matters in Ukraine involving Kostyantin Zhevago and one of
the businesses he owned until 2015. Ferrexpo's operations remain
unaffected as the share freeze does not affect ownership of the
shares but prohibits their transfer. Furthermore, Ferrexpo AG has
no intention, and never has had any intention, to transfer its
shareholding in FPM.
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
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END
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