Ferrexpo PLC Appeal Court Ruling in Ukraine (9514Z)
20 September 2022 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 9514Z
Ferrexpo PLC
20 September 2022
20 September 2022
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Appeal Court Ruling in Ukraine
Ferrexpo plc (LSE: FXPO) hereby announces that the Company has
been informed of a ruling in relation to the claim made to
invalidate a share purchase agreement concluded in 2002 in respect
of shares in Ferrexpo Poltava Mining ("FPM") (the "Claim").
Pursuant to the 2002 share purchase agreement a 40.19% stake in FPM
was sold to nominee companies that were at that time owned by the
controlling shareholder of the Group. In May 2021, the court of
first instance ruled in favour of Ferrexpo AG (a wholly owned
subsidiary of Ferrexpo), and dismissed the Claim, with an appeal
filed by the claimants in June 2021.
The Company has now received a judgement from the appeal court
in respect of the Claim, which states that the share purchase
agreement concluded in 2002 is invalid and the 40.19% stake in FPM
shall be transferred to the claimants. Ferrexpo will proceed with
protecting the interests of the Company and its shareholders, and
is exploring all options, including its right to appeal this
decision to the Supreme Court of Ukraine.
Based on the details of the judgement provided by the appeal
court, it is management's view that Ferrexpo AG has compelling
arguments to defend its position. Further details on the background
to the Claim were previously provided in the Group's Interim
Financial Results (Note 18, Commitments, contingencies and legal
disputes).
This announcement contains inside information in relation to the
Company. The person responsible for making this notification is
Mark Gregory, Company Secretary.
For further information, please contact:
Ferrexpo:
Rob Simmons r.simmons@ferrexpo.ch +44 207 389 8305
Tavistock:
Jos Simson
Emily Moss +44 207 920 3150
Gareth Tredway ferrexpo@tavistock.co.uk +44 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, and in 2021 the Group produced
11.2 million tonnes of iron ore pellets, placing Ferrexpo as the
world's third largest exporter of pellets to the global steel
industry with a market share of approximately 9%. The Group has a
global customer base comprising of premium steel mills around the
world, which includes steel mills in Austria, Germany, Japan, South
Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam
and America. For further information, please visit www.ferrexpo.com
.
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END
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