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On August 5, 2024, Ferrexpo plc announced that the Department of State Enforcement Service of the Ministry of Justice of Ukraine placed restrictions on certain corporate rights relating to 49.3% of shares in its Ukrainian subsidiary, Ferrexpo Poltava Mining. These shares are held by Ferrexpo's Swiss subsidiary, Ferrexpo AG. The Restrictions prohibit the transfer of these shares but do not affect Ferrexpo AG's ownership, voting rights, or dividend entitlement, and Ferrexpo stated its operations are unaffected.
| Date | 5 Aug 2024 |
| Time | 16:50:41 |
| Category | Corporate updates |
| ID | 2472Z |
5 August 2024
Ferrexpo plc
("Ferrexpo" or the "Group")
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.
Ferrexpo:
Nick Bias
Group Head of Investor Relations and Corporate Communications
+ 44 (0)7733 177 831
Tavistock (Financial Public Relations):
Jos Simson
+44 (0)20 7920 3150
Gareth Tredway
+44 (0)7785 974 264
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,