REG - Ferrexpo plc - Update on restrictions on shares in subsidiary

FerrexpoAnnouncement

05/08/2024 17:00

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RNS Number : 2472Z  Ferrexpo PLC  05 August 2024

 

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 (mailto:n.bias@ferrexpo.ch)

 

Tavistock (Financial Public Relations):

Jos Simson

+44 (0)20 7920 3150

ferrexpo@tavistock.co.uk (mailto:ferrexpo@tavistock.co.uk)

 

Gareth Tredway

+44 (0)7785 974 264

ferrexpo@tavistock.co.uk (mailto: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,

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