Ferrexpo PLC Restrictions on Corporate Rights in 2 Subsidiaries (1354N)
21 Settembre 2023 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 1354N
Ferrexpo PLC
21 September 2023
21 September 2023
Ferrexpo plc
("Ferrexpo" or the "Group")
Restrictions on certain corporate rights in two Ukrainian
subsidiaries
Ferrexpo plc (LSE: FXPO), a premium iron ore pellet supplier to
the global steel industry, announces that two Ukrainian
subsidiaries of the Company, Ferrexpo Yeristovo Mining and Ferrexpo
Belanovo Mining ("FYM" and "FBM" respectively), have received
documents from the Department of State Enforcement Service of the
Ministry of Justice of Ukraine (the "State Enforcement Service")
which place restrictions (known as an "arrest" in Ukrainian) on
certain corporate rights relating to 50.3% of the shares held by
Ferrexpo's Swiss subsidiary (Ferrexpo AG) in each of FYM and FBM
(the "Restrictions"). The Restrictions prohibit the transfer of
50.3% of the shares held by Ferrexpo AG in FYM and FBM, 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 an initial stage in the
enforcement process to satisfy a judgment debt owed by Mr Zhevago
to the National Bank of Ukraine in the amount of approximately
US$44 million.
Based on Ukrainian legal advice obtained by Ferrexpo, the issue
of the Restrictions in relation to 50.3% of the shares in FYM and
FBM is unlawful, having been made contrary to Ukrainian law on a
number of grounds, notably that the shares in FYM and FBM are
wholly owned by the Ferrexpo Group and not any other person as a
matter of Ukrainian law. 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 50.3% of
the issued shares in each of FYM and FBM.
Ferrexpo's operations remain unaffected. A further announcement
will be made as appropriate.
Previously announced share freeze
The Restrictions are separate to those under the arrest
previously announced by the Group on 7 March 2023, and expanded on
in the Group's interim results for the six months ended 30 June
2023, pursuant to which the Kyiv Commercial Court ordered the
arrest (freeze) of 50.3% of Ferrexpo AG's shareholding in FYM and
FBM and also 50.3% of the shareholding in a third Ukrainian
subsidiary, Ferrexpo Poltava Mining (the "Court Arrest").
Following the Group's unsuccessful appeal to the Northern
Commercial Court of Appeal to remove the restrictions under the
Court Arrest, the Group has made an appeal to the Supreme Court of
Ukraine which remains on-going.
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:
+44 (0)20 7389
8305
+44 (0)7733 177
Nick Bias n.bias@ferrexpo.ch 831
Tavistock:
+44 (0)20 7920
Jos Simson ferrexpo@tavistock.co.uk 3150
+44 (0)7785 974
Gareth Tredway 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. Before Russia's invasion of
Ukraine in February 2022, the Group was the world's third largest
exporter of pellets to the global steel industry. The Group has a
customer base comprising of premium steel mills around the world.
For
further information, please visit www.ferrexpo.com .
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