Ferrexpo Share Discussion Threads

[foxy22] 23/4/2019 10:10

Giving 150million dividend...in good position to do soPaying down debt and Konstantin says vale impact...pushes demand up...maintains position as leading i/o pellet producerSays Ukraine political dvlpments goodBut Russia more unpredictable...

[foxy22] 23/4/2019 10:06

Con call says investigation ongoing butHistorical not giving any further donations to blooming land

[tygarreg] 23/4/2019 09:39

But I suppose if it didn't go to dividends, it would go to profits and liable to corporation tax! Either way probably ends up the same.

[tygarreg] 23/4/2019 09:22

Trouble with Ferrexpo dividends is that we lose most of it to Swiss taxation! Would perhaps be better for many of us if it added to share price! It's money going out of market cap

[v11slr] 23/4/2019 09:04

Possibly fingers in the till but not material to FXPO.

[foxy22] 23/4/2019 09:02

Thanks...some dodgy business it seems?!

[v11slr] 23/4/2019 08:36

It's in the RNS linked at the top of this thread.

" Independent Review of Charitable Donations to Blooming Land

As part of the Group's Corporate Social Responsibility ('CSR') programme in Ukraine, since 2013 the Group has donated to a charity called Blooming Land which operates through three sub-funds (the "Charity"). The Charity's activities include diabetes prevention, eyesight care and support for the elderly. In the year ended 31 December 2018, the Group made contributions to the Charity of US$9.5 million (2017: US$24.0 million).

The Board suspended donations to the Charity in May 2018 following continued delays in receiving additional information, which the Charity regarded as beyond the normal requirements expected of a Ukrainian charity, and while it awaited the outcome of a review into the Charity's 2017 audited financial statements.

Following the publication of the Group's Interim Results in August 2018, a number of irregularities were reported to the Board including inconsistencies in copy bank statements provided by the Charity to Deloitte, the Group's auditor.

Explanations were received from the Charity which were considered incomplete and unsatisfactory and could not be independently verified. As a result in February 2019, the Board established the Independent Review Committee ("IRC") to look into this and other matters which included seeking to determine that Ferrexpo's donations were used for their stated purpose.

As at the date of this report, the work of the IRC and its advisers in the UK and Ukraine remains ongoing. The IRC has made some progress in receiving explanations regarding the inconsistencies contained on the copy bank statements and has received some third party evidence and explanations that could explain bank statement inconsistencies as well as some of the possible discrepancies in the application of funds by the Charity. The IRC is undertaking further work to corroborate and verify the evidence and explanations. Its interim conclusion is that the Charity is not a related party of the Group, its Chief Executive Officer (the majority shareholder of Ferrexpo) or its executive management, as defined under applicable accounting standards or Chapter 11 of the Listing Rules. At this stage, the IRC cannot yet conclude as to the ultimate use of the funds by the Charity, however, there are indications some could have been misappropriated. Further work is required before any final conclusion can be drawn. For further information see the IRC report page 46.

The Board notes that the auditors have been unable to conclude as to whether the Chief Executive Officer ("CEO") does or does not have significant influence or control over Blooming Land. The Board has formed a unanimous view, based on a lack of clear evidence to the contrary and unambiguous representations given to the Board by the CEO over many years, that the CEO does not have significant influence or control over Blooming Land.

The Board together with the IRC are committed to understanding the full extent of any issues arising from the review and will continue to update shareholders as appropriate.

Given the extensive disclosures on the Blooming Land Charity in this announcement, for ease of reading and to avoid repetition, the following cross references are listed: Chairman's Statement (page 6), Principal Risks (page 25), Note 7 (page 106), Note 29 (page 149), Note 33 (page 156) and Note 34 (page 156) to the financial statements. "

[foxy22] 23/4/2019 08:28

40% div increase and special div

[foxy22] 23/4/2019 08:27

Think I'll listen to phone in

[foxy22] 23/4/2019 08:26

What's it say not in summarised report

[v11slr] 23/4/2019 08:13

Yes, it's addressed in the Chairman's statement.

[foxy22] 23/4/2019 08:09

Any dvlpmmts with blooming land

[foxy22] 23/4/2019 08:09

Higher costs saw earnings down....Hope that Zelensky the clowns electionWho will challenge oligarchs corruption etc Does not effect fxpo in Ukraine

[its the oxman] 23/4/2019 08:02

Slightly better earnings and good div increase unless I'm mistaken though outlook is everything, seems ok.

[napoleon 14th] 17/4/2019 10:45

Happy I staid out this time. Nearly did a CFD buy yesterday!

[foxy22] 17/4/2019 08:07

Vale reopening mines i/o price down rio minus4% down fmg8% off

[its the oxman] 16/4/2019 19:05

Now 300p is broken, we could push higher quite quickly.

[foxy22] 16/4/2019 09:02

Hsbc taises target to 3.40

[foxy22] 15/4/2019 10:52

Middle east

[foxy22] 15/4/2019 10:52

"Steelmakers in Europe and middle eat will be in a worse position than chinaIn the event of a serious prolonged shortage from Brazil"Wu WhenzangAt steele conf in chinaOne of the utmost authorities on steelAnd iron ore in China

[grechen] 15/4/2019 08:11

Iron ore edging higher..... 94.48.only one direction share price going this week.

[foxy22] 12/4/2019 11:04

Another attempt to cross 300p threshold today?!

[foxy22] 12/4/2019 11:02

Well u are optimisticBrokers yes well they have their own motivesLook at gs downgrade on glen...I think they want to keep a secret do they can get share cheap...Fmg an oz iron ore share has done 84% this yearFxpo underperforming

[bellbottom] 12/4/2019 10:58

Hi Foxy22,

I've never found the broker's predictions to be very useful. When fxpo climbed from 16p up to over 300p, most predictions were for around 80p or 160p or thereabouts - but if we were to assume the same underestimation of brokers today, then we should see £4 or £5 maybe?!
I'm hoping for over £6 within next few years in any case.

BB

[foxy22] 12/4/2019 09:06

BellbottomBarclays raises fxpo to 3.50