Ferrexpo Share Chat (FXPO)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Ferrexpo Plc	LSE:FXPO	London	Ordinary Share	GB00B1XH2C03	ORD 10P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-1.70p	-0.64%	264.00p	263.70p	264.10p	268.50p	263.70p	265.50p	273,077	12:27:22

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Industrial Metals	999.0	307.4	44.6	5.8	1,620.88

Ferrexpo Share Discussion Threads

Showing 6701 to 6724 of 6925 messages

Chat Pages: 277 276 275 274 273 272 271 270 269 268 267 266 Older

Date	Subject	Author	Discuss
26/4/2019 11:49	amazing that no sign of a meaningful intra day bounce yet . I was looking to enter for a day trade but wonder if market is saying that further bad news is possible . I assumne the company is solvent and not too highly geared ?	arja	Read Full Thread Reply
26/4/2019 11:48	Bellbottom have u sold....	foxy22	Read Full Thread Reply
26/4/2019 11:46	I think konstantyin xhevago is the boss and runs the company as he wants ie does what he wantsHe probably usedblooming land as a tax avoidance channelI think we may have to be carefulDeloittes does not want to be caughtIn thisparticularly with new anti corruption ukrainian president	foxy22	Read Full Thread Reply
26/4/2019 11:45	Surely the company is obliged to inform investors why Deloitte's resigned with immediate effect?	tsmith2	Read Full Thread Reply
26/4/2019 11:42	I assume they have to find another auditor now.	marmar80	Read Full Thread Reply
26/4/2019 11:32	Hi Foxy22, I am willing myself to believe that the guilty parties are within BL or that it's all just shoddy accounting and human error. But Deloitte wouldn't drop a major client over errors or even if they knew that BL were guilty or a director or directors at BL were guilty. After all, their client was Ferrexpo and they would want to help them clear up the mess on behalf of their fee paying client. They can only have resigned due to a firm belief that there was a cover up by their client or that they were being coerced by same client to help in that cover up. Basically, they were put in an impossible situation, whatever that was, and had no choice. So what happens when an auditor resigns? Do they immediately appoint another? Surely they are legally required to carry out and complete the process in good time. BB	bellbottom	Read Full Thread Reply
26/4/2019 11:24	I wonder if the resignation of Simon Lockett Senior Director at Ferrexpo, a week before the discrepancies were announced by Deloitte was significant? Lockett only joined the company in June 2017, was buying shares (50,000 of them) in August 2018, resigned at the end of January 2019, one week before the Deloitte announcement. Connected possibly? He left very abruptly, with immediate effect. Maybe I'm just clutching at straws here? BB	bellbottom	Read Full Thread Reply
26/4/2019 11:08	Im tempted but it seems too much unknown and in one month just made and lost on paper a packet on fxpoSo much for iron ore price rise....Interesting that fxpo and glencoreRelease this coruption news today....so double whammy	foxy22	Read Full Thread Reply
26/4/2019 11:08	"Ferrexpo said an independent review committee found Blooming Land was not related to the company or its executive management. However, Deloitte was unable to reach the same conclusion." How 'independent' are the Ferrexpo appointed review committee? Who are they? If they are completely above board and truly independent then what specific items did Deloitte and the committee disagree with? Must be something that can be misinterpreted or is unclear for two 'professional' teams of well paid city types to come to opposite conclusions on. Now at 207.4p BB	bellbottom	Read Full Thread Reply
26/4/2019 10:54	Yes I am! Hopefully it will recover quickly but it is hurting today. Maybe a buying opportunity?	tygarreg	Read Full Thread Reply
26/4/2019 10:54	Not hit the bottom yet. 211p	bellbottom	Read Full Thread Reply
26/4/2019 10:52	Hi Foxy22, I think that the way its written in the thousands is confusing, but these are huge amounts noted. "US$16,318 thousand were advanced by Khimreaktiv" That equates to 16.3 million dollars - 16,318 thousand. As I say, its the way its been noted in the fxpo document - all large amounts. BB	bellbottom	Read Full Thread Reply
26/4/2019 10:24	I think it's more about the first post....16 million dollar donation...not these smaller amounts	foxy22	Read Full Thread Reply
26/4/2019 10:14	By way of elaborating my last post - this has been copied from Ferrexpo's own half yearly results from Aug 2018. ".......In order to maintain its social license to operate, the Ferrexpo Group operates a Corporate Social Responsibility (‘CSR’) programme in Ukraine and makes contributions into Blooming Land Charitable Foundation (“Blooming Land”), which was established with the primary function of co-ordinating the Group’s CSR programme. Blooming Land focuses on activities related to diabetes awareness and diagnosis, eyesight diagnosis and preventative care, and general support and care for the elderly on a national basis. Funding is provided solely by one of Ferrexpo’s subsidiaries in Ukraine and Khimreaktiv LLC, an entity connected with Rosava which in turn is controlled by Kostyantin Zhevago, the CEO and ultimate beneficial owner of Ferrexpo. Blooming Land, and its three sub-funds, are 35 separately managed and accordingly are not controlled and consolidated by the Group. There is no agreement or arrangement between Ferrexpo and Khimreaktiv LLC in relation to their contributions to Blooming Land and its sub-funds. In the six months ended 30 June 2018, Ferrexpo made charitable contributions of US$9,514 thousand to Blooming Land. In the year ended 31 December 2017, Ferrexpo made charitable payments to Blooming Land totalling US$24,003 thousand, of which US$12,034 thousand was paid in the six months ended 30 June 2017. Blooming Land’s charitable activities are managed via three related charitable sub-funds which carry out charitable activities by subcontracting individual managers for the specific events they run. During the period, the Board became aware that in the financial year 2017, temporary funding contributions totalling US$16,318 thousand were advanced by Khimreaktiv LLC into one of the sub-funds of Blooming Land. Later during the financial year 2017, those monies were paid to the event managers to conduct their charitable activities and the sub-fund repaid Khimreaktiv LLC using monies subsequently received from Ferrexpo. Based on the advice obtained from the Group’s Sponsor, those repayments to Khimreaktiv LLC are not considered to be related party transactions for the Ferrexpo Group under the UK Listing Rules, but are considered related party transactions under IAS 24 Related Parties, that ought previously to have been disclosed. In light of this, the Board has made further enquiries about the transactions of Blooming Land and its sub-funds and is satisfied that the related party disclosures are complete." Is this the one specific financial transaction that is causing all the issues or is it just the one transaction that opened up the resultant whole can of worms that we have now? BB	bellbottom	Read Full Thread Reply
26/4/2019 10:11	Well what does that mean??	foxy22	Read Full Thread Reply
26/4/2019 10:07	can some one post the text from the FT article as a subscription is required to see it online	mark_jm	Read Full Thread Reply
26/4/2019 10:05	This quote, copied from the following link..........news from Feb 2019. "In August 2018, Ferrexpo said Khimreaktiv advanced US$16.3 million in temporary contributions into one of Blooming Land's sub-funds in 2017. The sub-fund then repaid Khimreaktiv using Ferrexpo's contributions to the charity, with the transactions declared only after the company made inquiries." Funding for Blooming Land's CSR activities is provided solely by one of the company's units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ukrainian mogul and Ferrexpo's Chief Executive Officer and owner Kostyantin Zhevago. Can someone explain why this temporary contribution would be paid to a BL sub fund and then paid back again to Khimreaktiv? To me, it sounds like you pay out 16.3 million US to a charitable company, therefore no taxes to pay on that amount - and then you get the money back 'surreptitiously' and have in effect gained the amount you would have paid in taxes - but only if you can hide the payment back from the charitable company?! Does that all sound too simplistic and unlikely? If that quotation is true then ultimately, what does it mean? Https://www.spglobal.com/marketintelligence/en/news-insights/trending/ybUgybCtWUcUgRcXPxxxDw2 BB	bellbottom	Read Full Thread Reply
26/4/2019 09:53	Worst is they must have known the situation	foxy22	Read Full Thread Reply
26/4/2019 09:45	Still thinking about the whole debacle and I just can't see that Zhevago would 'steal' from a charitable organisation or launder money through through BL. If you were to choose a method of obtaining some extra cashflow or some funds that could avoid taxes, then surely you would cover all the bases - dot the I's and cross the t's. Of course auditors are going to check with a fine tooth comb - it would be suicidal madness to go down that route and if found out, you would be forever shamed by that one event. I can imagine the CEO involved in some dodgy goings on - to manipulate situations to his benefit, but I cannot see him being this openly stupid and naive. BB	bellbottom	Read Full Thread Reply
26/4/2019 09:38	Will be interesting too see what the co says in due course and if they can find a replacement auditor.	its the oxman	Read Full Thread Reply
26/4/2019 09:36	Another piece just out in Bloomberg	foxy22	Read Full Thread Reply
26/4/2019 09:24	Here's more today " Deloitte resigns as Ferrexpo auditor amid charity links stand off Shares in Ukraine-focused miner plummet as clash escalates over chief’s connections" hTTps://www.ft.com/content/8da78b0c-67f4-11e9-a79d-04f350474d62	crossing_the_rubicon	Read Full Thread Reply
26/4/2019 09:21	The FXPO board have unanimously backed Zhevago, stating no connection between CEO and Blooming Land. Have they all been duped or are they in the know but presenting a united front? Let's hope that the fault lies squarely with the directors at BL and Zhevago is in the clear. I believe him to be an honest and upstanding person. But even persons of that general standing can be pushed into a corner where they make one wrong decision in order to dig themselves out of a situation. It's entirely possible that is the case but I pray that BL are the ultimate culprits or instead it's a simple matter of human error discrepancies. In any case, profits wiped out and now in big area of red. Never a dull moment with fxpo. We just have to remember that despite all this, they are a top notch iron ore manufacturer and supplier and will bounce right back.....eventually. BB	bellbottom	Read Full Thread Reply
26/4/2019 09:20	yes, and a lot of corruption in Ukraine and it is why the comedian became President . I see FXPO starting to recover and hopefully bounces further on short covering foxy22 .	arja	Read Full Thread Reply

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