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
  -1.85p -1.29% 141.30p 141.10p 141.55p 147.80p 141.00p 142.90p 4,328,467 16:35:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals 999.0 307.4 44.6 3.2 868

Ferrexpo Share Discussion Threads

Showing 6701 to 6723 of 7175 messages
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DateSubjectAuthorDiscuss
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
26/4/2019
10:11
Well what does that mean??
foxy22
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
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
26/4/2019
09:53
Worst is they must have known the situation
foxy22
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
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
26/4/2019
09:36
Another piece just out in Bloomberg
foxy22
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
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
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
26/4/2019
09:19
Tsmith2 "The auditor doesnt just resign like that" From 23rd April Here is why they did. Ferrexpo clashes with auditor over chief executive charity links Deloitte identifies ‘potential associations’ connecting mining boss to Blooming Land hTTps://www.ft.com/content/3eef0bbe-65ad-11e9-9adc-98bf1d35a056
crossing_the_rubicon
26/4/2019
09:11
Ukrainian mafia one should have knownNo oligarch...
foxy22
26/4/2019
09:07
foxy22, that is a shame and normally best to sell half whwen in profit under BHR policy . Could well bounce later today and maybe think about selling half or some at that point . I know from bitter experience how hard it is to do from emotional viewpoint . good luck whatever you decide .
arja
26/4/2019
09:05
I hope new regime doesn't try and bring him to book....he sounds like a smooth operator...using charities for personal objectives not onI hope this is not a car wash/Gupta/IMDb type mess...what are u doing....
foxy22
26/4/2019
08:57
Added a few here.
its the oxman
26/4/2019
08:48
Tygarreg...are u in still
foxy22
26/4/2019
08:46
I think Cs knew when raising price target.....disgusting
foxy22
26/4/2019
08:44
New pres wants to stamp out corruptionManagement was so blasé at q and a when asked about blooming land...seems like it was a funnel for money laundering....
foxy22
26/4/2019
08:44
This will go down well below 200p be careful.
scoble2
26/4/2019
08:41
A r j a I'm not sureBeing investigated by new Ukraine got and now auditors resign-20 per centI feel gutted all profits this year gone
foxy22
26/4/2019
08:39
if anything similar to what used to happen in oz, brokers recommend a stock as they want to exit and need buyers . I reacll getting hit and remembering a hard lesson !
arja
26/4/2019
08:36
Now down 20%!!!
tygarreg
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