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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
  3.50 2.03% 175.70 175.40 175.80 176.10 169.80 176.10 377,743 15:02:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals 1,136.1 346.5 51.7 3.3 1,079

Ferrexpo Share Discussion Threads

Showing 6726 to 6749 of 8550 messages
Chat Pages: Latest  270  269  268  267  266  265  264  263  262  261  260  259  Older
DateSubjectAuthorDiscuss
26/4/2019
12:19
When an auditor resigns:- "An auditor must consider whether there are matters connected with ceasing to hold office that the auditor considers need to be brought to the attention of members or creditors of the company. Where there are such matters, these must be included in the s519 statement by virtue of the Companies Act 2006 s519(3)." "On resignation, the auditor must send a letter of resignation to the client (Companies Act 2006 s516). Additionally an auditor may need to send a s519 statement of circumstances or no circumstances to the company, Companies House and the appropriate audit authority." In the normal course of events there are no reasons and this is stated in the letter. Bit concerned this does not appear in the company's RNS and it states "The Company will make further announcements in due course."
podgyted
26/4/2019
12:10
It was 150 in September. Without clarification and new auditor the share price can even go to this level.
marmar80
26/4/2019
12:06
Hi Foxy22, Not sold my holding, though with hindsight I wish I'd sold at 300p for a nice tasty profit. Have we hit the bottom now at 206/207? I suppose Deloitte have client confidentiality to contend with, unless specific laws have been broken. That's obviously not been proven yet so it's a waiting game for the next bit of news. The question is, will it be good or will it be bad news? My gut feel is that more bad news will follow, so therefore more drops to follow. I should really sell with a view to buying back at a lower price, but held back by doubts and uncertainty. I did previously say that this traunch of shares was for the long term and my belief in the credentials of the company haven't changed. Patience and riding out the peaks and troughs is not an easy principle. BB
bellbottom
26/4/2019
12:04
When you consider the amount involved some 16m dollars which is literally peanuts compare to revenue generated by fxpo Serious questions are raised to whether the accounts and previous results are the truth in any shape or form hence massive drop in share price The big boys have lost trust to the company and they don't care about how much they are making. Just don't want to be associated with a dodgy company Until the board acts quickly resolve the situation I'm staying on the fence with interest. It will recover rapidly once the issue is sorted out and confidence has returned in which it could be a while
r88ave
26/4/2019
11:59
My worry is that the longer the company leaves the questions unanswered the shareprice will collapse lower and lower...
foxy22
26/4/2019
11:50
Might not be as serious as it appears just now. Would an auditor drop a client on a small irregularity, you bet. Contrary to what the public think, accountants uphold the highest of standards because of their low standing and high level of penalties and regulation. It's only in highly regarded professions especially in the public sector where you can actually get away with stuff. It's a criminal matter for an accountant just to hear of a problem and then not report it to the tax authorities.
stewart64
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
26/4/2019
11:48
Bellbottom have u sold....
foxy22
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
26/4/2019
11:45
Surely the company is obliged to inform investors why Deloitte's resigned with immediate effect?
tsmith2
26/4/2019
11:42
I assume they have to find another auditor now.
marmar80
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
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
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
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
26/4/2019
10:54
Yes I am! Hopefully it will recover quickly but it is hurting today. Maybe a buying opportunity?
tygarreg
26/4/2019
10:54
Not hit the bottom yet. 211p
bellbottom
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
26/4/2019
10:24
I think it's more about the first post....16 million dollar donation...not these smaller amounts
foxy22
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
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