Ferrexpo Share Discussion Threads

[bellbottom] 01/5/2019 13:04

Rubicon, I do hope you are correct in your assumption regarding it just being a 'molehill.' Obviously there is something wrong with the figures. If it cannot be easily explained by either Ferrexpo's own investigations or Deloitte's auditing process, then foul play is the only likely answer. I just hope that any misappropriation of funds was the responsibility of individuals at Blooming Land. That's what it is increasing looking like. As you say operations running well. Long term, this is a steal. Holidays enjoy. BB

[crossing_the_rubicon] 01/5/2019 11:13

@Botty "one of the directors who resigned used to be a partner at Deloitte" Indeed. This is the intriguing angle. Just how much info leakage might there have been. I suspect little. Personally feel this "charitable contribution" fiasco is just a molehill. Underlying operations running well and this is just a PC distraction. May is here. Holiday time. :)

[bellbottom] 01/5/2019 10:42

Hi Rubicon, No evidence, you're right. Coincidence? Or maybe there is more news to follow that not so far in the public domain? I certainly hope not. Obviously I have no way of knowing what goes on inside the company but one of the directors who resigned used to be a partner at Deloitte. I wonder what conversations occurred at Ferrexpo, prior to Deloitte resignation? All water under the bridge now of course, assuming that no more bad news on the horizon. BB

[g2theary] 01/5/2019 07:12

3rd day lucky 220 :D

[g2theary] 30/4/2019 11:02

I did say 220 yesterday but I'm extreMly confident today.. I picked a few more up at 200 this morning ... dividend due Thursday :)

[crossing_the_rubicon] 30/4/2019 10:09

"bellbottom30 Apr '19 - 10:06 - 6088 of 6091 0 0 0 Re Jim North and Lotus. 192.6p was the bottom - big difference between 192.6 and 268p that Mawe sold at. As somebody else said on here, happens all the time - it's a perk of the job to know what's coming and to take suitable action to maximise profits." That would be blatant "Insider Dealing" Have you reported Mawe to FCA et al for that then?

[its the oxman] 30/4/2019 09:47

Agree 250p very achievable with some self help re new auditors directors , and if iron ore stays strong H1 results could drive it even higher. Patience required meantime with ups and downs to come.

[g2theary] 30/4/2019 09:46

Another little gem in every sense at the min is PDL I feel that has finally bottomed out. Debt high but cash generative again. With some over 100ct diamonds found. Obviously off topic on FXPO but still in the mining sector :)

[g2theary] 30/4/2019 09:36

Well there were some that sold at 300p usually at milestone £1 £10 mark they can be hard to cross. It's only short term these things matter. If you believe in the fundamentals of the business these are buying opportunities. I myself look to trade these relatively short and keep profits in for yields. These is no reason these shouldn't recover obviously any shock like Friday always forces the price down to a level below value. I'm just glad I didn't buy on the first intra dip on Friday and bought on the second. Below 250 these look well priced IMO I'm looking for a dividend and sell at the 250p mark :)

[bellbottom] 30/4/2019 09:06

Re Jim North and Lotus. 192.6p was the bottom - big difference between 192.6 and 268p that Mawe sold at. As somebody else said on here, happens all the time - it's a perk of the job to know what's coming and to take suitable action to maximise profits. PI's are the last to know and usually suffer the biggest percentage (paper) losses at these critical news nodes. BB

[g2theary] 30/4/2019 09:06

Dragging its feet this... should be over 220 this ... will it come today? It's on the move now.

[pre] 30/4/2019 07:16

From LSE thread..FT article: Hodgkinson89 Posts: 37 Opinion: No Opinion Price: 202.40 FT articleToday 06:53This FT update sums it up quite well and hopefully the BOD will take the steps needed. “The board needs to re-establish market credibility at speed in our view,” said Barclays. It saw as potential actions launching a share buyback, concluding the forensic investigation as soon as possible, appointing a credible new auditor and re-establishing a majority of independent non-executive directors on the board. “Ultimately, we think the main point is that Ferrexpo ceased contributions to Blooming Land in May 2018, the amounts involved are negligible ($10m donated in the first half 2018) and the go-forward cash impact on the business and hence valuation impact is zero,” said Barclays. With Ferrexpo having lost 21 per cent of its market value since Friday morning, immediate action can lift the valuation “close to prior levels at a time when [iron ore] pellet markets are experiencing their most buoyant conditions in 10 years”, it said. https://www.google.co.uk/amp/s/amp.ft.com/content/5e6b4b5a-6a54-11e9-80c7-60ee53e6681d

[crossing_the_rubicon] 29/4/2019 20:00

And TWO directors Jim North 100,000 @192.6p/sh Viktor Lotus 50,000 @ 192.6p/sh Took their tranche of shares under LTIP and didnt sell them!!! hTTps://www.investegate.co.uk/ferrexpo-plc/fxpo/director-pdmr-shareholding/201904291001593878X/?fe=1&utm_source=FE%20Investegate%20Alerts&utm_medium=Email&utm_content=Announcement%20Alert%20Mail&utm_campaign=Ferrexpo%20plc%20Alert What's the big deal??? Guardian is trying to paint it as something else, clearly!!

[arja] 29/4/2019 19:34

that sort of thing was very common in OZ and not surprising it happens here too

[bellbottom] 29/4/2019 17:03

'In a statement to the stock market, Ferrexpo said Mawe had sold the shares “to settle tax and social security liabilities” which arose when he received the shares under his long-term incentive plan after the company’s 2018 annual results.' What a coincidence?!!! Of course he knew what he was doing. He could've let us know too! Hopefully we'll see more recovery over coming weeks. maybe a small sell off after dividend day? BB

[dasv] 29/4/2019 15:38

"Back in London, Ukranian mining company Ferrexpo has revealed that its chief financial officer cashed in more than £400,000 of shares last week....just before its share price plunged after its auditors quit. My colleague Jasper Jolly explains: Chris Mawe sold 150,000 shares worth a total of £402,045 on Thursday, hours before accounting firm Deloitte resigned as auditor following a scandal surrounding potential misappropriation of money paid by Ferrexpo to a charity called Blooming Land, which supports local social and health projects in Ukraine. Deloitte’s resignation triggered a 28% fall in Ferrexpo’s share price on Friday. At the time of writing Ferrexpo’s share price was £2.07, about 23% below the £2.6803 price at which Mawe sold." Https://www.theguardian.com/business/live/2019/apr/29/markets-higher-wall-street-record-close-business-live?page=with:block-5cc6f5c68f085bb0e0dea81d#block-5cc6f5c68f085bb0e0dea81d

[king 786] 29/4/2019 15:12

strong finish

[v11slr] 29/4/2019 14:51

Sorry, 35%.

[v11slr] 29/4/2019 14:49

Don't forget the 30% Swiss Witholding Tax on that dividend, you won't get the full amount.

[g2theary] 29/4/2019 13:37

I'm slightly down but 3% dividend on Thursday is ok... these will move up over the week. Results great :)

[costax1654x] 29/4/2019 13:11

Some paid 215....

[dasv] 29/4/2019 13:00

"this is fine.gif"

[costax1654x] 29/4/2019 12:54

Probably will settle around 170!Just my opinion