Ferrexpo Share Discussion Threads

[loganair] 20/3/2024 12:24

WEDNESDAY, MARCH 20, 2024, 12:41 PM 3033

Ferrexpo drew attention to the incorrect information that was spread by some Ukrainian mass media:


Ferrexpo plc draws attention to the incorrect information that was spread by some Ukrainian mass media about the reasons for the change in the value of Ferrexpo's shares.

According to the comments of analysts and institutional investors in the international investment centers of London and New York, the recent decline in the share price of the parent company Ferrexpo plc on the London Stock Exchange is a consequence of the general increase in pressure on Ferrexpo from the law enforcement authorities of Ukraine over the last year and questionable court orders, in particular, by the latest decision of the Eastern Commercial Court of Appeal (Kharkiv city) in favor of Maxi Capital Group LLC regarding Poltava GZK, which is part of the Ferrexpo Group.

Ferrexpo is in ongoing discussions with its major institutional shareholders and has not yet been notified of any changes in their holdings.

Regarding the situation with the alleged debt in the amount of 4.7 billion hryvnias, the company called it "non-existent". "They are trying to collect an imaginary debt of 4.7 billion hryvnias (125 million US dollars) from Poltava GZK, using falsified documents. This debt, which allegedly arose more than 15 years ago, according to the decision of the Ukrainian Supreme Court from June 2022, was repaid back in 2015," Ferrexpo plc explains.

However, as indicated in the notice, the Deposit Guarantee Fund of Individuals (FGVFO) sold the actually absent right of claim to the Poltava GZK to the unknown company "Maxi Kapital Group" LLC, which led to the Eastern Court of Appeal (Kharkiv city) issuing a decision on the repeated collection of funds from Poltava GZK.

According to the lawyers of the Poltava GZK side, the trial process had signs of an ordered and dubious nature, because the case with the volume of almost 4,000 pages was considered by the board, which was formed an hour before the start of the trial. And the decision itself was made in a single appeal session, which lasted one and a half hours and was announced after 5 minutes of discussion of the case by the judges in the conference room. That is, judges spent an average of 1 second on studying each page of the case.

Currently, the company has filed a cassation appeal and hopes that this decision of the Eastern Commercial Court of Appeal of the city of Kharkiv will be overturned in the Supreme Court.

"We hope that the said court decision will be overturned by the higher courts, which will protect Western investments in Ukraine and the rights of Ukrainian investors, and we hope that the investments made by investors during the last 17 years in the amount of more than 3.5 billion US dollars will be protected," - says the message

Ferrexpo would like to use this opportunity to once again confirm that as a company listed on the main floor of the London Stock Exchange, it operates according to the highest standards of corporate governance and complies with all requirements of international and Ukrainian legislation.

[mreasygoing] 20/3/2024 12:09

https://ukranews.com/ua/news/993112-ferrexpo-zvernula-uvagu-na-nekorektnu-informatsiyu-shho-bula-rozpovsyudzhena-deyakymy-ukrayinskymy

[loganair] 20/3/2024 11:21

bell - That was then, 2 years ago and now is completely different.

[bellbottom] 20/3/2024 10:41

All they had to give up was Crimea and the Donbas!!? A total population of about 5 million. And you really think Putin would have settled for that in some worthless peace deal!? You really think that Ukraine would have accepted that?

Have you read Putin's now infamous speech? -

Remember, this is a country where opposition is murdered anywhere in the world, or exiled, or locked up to die in prison.

So as much as I can't stand Bojo or the Tories, I cannot see how he is to blame.

If you really think that Putin will stop at just Crimea and Donbas then I really think that you are deluded.

And if you really believe that giving up Donbas and Crimea would have seen an end to it, then why did you state that Ferrexpo would be in a Russian demiliterised zone or in Russia itself. You are contradicting yourself!!

[loganair] 20/3/2024 09:27

What ever happens, Ferrexpo's mines will be in Russia's Ukrainian demilitarised zone if not in Russia itself.

[bellbottom] 20/3/2024 08:54

What this all means, indirectly, for Ferrexpo I have no idea but I err on the side of being positive, assuming that the war can be ended in the next year or two.

[bellbottom] 20/3/2024 08:30

".....The Ministry of Economy clarified that state support will be available to investors who plan to implement a project worth €12M or more in Ukraine with a duration of up to five years for projects in the processing industry, extraction of minerals...."

[loganair] 14/3/2024 11:02

Ferrexpo owns 100% of iron ore miners Ferrexpo Poltava Mining and Ferrexpo Yeristovo Mining, as well as 99.9% of Ferrexpo Belanovo Mining.

It's only FPM, one of these 3 that is having problems with the courts while the other 2 FYM and FBM have no problems.

[thags] 14/3/2024 10:04

the 50p support level is the new 70p support level which stood for a while

[mreasygoing] 14/3/2024 09:58

Super news. Thank you for this.

[bellbottom] 14/3/2024 09:56

Onwards and upwards despite all the weight of the negatives.

[sbb1x] 14/3/2024 08:51

Looked at after hours trade's yesterday, some big sells went through

[loganair] 13/3/2024 17:43

The firm has been embroiled in a whirlwind of legal challenges in recent months.

The most significant of these is a £98m claim against one of Ferrexpo’s subsidiaries, Ferrexpo Poltava Mining (FPM), which remains active and relates to money that is said to be owed to an unnamed creditor by Kostyantyn Zhevago, a Ukrainian billionaire and former owner for Ferrexpo.

The claimant’s action alleges that Zhevago misappropriated funds from the now-liquidated Finances and Credit Bank, which he also owned.

Finances and Credit bank was founded in 1990 and by the size of assets it was considered one of the largest banks of Ukraine according to classification of National Bank of Ukraine.

Ferrexpo cancelled its dividend at the eleventh hour last month when the case did not reach settlement.

[r9505571] 13/3/2024 17:11

From @baroninvestments...Sadly it does seem that whilst Zhevago is a majority shareholder these claims are not going to go away. The damage to Western minority shareholder continues as does the distractions. Frozen accounts at a subsidiary isn't a first and this relates to alleged waste stripping at FPM. Peel Hunt yesterday: "We continue to view these proceedings as efforts by the Ukrainian government to pressure the main FXPO shareholder into settling amounts with the Ukrainian Government over the failure of a bank he owned, rather than issues with FXPO directly."If the court approves application for creditor protection ($58,000), then likelihood is bailiffs come to site, appraise and seek the funds. It's a total mess with risks and yesterday was exacerbated by the biggest fall in Iron Ore this year.

[sbb1x] 12/3/2024 23:02

Awful RNS.Margin calls tomorrow

[geckotheglorious] 12/3/2024 20:49

Nope abadus,
Todays news at 5.35pm, after market closing

Updates Regarding Full Year 2023 Financial Results and Ukrainian Subsidiary



Ferrexpo plc (LSE: FXPO), advises that following discussions with its auditors, and in consideration of potential proceedings in Ukraine with regard to the Company's subsidiary, Ferrexpo Poltava Mining, as announced on 11 March 2024, the Company has decided that more time is needed to finalise its full year financial results. The Company will make further announcements relating to the finalisation and release of the full year financial results as appropriate.

Separately, the anticipated hearing at the Commercial Court in Poltava Oblast (the "Court") today, as noted on 11 March 2024, to consider the application from LLC PCC "Kysen" ("Kysen") has been postponed. At the present time, the date of the rescheduled Court hearing is not known. The Company is continuing to explore options to settle the Kysen debt or agree an extension of payment terms.

[liam1om] 12/3/2024 19:46

Going to be nasty tomorrow after that news.

[bellbottom] 12/3/2024 10:59

If waste products have minimal or no value then what is the legal situation in Ukraine?

I don't know enough to make comment. No idea of the legal situation or how much Ferrexpo made from 'selling' on supposed waste products.

At the moment they are caught between 'waste rock and a hard place.'

It seems to be relentless; the attempts to either seize the assets of Ferrexpo or to at least be in a position to strike a compromise deal where the authorities have a major interest/holding in the company having failed to have ex MP and majority owner Zhevago extradited.




“The position of the Mining and Processing Plant is that the minerals in question are not a separate mineral resource, but are waste products obtained as a result of crushing iron ore during the technical process of producing iron ore pellets,” the report stated.

Preliminary court hearing today.

[theblackbaron] 12/3/2024 09:33

Made nice trade 7.5% good luck all to old to gamble on results

[1knocker] 11/3/2024 22:45

Shinas, I don't think the problem is lack of money to pay the debt, but the fact that the Courts have frozen FXPO's accounts. Even if a third party entity paid the debt, that would create an obligation to reimburse the third party, which would probably also be a breach of he freezing order.

This is the problem when operating in a country with an undeveloped and/or corrupt legal system. In the UK, for example. any freezing ordr would be crafted to permit payments in the ordinary course of trade (eg wages, bank interst, rent and supliers) to continue o be made.