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Share Name Share Symbol Market Type Share ISIN Share Description
Ferrexpo 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
  +1.40p +0.49% 286.60p 286.40p 286.90p 290.20p 278.90p 285.40p 1,248,932 16:35:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals 886.6 333.0 49.7 5.6 1,687.00

Ferrexpo PLC Independent Review

04/02/2019 7:00am

UK Regulatory (RNS & others)


Ferrexpo (LSE:FXPO)
Historical Stock Chart

3 Months : From Jan 2019 to Apr 2019

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TIDMFXPO

RNS Number : 9506O

Ferrexpo PLC

04 February 2019

4 February 2019

Ferrexpo plc

("Ferrexpo", the "Group" or the "Company")

Independent Review

Ferrexpo's auditors, Deloitte LLP, has received copies of bank statements directly from a charitable foundation called Blooming Land, as part of its process to verify Blooming Land's use of contributions made by Ferrexpo. Blooming Land is a Ukrainian charity which was established with the primary function of co-ordinating the Group's CSR programme and provides medical and social services to local, regional and national communities throughout Ukraine. As noted in the 1H 2018 results, Blooming Land and its sub-funds are separately managed.

The copy bank statements from Blooming Land contained as yet unexplained discrepancies. This has caused the Board of Ferrexpo to decide to conduct a comprehensive independent review and is in the process of scoping the work.

As reported in the 1H 2018 results, Ferrexpo donated US$9.5 million to Blooming Land in 1H 2018. Ferrexpo has not made any further donations to Blooming Land since May 2018.

The Group intends to announce its FY 2018 results as planned on 20 March 2019. At the current time, the Board cannot guarantee that the review will be complete by then, or complete favourably. Deloitte has indicated that it may qualify or otherwise modify its audit opinion relating to the FY 2018 accounts if this is the case.

Following the Group's 4Q 2018 trading update, as announced on 8 January 2019, Ferrexpo expects full year 2018 EBITDA to be approximately US$500 million (subject to audit).

This announcement contains inside information in relation to the Company. The person responsible for making this notification is Brian McLelland, Interim Company Secretary.

For further information contact:

 
 Ferrexpo: 
 Ingrid McMahon 
  Head of Investor Relations    +44 207 389 8304 
 Maitland: 
 James Isola                    +44 207 379 5151 
 Partner 
 
 

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. In 2018, the Group produced 10.6 million tonnes of pellets ranking it as the 3(rd) largest exporter of pellets to the global steel industry with a market share of approximately 8.5%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey and Vietnam. Ferrexpo has a premium listing on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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February 04, 2019 02:00 ET (07:00 GMT)

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