Independent Review Update

RNS Number : 6240U

Ferrexpo PLC

01 April 2019

 

1 April 2019

FERREXPO plc

 ("Ferrexpo" or the "Group")

Independent Review Update and Delay to Publication of FY 2018 Results

Further to the announcement of 19 March 2019, Ferrexpo announces that the publication of its full year results for the financial year ended 31 December 2018 will be on or before 25 April 2019. 

The work of the Group's Independent Review Committee (IRC) is ongoing. The IRC requires more time to be in a position to make appropriate disclosures in the 2018 financial statements. 

The IRC is looking into donations made by Ferrexpo to the Blooming Land Charity and can report that it has made progress in receiving explanations regarding the differences contained on the bank statements (see announcement dated 4 February 2019 for further background).

The IRC has also received third party evidence (including governmental confirmations) to explain some of the possible discrepancies in the application of funds by Blooming Land as per the announcement made on 19 March 2019.  

The IRC is undertaking further work to corroborate the above explanations and evidence. At the current time, the Board cannot guarantee that the review will be complete by the publication of its full year results, or will complete favourably.

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	[phone]
Maitland:
James Isola	[phone]

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, a 2% increase compared to 2017, ranking it as the 3rd largest exporter of pellets to the global steel industry with a market share of approximately 8%. 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

 

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