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Ferrexpo plc (FXPO)

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Friday 19 June, 2020

Ferrexpo plc

Court Appeal

RNS Number : 4361Q
Ferrexpo PLC
19 June 2020
 

 

 

 

 

19 June 2020

 

FERREXPO PLC

("Ferrexpo" or the "Group")



Ferrexpo AG Court Appeal

 
Ferrexpo has been informed that a district court in Kyiv has placed a new restriction covering 50.3% of the sharesin Ferrexpo Poltava Mining (FPM) held by Ferrexpo AG Switzerland, the sole shareholder in FPM. Ferrexpo AG will appeal this court order shortly.

The new court order is similar to the court order that the Group announced on 31 January 2020 and that was subsequently cancelled by the Kyiv Court of Appeal on 2 June 2020. As such, the Board of Ferrexpo believes that a second appeal should be successful given that the order has no proper or reasonable basis under Ukrainian law.

 

The Group believes this restriction is in connection with ongoing matters in Ukraine involving Kostyantin Zhevago and one of the businesses he owned until 2015. Ferrexpo's operations remain unaffected as the share freeze does not affect ownership of the shares but prohibits their transfer. Furthermore, Ferrexpo AG has no intention, and never has had any intention, to transfer its shareholding in FPM.

 

Once the outcome of this appeal is known Ferrexpo will inform the market as appropriate.

 

www.ferrexpo.com


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