Ferrexpo plc, a leading iron ore pellet producer and supplier to the global steel industry, has been notified of a court order imposing restrictions on certain corporate rights in its Ukrainian subsidiaries. The restrictions affect 49.5% of the shares in the Group's Ukrainian subsidiaries, with exceptions for TIS-Ruda LLC and Nova Logistics LLC. These restrictions do not impact ownership but prohibit the transfer of shares and restrict certain rights, including the right to vote.
The Group has clarified that it has no intention of transferring shares in its subsidiaries and is currently analyzing potential legal and other remedies available. The restrictions are part of ongoing legal proceedings against Mr. Kostyantin Zhevago related to Bank Finance & Credit and are not directly related to the Ferrexpo Group. The company intends to vigorously defend its rights and has confirmed that its operations remain unaffected.
It's important to note that these restrictions are separate from the share freezes previously announced on 7 March 2023 and 21 September 2023. Ferrexpo has stated that further updates will be provided as appropriate. This announcement contains inside information, and the person responsible for the release of this announcement is Mark Gregory, Group Company Secretary.
For further information, individuals can contact Nick Bias at [email protected] or Tavistock representatives Jos Simson and Gareth Tredway. Ferrexpo plc remains committed to providing updates as the situation develops.
About Ferrexpo:
Ferrexpo plc is a premium iron ore pellet producer and supplier to the global steel industry.