Ferrexpo PLC has provided an update on the restrictions placed on certain corporate rights relating to 49.3% of shares in Ferrexpo Poltava Mining (FPM) held by Ferrexpo's Swiss subsidiary, Ferrexpo AG. The restrictions, known as an "arrest" in Ukrainian, prohibit the transfer of these shares but do not affect Ferrexpo AG's ownership, voting rights, or entitlement to receive dividends on the shares. The company has confirmed that it has no intention of transferring the shares in question.
The restrictions are part of ongoing legal proceedings against Mr. Kostyantin Zhevago, not related to the Ferrexpo Group, and have been made as part of the enforcement process to satisfy a judgment debt owed by Mr. Zhevago to the National Bank of Ukraine. The Group is currently analyzing potential legal and other remedies available to it and intends to defend its rights. If the enforcement process is not interrupted, this could potentially lead to a sale of shares representing 49.3% of the shares in FPM.
It is important to note that these restrictions are separate from those previously imposed on shares of the Group's Ukrainian subsidiaries, as detailed in the Group's interim results released on 31 July 2024. The operations of Ferrexpo remain unaffected by these developments, and the company has stated that further announcements will be made 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, the company has provided contact details for its Group Head of Investor Relations and Corporate Communications, as well as its financial public relations representatives.