Ferrexpo to suspend trading after Ukraine-focused miner fails to secure funding (updated)

Ferrexpo

28/04/2026 07:31

Adds details and background throughout

April 28 (Reuters) - Ferrexpo FXPO.L said on Tuesday that its shares would be suspended from trading from May 1 after the Ukraine-focused miner failed to secure a $100 million equity fundraise in time to publish its audited 2025 results by a regulatory deadline.

The iron ore pellet producer had said last week that it was seeking a potential equity raise of at least $100 million to stave off insolvency, warning it had only enough accessible cash to survive until about August-end without new funding.

Ferrexpo said on Tuesday it had received indicative interest exceeding the funding amount from institutional investors, but those offers came with terms and conditions that could not be met by the April-end deadline.

Its largest shareholder, Fevamotinico, a Luxembourg‑based holding company controlled by interests linked to Ukrainian billionaire Konstantin Zhevago, has agreed to vote in favour of the fundraise on condition it can participate on a pro-rata basis and the raise does not exceed $100 million.

The Swiss-headquartered company said it was continuing to engage with existing and potential investors to address participation terms.

 (Reporting by Yamini Kalia in Bengaluru; Editing by Sonia Cheema)

 ((Yamini.Kalia@thomsonreuters.com))