REG - Ferrexpo plc - Court confirms claim against Ukrainian subsidiary

FerrexpoAnnouncement

29/01/2024 07:00

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RNS Number : 1733B  Ferrexpo PLC  29 January 2024

 

29 January 2024

Ferrexpo plc

("Ferrexpo" or the "Group")

 

Ukrainian court of appeal confirms a claim against Ukrainian subsidiary

Ferrexpo plc (LSE: FXPO), a premium iron ore pellet supplier to the global
steel industry, announces that a Ukrainian court of appeal has confirmed a
claim against Ferrexpo Poltava Mining ("FPM") in the amount of UAH4,727
million (approximately US$125 million). FPM will file an appeal to the Supreme
Court in Ukraine.

As previously disclosed in the 2022 Annual Report and Accounts and 2023
Interim Results, FPM received on 7 December 2022 a claim in the amount of
UAH4,727 million in respect of contested sureties. The claimant asserts that
it acquired rights under certain loan agreements. The claimant further alleges
that FPM provided sureties to ensure the performance of these obligations.

On 9 August 2023, a court of first instance issued judgment in favour of the
claimant. FPM filed an appeal, nevertheless the court of appeal has confirmed
the claim. The Group remains of the view that FPM has compelling arguments to
defend the position in the Supreme Court.

Ferrexpo's operations remain unaffected. A further announcement will be made
as appropriate.

This announcement contains inside information. The person responsible for the
release of this announcement is Mark Gregory, Group Company Secretary.

 

For further information please contact:

 Ferrexpo:
 Nick Bias       n.bias@ferrexpo.ch        +44 (0)20 7389 8305

                                           +44 (0)7733 177 831
 Tavistock:
 Jos Simson      ferrexpo@tavistock.co.uk  +44 (0)20 7920 3150
 Gareth Tredway                            +44 (0)7785 974 264

 

About Ferrexpo:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and
a premium listing on the London Stock Exchange in the FTSE 250 index (ticker
FXPO). The Group produces high-grade iron ore pellets, which are a premium
product for the global steel industry and enable reduced carbon emissions and
increased productivity for steelmakers when the Group's iron ore pellets are
converted into steel, compared to more commonly traded forms of iron ore.
Ferrexpo's operations have been supplying the global steel industry for over
50 years. Before Russia's invasion of Ukraine in February 2022, the Group was
the world's third largest exporter of pellets to the global steel industry.
The Group has a customer base comprising of premium steel mills around the
world. For further information, please visit www.ferrexpo.com
(http://www.ferrexpo.com/) .

 

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