REG - Ferrexpo plc - Funding Update and Delay in Financial Statements

FerrexpoAnnouncement

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RNS Number : 1869C  Ferrexpo PLC  28 April 2026

28 April 2026

Ferrexpo plc

("Ferrexpo" or the "Company" or the "Group")

 

Update on Funding Options, Delay in Audited Financial Statements and Expected
Suspension

 

Ferrexpo plc (LSE: FXPO), a producer and exporter of premium iron ore
products, today announces an update in relation to the potential equity
capital raise to support the working capital position of the Group, resulting
in a delay to the publication of the audited financial statements for the year
ended 31 December 2025 and consequently the expected suspension of listing and
trading in its shares.

 

Update on Funding Options

Further to the announcement on 22 April 2026, the Board continues to believe
that an equity fundraise of at least US$100 million (the "Intended Fundraise")
is currently the only viable solution in the timeframe required to meet the
Group's ongoing obligations and provide sufficient working capital for the
Group's short-term operational requirements while operating at a reduced level
for the next 18 months and to continue as a going concern.

Completion of the Intended Fundraise would be subject to, amongst other
things, the approval of resolutions (the "Resolutions") at a general meeting
of shareholders to be convened as early as possible following any launch of
the Intended Fundraise (the "General Meeting").

As at the date of this announcement, the Company has received indicative,
non-binding expressions of interest to participate in the Intended Fundraise
from institutional investors, which, in aggregate, are in excess of US$100
million, conditional on certain terms and conditions of the Intended Fundraise
which are not possible to achieve within the timeframe required.

The Company has been in discussions with representatives of its largest
shareholder, Fevamotinico S.a.r.l. ("Fevamotinico"), which currently holds
294,993,686 Ordinary Shares being 49.32 percent of the existing Ordinary
Shares in issue (excluding Ordinary Shares held in treasury). As at the date
of this announcement, Fevamotinico has confirmed that it is supportive of the
Intended Fundraise and will provide an irrevocable undertaking to vote in
favour of the Resolutions to be proposed at the General Meeting on the basis
that it can participate in the Intended Fundraise on a pro rata basis where
the Intended Fundraise is no greater than $100 million.

The Company is continuing to engage with all existing and potential new
institutional investors to address the terms and conditions of their
participation in the Intended Fundraise.

At this stage there remains no certainty that the Group will be successful in
executing any funding solution. The Intended Fundraise, if implemented, will
be the subject of a further announcement, including the full terms and
conditions of the Intended Fundraise.

 

2025 Audited Financial Statements

As a result of the delay to the Intended Fundraise, and given the dependency
on completing the bookbuild in order to conclude the financial statements for
the year ended 31 December 2025 on a going concern basis, the Company will not
be in a position to publish its audited financial results for the year ended
31 December 2025 by 30 April 2026, being the final date allowed for
publication under DTR 4.1.3R.

 

Expected Suspension of Listing and Trading

As a consequence of the delay to the publication of the audited accounts for
the year ended 31 December 2025, the Company expects that its shares will be
suspended from listing and trading from 07:30 (UK) on 1 May 2026 until the
audit is completed and the 2025 annual report and accounts are published,
which itself will require the execution of an appropriate funding solution in
order for the financial results to be prepared on a going concern basis.

The Company intends to continue to progress preparations for the Intended
Fundraise as quickly as possible, however, there can be no certainty as to the
expected timing of the lifting of the suspension of listing and resumption of
trading of the Company's shares, if at all.

 

Further announcements will be made as and when 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:
                                                                              via Tavistock
 Tavistock:
 Jos Simson       ferrexpo@tavistock.co.uk (mailto: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 listing in the equity shares commercial companies category on the London
Stock Exchange (ticker FXPO) and a constituent of the FTSE All Share and
FTSE4Good indices. The Group produces premium grade iron ore products sold to
the global steel industry and enabling steel makers to reduce carbon emissions
and increase productivity. Ferrexpo's operations have been supplying the
global steel industry for over 50 years with a customer base comprising of
premium steel mills around the world. For further information, please visit
www.ferrexpo.com (http://www.ferrexpo.com) .

Disclaimers:

This announcement does not contain or constitute an offer for the sale of
securities, nor the solicitation of an offer to purchase or subscribe for
securities, in any jurisdiction. This announcement can neither be relied on
for any investment contract or decision, nor should its contents be construed
as legal, business or tax advice.

This announcement does not contain or constitute an offer for the sale of
securities, nor the solicitation of an offer to purchase securities, in
jurisdictions where such an offer or solicitation would be unlawful, including
the United States, Australia, Canada, Japan or the Republic of South Africa.
The securities referred to herein have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"),
or under the securities laws of, or with any securities regulatory authority
of any state or other jurisdiction of the United States and may not be
offered, sold, resold, or delivered, directly or indirectly, in or into the
United States absent registration under the U.S. Securities Act or pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act and in compliance with any applicable
securities laws of any state or any other jurisdiction of the United States.
There has been and will be no public offer of securities in the United States.

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