Fevamotinico loses stake in Ferrexpo
Mining company Ferrexpo, with core assets in Ukraine, has transferred 9.513 million treasury shares to the Employee Compensation Trust (TVS), as a result of which the share of the largest shareholder Fevamotinico Sarl, controlled by Ukrainian businessman Konstantin Zhevago, decreased from 50.3% to 49.5%, according to the company’s stock message on Friday, writes Ukrrudprom.
It is clarified that the transfer of shares was carried out on March 9 in accordance with the decision of the board of directors of January 20, 2023 at a price of 140.3 pence per share, which is the closing price on the London Stock Exchange on March 8.
No new shares have been issued, the company has used the shares it has owned since the buyback, which was completed in September 2008.
In line with standard market practice for UK listed companies, Ferrexpo provided TBC with an interest-free loan to purchase the shares.
The company disclosed that as of March 9, 2023, following the transfer of shares, its issued share capital consists of 613 million 967,956 thousand ordinary shares of 10 pence each, of which 15 million 830,814 thousand are still held by it.
The total number of voting shares in the company as of the above date was 598 million 137,142 thousand.
According to Ferrexpo on February 28 this year, the second shareholder of the company after Fevamotinico was Schroder Investment Management – 5.5%.
As reported, Fevamotinico’s 50.3% stake in Ferrexpo recently served as the basis for the arrest, as an interim measure, of the corresponding stake of Ferrexpo in its Ukrainian subsidiaries mining and processing plants (GOK) at the suit of the Deposit Guarantee Fund against Zhevago, as the ex-owner of the bank “Finance and Credit”. Ferrexpo itself indicated that it had already sought in the Ukrainian court to cancel such an arrest of shares in relation to the Poltava Mining and Processing Plant.
