Ferrexpo: Appeal Court In Ukraine Rules Share Purchase Deal On Ferrexpo Poltava Mining Invalid

Ferrexpo Plc (FXPO.L), an iron ore pellet producer, announced Tuesday that it has been informed of a ruling in relation to the claim made to invalidate a share purchase agreement concluded in 2002 in respect of shares in Ferrexpo Poltava Mining or FPM in Ukraine.

Pursuant to the 2002 share purchase agreement, a 40.19 percent stake in FPM was sold to nominee companies that were at that time owned by Ferrexpo's controlling shareholder.

In May 2021, the court of first instance ruled in favour of Ferrexpo AG, a unit of Ferrexpo, and dismissed the Claim, with an appeal filed by the claimants in June 2021.

Ferrexpo now said it has now received a judgement from the appeal court in respect of the Claim, which states that the share purchase agreement concluded in 2002 is invalid and the 40.19 percent stake in FPM shall be transferred to the claimants.

Ferrexpo plans to proceed with protecting its interests and its shareholders, and is exploring all options, including its right to appeal this decision to the Supreme Court of Ukraine.

Based on the appeal court's judgement details, Ferrexpo sees that Ferrexpo AG has compelling arguments to defend its position.

In London, Ferrexpo shares were trading at 146.38 pence, down 3.5 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Juul Labs, an e-cigarette maker, said it has reached settlements with more than 5,000 vaping lawsuits in the United States. The cases were related to personal injury, consumer class action, government entity, and Native American tribes. In a statement, the company said it cannot disclose the settlement amount at this time as part of the settlement and court process. Apple Inc. plans to start using American-made processors from the new advanced chip factory in Phoenix, Arizona operated by chip giant Taiwan Semiconductor Manufacturing Co., according to its Chief Executive Officer Tim Cook. At an event in the factory in Arizona, which was attended by U.S. President Joe Biden, it was also announced that TSMC will invest $40 billion in the new factory. Lidl US has recalled its 8.4 oz Favorina branded Advent Calendar, i.e., Premium Chocolate with a Creamy Filling, citing potential Salmonella contamination, the U.S. Food and Drug Administration said. The products were available for sale at Lidl stores between October 12, 2022 and December 5, 2022. They will have a BEST IF USED BY year of 2023, and barcode number of 4056489516965.
Follow RTT