Transaction in Own Shares

    RNS Number : 5075D
  Ferrexpo PLC
  16 September 2008
   

    




    Ferrexpo plc - Related Party transaction in own shares

    Ferrexpo plc ("Ferrexpo" or the "Group") announces that on 16 September 2008 it purchased 19,398,814 of its own ordinary shares at a
price of 167.3 pence per share from Fevamotinico S.a.r.l. ("Fevamotinico"), the Group's majority shareholder, a company owned by the Minco
Trust, one of the beneficiaries of which is Kostyantin Zhevago. The purchase was funded out of distributable reserves and the purchased
shares will be held as treasury shares.

    The purchase from Fevamotinico was effected as part of the Group's ongoing share repurchase programme. The transaction is considered to
be in the interests of minority shareholders as it will serve to prevent an increase in Fevamotinico's beneficial ownership level in the
Group as a result of on-market share repurchases. The participation by Fevamotinico in the share repurchase programme was consented to by
the Global Co-ordinator and the Underwriters in accordance with the provisions of the lock-up agreement entered into by Fevamotinico at the
time of the Group's IPO.

    This transaction and any further purchases by the Group from Fevamotinico as part of the Group's ongoing share repurchase programme will
constitute Related Party transactions in terms of Chapter 11 of the Listing Rules of the UK Listing Authority ("Listing Rules"), and will be
conducted in accordance with the requirements of paragraph 11.1.10 of the Listing Rules (modified requirements for smaller related party
transactions), including the need for a fair and reasonable opinion from an independent financial advisor, which the Group has obtained from
Montrose Partners LLC.

    Following the above purchase, Ferrexpo holds 22,913,814 ordinary shares in treasury, and has 591,054,142 ordinary shares in issue
(excluding treasury shares).  Fevamotinico now owns 424,507,109 ordinary shares in Ferrexpo, equating to 71.82% of the Group's issued share
capital.

    The Group expects to continue its on-market share repurchase programme. Once the repurchase programme is complete, Fevamotinico's
shareholding will be at approximately its pre-buyback level as will the Group's free float, and at no point will Fevamotinico's shareholding
increase above that prior to the commencement of the share repurchase programme.


    For further information, please contact:

    Ferrexpo:               +44 207 389 8304
    Gavin Mackay

    Finsbury:                +44 207 251 3801

    Robin Walker
    Alex Simmons

    

    Notes to Editors:

    Ferrexpo is a Swiss headquartered resources Group with assets in Ukraine, principally involved in the production and export of iron ore
pellets, used in producing steel. Current output is over 9 million tonnes per annum, approximately 85% of which is exported to steelmakers
around the world, and the Group is currently undertaking a significant growth programme. The Group is listed on the main market of the
London Stock Exchange under the ticker FXPO. For further information please visit www.ferrexpo.com.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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