Shareholders in Ferrexpo PLC (FXPO.LN) Tuesday voted to re-elect the company's controlling shareholder, Konstantin Zhevago, as chief executive and authorize Ferrexpo's board to undertake share buybacks.

Minority holders representing about 11% of the company's shares, however, voted against both moves.

Ferrexpo is a U.K.-listed, Swiss-registered iron ore mining company with operations in Ukraine.

The board stated in its annual general meeting notice that it has "no present intention of exercising this [buyback] authority."

Two companies, Ralkon Commercial Ltd. and Fayver Properties Inc., which together own more than 10% of Ferrexpo's shares, said Friday that the company has to answer a number of question on corporate governance, as "shareholders need answers to these questions in order to consider properly whether to authorize the board to undertake further buybacks in 2009".

Ralkon is owned by Ukrainian businessman Igor Kolomoisky, who co-owns PrivatBank. In March, Fayver and Ralkon, which then owned about 3.2% and 6.9% stakes in Ferrexpo, respectively, agreed to vote jointly.

Both companies asked the mining company to convene an extraordinary general meeting for the purpose of appointing two additional directors to "represent minority shareholders and provide additional experience to the Board." The EGM is scheduled for June 12.

Company Web site: http://www.ferrexpo.com

-By Alexander Kolyandr, Dow Jones Newswires; +44 20 7842 9410; Alexander.Kolyandr@dowjones.com

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