FXPO Ferrexpo Plc

 

TIDMFXPO 
 
RNS Number : 6337B 
Ferrexpo PLC 
30 October 2009 
 

 
 
 
 
30 October 2009 
Ferrexpo plc 
 
 
Interim Dividend 
 
 
Ferrexpo plc ("Ferrexpo" or the "Group") is declaring an interim dividend of 3.3 
US cents per share for the first six months of 2009 (H1 2008: 3.2 US cents per 
share). The interim dividend will be paid in Pounds Sterling, but those 
shareholders who have in the past elected to receive dividends in US dollars 
will continue to do so. Other shareholders wishing to receive dividends in US 
dollars should obtain a Currency Election Form from the Ferrexpo website and 
return the completed form to the Company's registrars by 13 November 2009. The 
dividend is payable on 18 December 2009 to shareholders on the register on 13 
November 2009. 
 
 
 
 
Michael Abrahams, Ferrexpo Chairman, said: 
 
 
"As we announced at the time of our Interim Results on 5 August 2009, the Board 
deferred its decision to declare an interim dividend for the first six months of 
2009 as a result of poor market conditions in the second quarter and our 
expectation that cash flow visibility would improve thereafter. Since that 
announcement, Ferrexpo has successfully concluded price negotiations with the 
majority of its long term contract customers at prices broadly equivalent to the 
prevailing Benchmark price for iron ore pellets until April 2010. As a result 
the Group's cash generation and the visibility of future cash flows have 
improved as expected. 
 
 
It is the view of the Board that Ferrexpo should continue to pay modest 
consistent dividends based on continuing profitability and that the business has 
sufficient operational flexibility to respond to the demands it will face for 
the remainder of the year and beyond. The Group has operations which are cash 
generative and can both support returns to shareholders and form a platform to 
finance the development of its world class undeveloped reserves. The Board 
therefore believes it is appropriate to continue with an interim dividend in 
line with prior years, reflecting the Group's resilience and continued 
profitability through the downturn." 
 
 
 
 
For further information, please contact: 
 
 
Ferrexpo:                            +44 207 389 8304 
 
 
Gavin Mackay 
 
 
Pelham PR:                        +44 207 337 1500 
 
 
Charles Vivian 
Evgeniy Chuikov 
 
 
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, most of 
which is exported to steelmakers around the world. 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 
   END 
 
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