Ferrexpo PLC Market Update: Update on Bank F&C (4736Z)
18 9월 2015 - 3:02PM
UK Regulatory
TIDMFXPO
RNS Number : 4736Z
Ferrexpo PLC
18 September 2015
18 September 2015
Ferrexpo plc
("Ferrexpo", the "Group" or the "Company")
Update on Bank F&C
Ferrexpo hereby provides an update on its transactional bank in
Ukraine, Bank Finance and Credit JSC ('Bank F&C'), a related
party ultimately controlled by Ferrexpo's largest shareholder
Kostyantin Zhevago. Following the close of business on the 17(th)
of September 2015, the National Bank of Ukraine made an
announcement on its website stating that it had adopted a decision
to declare Bank F&C insolvent.
(Source:
http://www.bank.gov.ua/control/uk/publish/article?art_id=21722548&cat_id=55838)
The Board of Ferrexpo is assessing the situation and will update
the market as necessary. As of the 16(th) of September 2015, the
Group's total cash balance was approximately US$280 million after
the payment of the interim dividend. Of this cash balance,
approximately US$174 million was held at Bank F&C with the
remainder held offshore. The Group's operations are not currently
affected.
For further information contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Maitland:
James Isola +44 207 379 5151
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for over 35 years.
Ferrexpo's resource base is one of the largest iron ore deposits in
the world. The Group is the 4th largest supplier of pellets to the
global steel industry and the largest exporter of pellets from the
CIS. In 2014, it produced a record 11 million tonnes of pellets, a
2% increase compared to 2013. Ferrexpo has a diversified customer
base supplying steel mills in Austria, Slovakia, the Czech
Republic, Germany and other European states, as well as in China,
India, Japan, Taiwan and South Korea. Ferrexpo 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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September 18, 2015 02:02 ET (06:02 GMT)
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