Independent Review Update

RNS Number : 2741T

Ferrexpo PLC

19 March 2019

 

19 March 2019

Ferrexpo plc

("Ferrexpo", the "Group" or the "Company")

Independent Review Update and Delay to Publication of FY2018 Results

As announced on 4 February 2019, the Group has established an independent review committee (the "Independent Review Committee" or "IRC") to conduct a comprehensive independent review in relation to the Group's charitable donations to Blooming Land.

The work of the independent review remains ongoing, and the Independent Review Committee is working with its advisers in the UK and Ukraine, including BDO.

In addition to discrepancies within the copy bank statements provided by Blooming Land, the preliminary work of BDO has identified a number of discrepancies on the application of funds by Blooming Land and its sub-funds, which indicates that the funds may not all have been used for their stated purpose. 

Given the above developments, and the ongoing work of the IRC and its advisers, the Group has decided to delay the publication of its FY 2018 results.

The Group intends to announce its FY 2018 results on or before 3 April 2019.

The Board is committed to understanding the full extent of these issues and, in the interests of transparency and governance, keeping shareholders updated, as appropriate. 

This announcement contains inside information in relation to the Company.  The person responsible for making this notification is Brian McLelland, Interim Company Secretary.

For further information contact:

Ferrexpo:

Ingrid McMahon

Head of Investor Relations

[phone]

Maitland:

James Isola

[phone]

Partner

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 40 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. In 2018, the Group produced 10.6 million tonnes of pellets, a 2% increase compared to 2017, ranking it as the 3rd largest exporter of pellets to the global steel industry with a market share of approximately 8%. Ferrexpo has a diversified customer base supplying steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey and Vietnam. Ferrexpo has a premium listing on the main market of the London Stock Exchange under the ticker FXPO. For further information, please visit www.ferrexpo.com

 

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