30th Nov 2020 10:00
(Alliance News) - Ferrexpo PLC on Monday said its motion to a Ukrainian court to cancel the restriction covering 50.3% of the shares in Ferrexpo Poltava Mining held by Ferrexpo AG Switzerland has been successful.
The Swiss iron ore company announced back in June that a district court of first instance had put in place the restriction, which prohibited the transfer of the shares. In October, it said it had been unsuccessful in appealing against the court order.
Ferrexpo filed a new motion with the court to cancel the shares restrictions on Ferrexpo Poltava Mining in November, which has now been successful. The new ruling to cancel the restriction cannot be appealed.
Ferrexpo AG Switzerland is Ferrexpo Poltava Mining's sole shareholder.
Ferrexpo stressed back in October that: "Ferrexpo AG has no intention, and never has had any intention, to transfer its shareholding in FPM." It said the court tussle had not affected operations in Ukraine.
Shares in Ferrexpo were up 2.5% at 214.27 pence in London on Monday.
By Zoe Wickens; [email protected]
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