Ferrexpo delays FY results, Ukrainian hearing postponed

13th Mar 2024 09:27

(Sharecast News) - Mining company Ferrexpo said on Tuesday that following discussions with its auditors, more time was needed to finalise its full-year financial results.

Ferrexpo also stated that an anticipated hearing at the Commercial Court in Poltava Oblast to consider the application from LLC PCC "Kysen", scheduled for 12 March, has been postponed. At present, the date of the rescheduled Court hearing was yet to be announced.

However, the company said it was "continuing to explore options" to settle the Kysen debt or agree to an extension of payment terms. Kysen made an application to open creditor protection proceedings, claiming UAH 2.2m (£44,641).

Ferrexpo shares fell after it was slapped with a court order in Ukraine. The state prosecutor was looking to freeze the bank accounts belonging to its Ferrexpo Poltava Mining subsidiary as a result of an ongoing police investigation concerning the alleged illegal extraction of minerals.

"Ferrexpo is working closely with its legal counsel and other advisers to consider and address the situation," the company said.

As of 0920 GMT, Ferrexpo shares were down 6.57% at 51.39p.

Reporting by Iain Gilbert at Sharecast.com