Ferrexpo to delay results publication due to discrepancies review

Ukraine’s largest iron
ore pellet exporter Ferrexpo (FXPO LN, FXPOLN) reported in a March 19
statement that the release of its 2018 results, previously planned for March
20, will be delayed up to April 3. The delay is caused by the ongoing
independent review of Blooming Land, a charity whose primary function is to
coordinate Ferrexpo’s corporate social responsibility program.

Ferrexpo said that the preliminary work of the
advisers to its independent review committee has identified several
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.

Dmytro Khoroshun: We continue to think that these
developments will not affect Ferrexpo’s ability to draw down up to USD 205 mln
of a PXF loan it has available, and in time to redeem USD 173 mln of its
Eurobond and pay the final USD 9 mln coupon on April 7.