Ferrexpo shareholders approve DPS of USc 13.2 at AGM

Shareholders of Ukraine’s largest iron ore pellet
exporter Ferrexpo (FXPO LN) approved the final ordinary dividend of USc 13.2
per share, according to Ferrexpo’s statement on the results of its 2021 AGM
held on May 27.

 

Recall, Ferrexpo intended to pay the final dividend on July 1,
with the record date for the payment being June 18.

 

Ferrexpo’s board of directors chair Lucio Genovese was
re-elected to the board at the AGM with 80% of total votes cast. Among the
independent shareholders, Genovese gathered 52% of votes cast.

 

The majority owner and former CEO Kostyantyn Zhevago
was also re-elected to Ferrexpo’s board (74% of all votes, 35% of independent
shareholder votes).

 

Jim North, Ferrexpo’s acting CEO, was re-elected to
the board with 99.7% of total votes and 99.3% among independents.

 

The independent directors elected to Ferrexpo’s board
were Ann-Christin Andersen (99.9% and 99.9%), Graeme Dacomb (99.9% and 99.7%),
and Fiona MacAulay (93.9% and 85.4%).

 

Only 46% of independent shareholders voted for
re-election of Vitalii Lisovenko as an independent director. Ferrexpo said that
it intends to hold a second vote for Lisovenko’s re-appointment within 90 to
120 days after the AGM.

 

Dmytro Khoroshun: Ferrexpo’s
dividend payment for its 2021 financial year is likely to be substantial,
possibly approaching USc 85.8 per share declared for 2020.

 

Chair Genovese’s re-election support among Ferrexpo’s
independent shareholders dropped substantially to only 52% from 97% a year ago. The
independent shareholders continued to vote against majority owner Zhevago’s
re-election (only 35% in favor, compared with 20% a year ago).

 

However, acting CEO North continues to enjoy strong
support from Ferrexpo’s independent shareholders.