Poltava Iron Ore Restructuring After Ferrexpo IPO

At their AGM on Friday, shareholders of Poltava Iron Ore (PGOK: U/R) took several decisions on restructuring following the IPO of its parent Ferrexpo (FXPO LN: N/R) in June. Shareholders voted to decrease the charter fund of daughter company Ferrotrans to USD 9.3 mln, a technical move connected with transferring the production to Poltava Iron Ore’s blanace sheet. In connection with the transfer of Financial Director Nikolay Goroshko to the same post at Ferrexpo, he was divested of the title of Executive CEO of the company and became a member of the supervisory board. Nikolay Klavdiev, who had been the head of the company’s audit commission, was installed as new Executive CEO. Shareholders appointed Jeffrey Peter Eyre, representative of Ferrexpo, as the new audit commission head.