Ferrexpo appoints NWR representatives to board

Ferrexpo (FXPO LN) approved of the appointment of New World Resources Executive Chairman Mike Salamon and NWR Executive Director and CFO Marek Jelinek to the company’s board of directors as non-independent non-executive directors with immediate effect, according to an RNS release dated yesterday. In turn, NWR shareholders, at their AGM on April 28, are still due to consider the nomination of Ferrexpo controlling shareholder and CEO Konstantin Zhevago to NWR’s board as a non-independent non-executive director. Eugene Cherviachenko: We reiterate our view that RPG Industries, a common shareholder in both NWR and Ferrexpo, will offer its 24.99% stake in Ferrexpo to NWR again at a later date when the Ferrexpo’s share price revives (see our January 23 and March 26, 2009 notes).