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Ferrexpo sells 20.8% stake to RPGI

Ferrexpo sells 20.8% stake to RPGI

7 October 2008

According to a Ferrexpo (FXPO LN: BUY) release yesterday, 122,364,280 ordinary shares (20.8%) owned by Fevamotinico were sold to RPGI at 83 pence per share. RPGI is the majority shareholder of Czech coal producer New World Resources. Andriy Gerus: The sale was affected under terms of Fevamotinico’s loan from JPMorgan, specifically a margin call that presumably had to be fulfilled immediately. Thus, JPMorgan took control of the shares, found the buyer and agreed on a price to pay off the loan. Following the deal, Fevamotinico will retain a 51% stake in Ferrexpo and control over the company. According to Ferrexpo’s official statement, the sale has no bearing the company’s business and strategic plans.

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