LONDON (dpa-AFX) - Ferrexpo Plc (FXPO.L), an iron ore pellet producer, announced Tuesday that it has been informed of a ruling in relation to the claim made to invalidate a share purchase agreement concluded in 2002 in respect of shares in Ferrexpo Poltava Mining or FPM in Ukraine.
Pursuant to the 2002 share purchase agreement, a 40.19 percent stake in FPM was sold to nominee companies that were at that time owned by Ferrexpo's controlling shareholder.
In May 2021, the court of first instance ruled in favour of Ferrexpo AG, a unit of Ferrexpo, and dismissed the Claim, with an appeal filed by the claimants in June 2021.
Ferrexpo now said it has now received a judgement from the appeal court in respect of the Claim, which states that the share purchase agreement concluded in 2002 is invalid and the 40.19 percent stake in FPM shall be transferred to the claimants.
Ferrexpo plans to proceed with protecting its interests and its shareholders, and is exploring all options, including its right to appeal this decision to the Supreme Court of Ukraine.
Based on the appeal court's judgement details, Ferrexpo sees that Ferrexpo AG has compelling arguments to defend its position.
In London, Ferrexpo shares were trading at 146.38 pence, down 3.5 percent.
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