Ferrexpo shareholders approve $100 mln recapitalization, half provided by Kernel owner Verevsky
Shareholders of mining company Ferrexpo, whose main assets are located in Ukraine, on Monday approved an additional share issue worth approximately $100 million, about $50 million of which will be provided by Kernel agricultural holding owner Andriy Verevsky and another approximately $40 million by Fevamotinico S.a.r.l., associated with Kostiantyn Zhevago and currently Ferrexpo's largest…
On Monday, Ferrexpo shareholders approved a $100 million recapitalization, with half funded by Kernel owner Andriy Verevsky. Verevsky's stake is expected to rise to 21.44% post-fundraising, from 15.27%. Fevamotinico S.a.r.l., tied to Kostiantyn Zhevago, contributed approximately $40 million. The new shares, priced at 16.5 pence each, represent 73.1% of the company's existing shares.
Ferrexpo shares fell 1.29% to 27.452 pence on the London Stock Exchange, with a market capitalization of GBP 166.76 million. The recapitalization will enable Ferrexpo to fund operations in Ukraine temporarily, resume deferred spending, and maintain financial flexibility. The process was conducted through an accelerated bookbuilding method, with BlackRock holding 5% of voting rights, of which 1.34% is direct and 3.66% through financial instruments.
Written by urgent.news from Interfax-Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
