Part of shares of Ferrexpo might be sold
Ferrexpo studies a plan of actions after the wreck of the affiliated bank. According to Sunday Times, among the possible variants is the sale of a stake in the company.
Ferrexpo will hold an extraordinary meeting of the Board of Directors so as to determine a plan of action after its bank has been proved bankrupt.
Among the considered measures are the expenditure reduction, sale of the company’s stake as well as the attraction of a consultant to hold restructuring.
On Friday the company’s shares fell by a third on the LSE to £0.4. The capitalization of Ferrexpo fell to £280 mln. In 2011 the shares of Ferrexpo reached £4.99.
It is not clear if Ferrexpo is able to return the funds from its accounts in the bank “Finance and credit” which belongs to the major shareholder of the company, K. Zhevago.
