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Ferrexpo PLC said on Tuesday it received a negative judgement from an appeal court in Ukraine regarding a claim made to invalidate a share purchase agreement from 2002.
The claim is in respect of a 40% stake in Ferrexpo Poltava Mining which was sold to companies that were, at the time, owned by a controlling shareholder of the company.
The court has ruled the share purchase agreement is invalid and thus the 40% stake in Ferrexpo Poltava Mining will be transferred to the unnamed claimants.
Ferrexpo said it has ‘compelling arguments’ to defend its position and said it will proceed with ‘project the interests of the company and its shareholders’.
This, it explained, included its right to appeal the decision in the Supreme Court of Ukraine.
Shares in Ferrexpo were down 5.3% at 143.63 pence on Tuesday morning in London.
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