The main owner and head of the "Kernel" agricultural holding, Andriy Verevsky, received 230 million 270,035 thousand rubles after an additional issue of shares of the Ferrexpo mining company with major assets in Ukraine. her shares, which give him 21.99% of the votes, are said. With Ferrexpo's semi–annual report, the voting share of the largest shareholder, Fevamotinico S.a.r.l., wholly owned by The Minco Trust, whose beneficiaries are Konstantin Zhevago and two other members of his family, decreased to 45.3% of the issued share capital with voting rights (excluding its own shares) from 49.3% at the beginning of the year.
In addition, BlackRock, Inc. announced that, together with related companies, it again controls less than 5% of the votes, as it did before September 14 this year, when it announced that it had received 5% of the votes from Ferrexpo, of which 1.34% were directly related to shares, and another 3.66% were due to financial instruments. 42.3% cheaper than the share price on the London Stock Exchange on April 30 this year, whereas on the day of the fees, trading closed at 28.28 pence, and now the shares are already quoted at 34.30 pence apiece.
Ferrexpo noted that new shares accounted for approximately 73.1% of the company's existing shares before raising funds. It was expected that after the completion of the fundraising, the owner of "Kernel" would have 21.44% of the increased share capital.
The company clarified that after admission to trading, its total issued share capital will consist of 1 billion 62 million 816.44 thousand of which gives the right to one vote, but 15 million 830,814 thousand shares are still treasury shares, so they do not have voting rights. Based on this information, Verevsky's share in the authorized capital, including treasury shares, is about 21.67%.
Ferrexpo announced an agreement on additional capitalization on September 3-4 this year. As of August 28, the company's cash position had decreased to about $26.4 million, and after deducting lease obligations, it amounted to about $17.8 million, compared with $21 million in the middle of this year and $47 million at the beginning of the year, which was enough for the company to operate only by the end of October. The funds raised will be used primarily to restore temporarily shut down mining and processing operations in Ukraine, restore deferred expenses in all operations, in particular repairs and maintenance, and maintain financial flexibility due to the ongoing uncertainty of operations in Ukraine.
For recapitalization, the board of directors negotiated with Fevamo shares below the level of 45.2% of the authorized capital, although this would reduce the risks for Ferrexpo from its connection with Zhevago, which is under Ukrainian sanctions. The largest shareholder also stipulated that as a result of the recapitalization, no one except Verevsky would have a stake of more than 15%.
As for Verevsky, his requirement as an anchor investor was Ferrexpo's refusal from any alternative fundraising through shares or other transaction.
Conducted through an accelerated share book formation process, Panmure Liberum Limited and Peel Hunt LLP acted as joint global coordinators and bookrunners. GOK.
Ferrexpo completed the first half of 2026 with a net loss of $14.9 million, which is 13.2 times less than in the first half of 2025. The company's revenue decreased 2.3 times to $196 million
The London Stock Exchange (LSE) has suspended trading in Ferrexpo shares since early May due to the company's inability to publish its annual financial statements on time, which resumed on September 7.
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