Ferrexpo is suspending its listing on the London Stock Exchange effective May 1

Ferrexpo, an iron ore producer with assets in Ukraine, has announced the suspension of the listing and trading of its shares on the London Stock Exchange effective 7:30 a.m. on May 1 of this year. This was stated in the company’s press release.

The suspension will remain in effect until the completion of the audit and the publication of the annual report and financial statements for 2025, which will require the implementation of the relevant financing decision.

The company intends to continue preparations for the planned fundraising as soon as possible; however, there is no certainty regarding the expected timing of the lifting of the suspension of listing and the resumption of trading in shares, if it happens at all, the statement said.

As noted, Ferrexpo has received indicative, non-binding expressions of interest from institutional investors in a potential recapitalization of over $100 million. However, the company will not be able to complete this by the end of April and publish last year’s report on time.

Ferrexpo had previously warned of the risk of bankruptcy if it cannot raise new capital in the near future to support liquidity and operations. The company considers an additional share issuance raising at least $100 million to be the only viable solution for meeting current obligations and ensuring sufficient working capital for short-term operational needs over the next 18 months.

Ferrexpo noted that without the successful completion of the fundraising, the group will have sufficient available cash only until approximately the end of August 2026.

“At this stage, there is no certainty that the group will successfully implement any financing solution. The planned fundraising, if carried out, will be the subject of a further announcement, including the full terms of the planned transaction,” Ferrexpo said in a new statement.

As a reminder, based on first-quarter results, Ferrexpo reduced its iron ore production by 72% year-on-year – to 592,750 metric tons. Compared to the previous quarter, the figure decreased by 45%. In January–March, the company’s production activities were largely suspended due to Russian attacks on Ukraine’s energy sector. A limited resumption of operations at reduced capacity levels occurred only at the end of February.