Ferrexpo PLC

AGM Information • May 22, 2025

National Storage Mechanism | Additional information

RNS Number : 8278J

Ferrexpo PLC

22 May 2025

22 May 2025

Ferrexpo plc

("Ferrexpo", the "Company" or the "Group")

Results of Annual General Meeting

The results of voting at Ferrexpo's Annual General Meeting ("AGM") held today, 22 May 2025, are summarised below.  All Resolutions were voted by way of a poll.

As announced on 30 April 2025, following a l etter of no circumstance from the Company's auditor, MHA, notifying the Company of the transition to a new legal audit entity, MHA Audit Services LLP, a procedural ordinary resolution was put to the AGM today. The result of the procedural resolution is set out below:

Voting Results - procedural resolution

	For/Discretion		Against		Total votes cast	Votes withheld1
Resolution	No. of votes	% of votes cast2	No. of votes	% of votes cast2	No. of votes	No. of votes
To amend resolution 3: To re-appoint MHA Audit Services LLP as the Company's auditors to hold office until the conclusion of the next general meeting at which the Annual Report and Accounts are to be laid before the Company.	421,728,053	99.84	659,897	0.16	422,387,950	56,834

As stated in the Company's AGM Notice and under UK Listing Rule 6.2.8, a resolution to elect or re-elect an Independent Director must be passed by both a majority of the independent shareholders (excluding the Company's controlling shareholder) and a majority of all shareholders. In order to determine this, votes cast by the independent shareholders were counted separately in respect of the election or re-election of Fiona MacAulay, Stuart Brown and Vitalii Lisovenko and the results of that separate count are set out below.

Voting Results

	For/Discretion			Against		Total votes cast	Votes withheld1
Resolution	No. of votes		% of votes cast2	No. of votes	% of votes cast2	No. of votes	No. of votes
1.   To receive the 2024 Report and Accounts	421,585,998		99.95	198,690	0.05	421,784,688	1,046,901
2.   To approve the Remuneration Report (apart from the remuneration policy)	416,768,827		98.58	6,017,186	1.42	422,786,013	45,576
3.   To re-appoint MHA Audit Services LLP as the Company's auditors	422,114,858		99.84	659,897	0.16	422,774,755	56,834
4.   To authorise the Audit Committee to determine the auditors remuneration	422,552,260		99.94	239,315	0.06	422,791,575	40,014
5.   To re-elect Stuart Brown as a director	All	421,211,390	99.63	1,562,470	0.37	422,773,860	57,729
Independent	126,217,704	98.78	1,562,470	1.22	127,780,174	57,729
6.   To re-elect Nikolay Kladiev as a director	420,526,411		99.47	2,244,949	0.53	422,771,360	60,229
7.   To re-elect Lucio Genovese as a director	354,966,098		84.76	63,807,253	15.24	418,773,351	4,058,238
8.   To re-elect Vitalii Lisovenko as a director	All	354,846,822	84.27	66,243,542	15.73	421,090,364	1,741,225
Independent	59,853,136	47.47	66,243,542	52.53	126,096,678	1,741,225
9.   To re-elect Fiona MacAulay as a director	All	412,842,860	97.65	9,931,826	2.35	422,774,686	56,903
Independent	117,849,174	92.23	9,931,826	7.77	127,781,000	56,903
10. To grant the directors' authority to allot shares	122,610,633		29.00	300,181,505	71.00	422,792,138	39,451
11. To grant the directors' authority to disapply pre-emption rights	122,949,552		29.08	299,821,217	70.92	422,770,769	60,820
12. To renew the authority for the Company to make market purchases of its own shares	417,153,806		98.71	5,461,571	1.29	422,615,377	216,212
13. To approve a 14 clear days' notice period for a general meeting other than an AGM	420,026,418		99.34	2,776,262	0.66	422,802,680	28,909

1.    A vote withheld is not a vote in law and is not counted in the calculation of votes validly cast for or against a resolution

2.    Excluding votes withheld

Significant Votes Against Resolutions

The Board of Ferrexpo notes that there were a significant proportion (more than 20%) of votes cast against the resolutions to grant the directors authority to allot shares and to grant the directors authority to disapply pre-emption rights, and ultimately these resolutions did not pass.  The Board of Ferrexpo understands that this voting outcome was primarily as a result of the Company's largest shareholder not wanting to incur further dilution to its voting interest in the Company. There were also a significant proportion (more than 20%) of votes cast against the re-election of one of our Company directors based on the outcome of the votes of the independent shareholders.

The Board will consult and engage with shareholders to better understand the reasons behind these votes and will publish an update of its shareholder engagement within six months of today's AGM.

As the re-appointment of Vitalii Lisovenko, as one of the Independent Non-executive Directors, did not receive the requisite votes required for re-appointment by a majority of the independent shareholders, the Company may, in accordance with the UK Listing Rules, put the matter to a second vote of all shareholders to be held between 90 and 120 days after the AGM.  Pending the second vote, Mr Lisovenko shall remain a member of the Board of Ferrexpo for the period from the date of the AGM until the earlier of (a) the conclusion of any second vote, (b) the date 120 days after the AGM and (c) the date of any announcement by the Board that it does not intend to hold a second vote.  If Mr Lisovenko's re-election is approved by a majority vote of all shareholders at the second vote, he will then be re-elected until the next AGM.

The Board currently intends to hold a second vote for the re-appointment of Mr Lisovenko as the Directors believe his expertise and contribution as a director is important for the Company. Further announcements will be made in due course.

Further Disclosures

As at the date of the AGM, the Company's issued share capital (excluding treasury shares) consisted of 598,137,142 Ordinary Shares carrying one vote each. Therefore, the total number of voting rights as at the date of the AGM was 598,137,142.

In accordance with UK Listing Rule 6.4.2R, Ferrexpo plc has submitted a copy of the resolutions dealing with the special business put to shareholders at the AGM today to the National Storage Mechanism, which will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information, please contact:

Ferrexpo:                     

Nick Bias                         [email protected]             +44 (0)7733 177 831

Tavistock:                    

Jos Simson                     [email protected] +44 (0)20 7920 3150

Gareth Tredway                                                            +44 (0)7785 974 264

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a listing in the equity shares commercial companies category on the London Stock Exchange (ticker FXPO) and a constituent of the FTSE 250 and FTSE4Good indices. The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo's operations have been supplying the global steel industry for over 50 years. Before Russia's full-scale invasion of Ukraine in February 2022, the Group was the world's third largest exporter of pellets. The Group has a global customer base comprising of premium steel mills around the world. For further information, please visit www.ferrexpo.com .

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