Ferrexpo PLC (LSE:FXPO), the London-listed Ukrainian iron ore producer, expects its shares to be suspended from trading on 1 May after delays to a critical $100 million equity fundraise prevented the company from completing its 2025 annual accounts on time.
The company said it cannot publish its audited results for the year ended 31 December 2025 by the regulatory deadline of 30 April 2026 because the going concern assessment required to finalise the accounts depends on the fundraise being completed first.
Ferrexpo's board has described the equity raise as the only viable solution to meet the group's ongoing obligations and provide sufficient working capital to continue operating at a reduced level for the next 18 months.
The company said it has received indicative, non-binding expressions of interest from institutional investors totalling more than $100 million, but said the conditions attached to their participation cannot be met within the required timeframe.
Fevamotinico, Ferrexpo's largest shareholder with a 49.3% stake, has confirmed support for the fundraise and committed to vote in favour of the shareholder resolutions needed to approve it, provided it can participate on a pro rata basis and the raise does not exceed $100 million.
The company cautioned that there remains no certainty the fundraise will be successfully executed, and gave no guidance on when the share suspension might be lifted.
Ferrexpo operates iron ore pellet production assets in Ukraine and has supplied the global steel industry for more than 50 years.