28 October 2016
Wigmore Street Investments No. 3 Limited, second largest (after Mr. Zhevago) shareholder of Ferrexpo sold 45% of its existing stocks in the company through the placement to institutional investors. Before placement the share of Wigmore in Ukrainian miner was at 24%, after the deal it is to decrease to 13.2%.
Mr. Konstantin Zhevago remains principal shareholder of the company with the share of slightly above 50%.
After placement has been announced share price of Ferrexpo dropped by about 20%, offsetting its current weekly gains (from GBP 109 on October 21 to GBP 128 on October 27 close). Even taking into account today’s drop, since July 1 share price of Ferrexpo more than trippled (from GBP 31.5). As placement was not anticipated, it can be the case that investors overreacted, so under current market fundamental we do not further significant decline of Ferrexpo share price.
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