# FERREXPO plc AGM Statement and Board Appointment

- Link: https://www.directorstalkinterviews.com/ferrexpo-plc-agm-statement-and-board-appointment/412784393
- Published: 2019-06-07T07:21:38+01:00
- Author: Giles Arbor

**FERREXPO plc** (LON: FXPO) has announced that it is releasing the following update
as part of its Annual General Meeting which is being held today.

**Trading update**

Group EBITDA in 1H 2019 is expected to increase materially compared with 1H 2018.
Year to date, the improvement in profitability has been driven by higher pricing,
production and sales volumes compared to 1H 2018. While the average C1 cost of production
is likely to increase in 1H 2019 compared with 1H 2018, cost inflation has been 
lower than expected due to a fall in the Brent oil price and the European gas price
partially offset by an appreciation of the Ukrainian Hryvnia versus the US Dollar.

**Board appointment**

Ferrexpo is pleased to announce that, as of 10 June 2019, Graeme Dacomb will be 
appointed to the Board as an independent non-executive director chairing the Audit
Committee and will be a member of the Independent Review Committee which is looking
into matters relating to Blooming Land.

Mr Dacomb was a partner at Ernst and Young (EY) for 26 years where, for his last
twelve years, he was a lead partner in the extractive industry, responsible for 
coordinating the provision of a full suite of services to multinational mining and
oil and gas clients including Xstrata, Fresnillo, and BP across a broad range of
countries including emerging markets. In addition to audit services, he provided
critical advice for his clients on corporate governance structures, risk management,
acquisitions, disposals and financial systems and controls.

From 2011 to 2018, Mr Dacomb was a member of the Financial Reporting Review Panel.

There are no other matters that require notification in respect of Mr Dacomb pursuant
to LR 9.6.13.

**Steve Lucas, Chairman of Ferrexpo plc, said:**

> “Ferrexpo continues to be well positioned to supply a high quality iron ore product
> to the top steel mills in the world receiving a record price premium for its product.
> The Group’s balance sheet remains strong with net debt expected to further reduce
> compared to 31 December 2018.
> The Independent Review into how Ferrexpo’s donations to a third party charity 
> in Ukraine were used remains ongoing. The Company will make an announcement to
> shareholders when the Independent Review Committee completes its work. To date,
> after a significant amount of work on the part of our forensic accountants and
> legal advisors, there has been no conclusive evidence of any wrongdoing.
> I am very pleased to announce the appointment of Graeme Dacomb as an independent
> director of the Ferrexpo Board chairing the Audit Committee. The appointment of
> someone of Graeme’s calibre underlines the Board’s commitment to the highest standards
> of corporate governance and underpins our confidence in the Group’s future business
> prospects. Graeme is well known and respected amongst his former clients and peers
> for his collaborative, supportive and culturally aware working style. I believe
> he has the right balance of expertise including industry and emerging market knowledge.
> I look forward to the valuable contribution that I’m sure he will make.
> As previously stated Ferrexpo intends to make further Board appointments in due
> course. We are also in the process of appointing a new auditor. The new Chair 
> of the Audit Committee will oversee this process.”

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