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Ferrexpo's Zhevago in £35m share sale
Mon, 01 Dec, 2008
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Ferrexpo's Zhevago in £35m share sale
Thu, 18 Sep 2008, 15:54:00
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Konstantin Zhevago, a non-executive director at Ferrexpo, pocketed a whopping £35.7m when he offloaded part of his stake in the Ukraine-focused iron ore producer.<br /><br />He sold more than 21m shares at 167.4p a time, but still has over 422m shares in the company, which amounts to 71.49%, compared with 72.67% previously. <br /><br />Ferrexpo's shares plummeted since the middle of the year in line with a weaker metals market. The reduction in its market capitalisation saw it ejected from the FTSE 100 in the latest reshuffle. <br /><br />In June, several directors sold stakes in the company, taking about 415p to 425p a share.<br /><br />Since then metals prices have fallen sharply largely due to concerns that a slowing global economy will hit demand. <br /><br />Steelmakers have been pressuring iron ore producers not to continue raising prices, citing a slowdown in demand for steel. China's Iron and Steel Association recently described an attempt by Brazilian iron ore giant Vale to raise contract iron ore prices for the second time this year as 'unreasonable, going against international negotiation rules.'<br /><br />Last month, Ferrexpo remained bullish about the iron ore outlook.<br /><br />"The global market for iron ore, and in particular iron ore pellets, remains strong, driven principally by demand for iron and steel from industrialising nations such as China, and despite record benchmark iron ore price settlements in the first half of 2008," the company said.<br /><br />Aside from his business interests, Zhevago has been a member of Ukraine's parliament since 1998. He belongs to the party of the prime minister Yuliya Tymoshenko.<br /><br /><b>Top Director Buys</b><br />Metnor Group (MTG) <br />Director name: Mr Stephen Rankin<br />Amount purchased: 500,000 @ 125.00p <br />Value: £625,000<br /><br />Panceltica Holdings (PANC) <br />Director name: Mr Ben Bright<br />Amount purchased: 97,500 @ 100.50p <br />Value: £97,988<br /><br />Ladbrokes (LAD) <br />Director name: Mr Nicholas M H Jones<br />Amount purchased: 20,000 @ 210.00p <br />Value: £42,000<br /><br />New World Resources (NWR) <br />Director name: Mr Miklós (Mike) Salamon<br />Amount purchased: 5,000 @ 717.50p <br />Value: £35,875<br /><br />Dawson Holdings (DWN) <br />Director name: Mr Peter Harris<br />Amount purchased: 25,000 @ 60.50p <br />Value: £15,125<br /><br />Dawson Holdings (DWN) <br />Director name: Mr Hugh Cawley<br />Amount purchased: 25,000 @ 60.50p <br />Value: £15,125<br /><br /><br /><b>Top Director Sells</b><br />Ferrexpo (FXPO) <br />Director name: Mr Kostyantin Zhevago<br />Amount sold: 21,343,332 @ 167.40p <br />Value: £35,728,738<br /><br />General Electric (GEC) <br />Director name: Mr John G. Rice<br />Amount sold: 14,184 @ € 16.87 <br />Value: € 239,285<br /><br />General Electric (GEC) <br />Director name: Mr Michael A. Neal<br />Amount sold: 11,054 @ € 16.87 <br />Value: € 186,482<br /><br />General Electric (GEC) <br />Director name: Mr Pamela Daley<br />Amount sold: 3,062 @ € 16.87 <br />Value: € 51,656<br /><br />General Electric (GEC) <br />Director name: Ms Kathryn Cassidy<br />Amount sold: 1,106 @ € 16.87 <br />Value: € 18,658<br />
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