A Ukrainian court has set a 50.3% limit on Ferrexpo Poltava Mining shares owned by Ferrexpo AG Switzerland, the sole shareholder of the enterprise.

"Ferrexpo advises that a Ukrainian court has placed a restriction covering 50.3% of the shares in Ferrexpo Poltava Mining (FPM) held by Ferrexpo AG Switzerland, the sole shareholder in FPM. Ferrexpo AG has appealed this court order," Ferrexpo said on its website.

"The restriction does not affect ownership of the shares but prohibits their transfer. The group believes this restriction is temporary and is in connection with ongoing matters in Ukraine involving Kostiantyn Zhevaho and one of the businesses he owned until 2015 (Bank Finance and Credit). Ferrexpo's operations remain unaffected and continue as normal. Furthermore, Ferrexpo AG has no intention, and never has had any intention, to transfer its shareholding in FPM," the press release reads.

"The board of Ferrexpo believes that an appeal should be successful given the advice received that the order has no proper or reasonable basis under Ukrainian law," according to the document.