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company and its shareholders.” Namely, the company has not been able “to utilize its listing to raise finance” for several years, while it is carrying costs related to the listing of about USD 0.6 mln annually. Also, the company’s size of free float is below the threshold required by listing rules (25%). The company is planning no alternative listing, but “will seek to arrange a matched bargain trading facility” to provide shareholders with a platform for shares trading after the delisting from the LSE.
JKX shares were traded between GBP 0.185 and 0.545 in 2021, and traded at about GBP 0.42 over the last three sessions before the announcement.
8.4 International ratings
Ukraine’s credit ratings have been improving but the country is still rated junk by the three main agencies.
Moody’s rates Ukraine at Caa1 with stable outlook on its foreign currency debt. The local debt is also rated at Caa1.
Moody’s last upgraded Ukraine from Caa2 (Positive) in August 2017 as the country emerged from an economic meltdown that year. The lowest rating the country had was Ca (Negative) in March 2015 in the wake of the Euromaidan protests that ousted president Viktor Yanukovych. The highest the country has scored was B1 (positive) in August 2008 as the entire region boomed before the global financial crisis struck that autumn.
Fitch rates Ukraine at B- on its foreign currency debt with no outlook indicated. The local debt is also rated at B- (none).
Fitch has become more cautious on Ukraine having removed its positive outlook call in December 2018. But the ratings have general recovered from Fitch “restricted default” rating in October 2015, following the Maidan events. The highest rating the country has had from Fitch was a BB- (positive) first awarded in May 2005 and again in October 2006, during a year-long investment frenzy when foreign banks bought up banks in the country believing the country was about to take off.
49 UKRAINE Country Report November 2021 www.intellinews.com