23 August
2016
International
Ferro Metals Limited
(“IFL” or the
“Company”)
Sale of Business
Completed
Further to the announcement released by the Company on
24 March 2016, IFL announces that all
the conditions to the sale of the business and assets of its South
African subsidiary, International Ferro Metals (SA) (Pty) Limited
(“IFMSA”) have now been fulfilled. The sale has been completed for
a consideration of ZAR300 million
with the balance of ZAR10 million
payable upon transfer of the immovable properties. The proceeds
will be distributed to creditors of IFMSA in accordance with the
amended business rescue plan.
The remaining transactions, for which conditions are in the
process of being fulfilled, are as follows:
The outstanding conditions include obtaining regulatory
approvals, specifically ministerial approval for the transfer of
mining rights, and consents of other parties to certain material
contracts, which are usual for transactions of this nature.
The Company reiterates that it is not likely that IFL
shareholders would receive any distribution from the conclusion of
the business rescue process.
Further announcements in relation to the Business Rescue process
will be released in due course.
- ENDS-
For further information please visit www.ifml.com
or contact:
International Ferro Metals Limited
Jannie Muller, Finance Director
+27 82 785 1364
Wayne Kernaghan, Company
Secretary +61 407
233 153
About International Ferro Metals:
International Ferro Metals produces ferrochrome, the essential
ingredient in stainless steel, from its integrated chromite mine
and ferrochrome processing operations in South Africa.
International Ferro Metals is listed on the London Stock Exchange
under the symbol IFL.
Forward Looking Statements
This announcement contains certain forward looking statements
which by nature, contain risk and uncertainty because they relate
to future events and depend on circumstances that occur in the
future. There are a number of factors that could cause actual
results or developments to differ materially from those expressed
or implied by these forward looking statements.