13 September 2016
International Ferro Metals Limited
(“IFL” or the
“Company”)
Resignation of
director
IFL announces that Chris Jordaan,
Non-Executive Director of the Company, has resigned from the board
on 12 September 2016. Mr Jordaan served as Chief
Executive Officer from 1 August 2011 to
31 May 2016, when he stepped down to become a
Non-Executive Director. From 1 June 2016 he was employed
solely by the Company’s South African subsidiary, International
Ferro Metals (SA) (Pty) Limited (“IFMSA”) on a limited duration
contract, to oversee the operations of IFMSA and to assist with the
implementation of the business rescue plan.
On 23 August 2016 IFL announced
that all the conditions to the sale of the business and assets of
IFMSA had been fulfilled, and therefore, the services of Mr Jordaan
are no longer required.
The remaining transactions, for which conditions are in the
process of being fulfilled, are:
- the sale of IFMSA’s mining right and beneficiation plant;
and
- the sale of IFMSA’s claims against Sky Chrome and IFL’s sale of
Sky Chrome’s equity.
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.
Tony Grey, Chairman, said: “the
Board would like to thank Chris
Jordaan for his contribution as CEO for the past five years,
during which time the Company experienced exceptionally difficult
market conditions, and to wish him well for the future.”
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.