International Ferro Metals Approval of Amended BRP
24 Mars 2016 - 3:04PM
UK Regulatory
TIDMIFL
24 March 2016
International Ferro Metals Limited
("IFL" or the "Company")
Approval of Amended Business Rescue Plan
Further to the announcement released by the Company on 18 March 2016, IFL
announces that the Amended Business Rescue Plan ("Plan") in respect of its
South African subsidiary, International Ferro Metals (SA) (Pty) Limited
("IFMSA") proposed by the Business Rescue Practitioner ("BRP") and available on
the Company's website, has been unanimously approved by creditors. The BRP will
now seek to execute the relevant sale agreements with Samancor Chrome Limited
("Samancor") as quickly as possible.
The amended Plan provides an illustration and estimate of the potential
distribution to creditors of IFMSA, and based on the Plan's distribution
schedule, 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 Tel: +27 14 574 6302
Chris Jordaan, Chief Executive Officer
Numis Securities Limited Tel: +44 (0) 20 7260 1000
James Black / John Prior / Paul Gillam
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.
END
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