19 May 2016
International
Ferro Metals Limited
(“IFL” or the
“Company”)
Update on Business
Rescue Process
As previously announced by the Company on 24 March 2016,
the amended business rescue plan in respect of its South African
subsidiary, International Ferro Metals (SA) (Pty) Limited
("IFMSA"), has been approved by creditors. Conditional sale
agreements have been entered into with Samancor Chrome Limited
(“Samancor”). The conditions are being fulfilled and are expected
to be completed by the calendar year end. IFL confirms that the
sale agreement to dispose of the equity of Sky Chrome Proprietary
Limited has been signed. Completion of the equity sale is also
subject to a number of conditions precedent being fulfilled,
including that the Sale of Business Agreement and Sale of Mining
Right Agreement (both part of the amended business rescue plan)
have been implemented. Based on the latest distribution schedule it
is now clear that there will be no distribution to shareholders at
the conclusion of this process.
The Company is still not in a position to release its financial
results for the year ended 30 June
2015 and interim accounts to 31
December 2015 and its shares remain suspended.
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
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.