International Ferro Metals Directorate Change

 
TIDMIFL 
 
25 May 2016 
 
International Ferro Metals Limited 
 
                           ("IFL" or the "Company") 
 
                              Directorate Change 
 
IFL announces that Chris Jordaan, Chief Executive Officer, will step down and 
become a Non-Executive Director of the Company, with effect from 31 May 2016. 
The business rescue practitioner of the Company's South African subsidiary, 
International Ferro Metals (SA) (Pty) Ltd ("IFMSA"), requires Mr Jordaan to 
oversee the operations of IFMSA and to assist with the implementation of the 
business rescue plan and the transaction documents contemplated therein, in 
order to ensure the successful business rescue of IFMSA. As a result, from the 
1st June, Mr Jordaan will be employed solely by IFMSA on a limited duration 
contract, in order to fulfil the requirements of the business rescue plan. Mr 
Jordaan's notice period and any rights to termination payments have been waived 
and his participation in the Company's long-term incentive scheme will lapse 
with immediate effect. The Company's day-to-day activities are limited, and as 
such, the Board does not intend to appoint a new Chief Executive Officer in the 
short-term. 
 
                                    - ENDS- 
 
For further information please visit www.ifml.com or contact: 
 
International Ferro Metals Limited 
 
Jannie Muller, Finance Director          [phone] 
 
Wayne Kernaghan, Company Secretary       [phone] 
 
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 
 

(END) Dow Jones Newswires

May 25, 2016 02:08 ET (06:08 GMT)