International Ferro Metals Update on Business Recuse Process

 
TIDMIFL 
 
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: [phone] 
 
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. 
 
 
 
END 
 

(END) Dow Jones Newswires

May 19, 2016 09:47 ET (13:47 GMT)