International Ferro Metals Appointment of Voluntary Administrators

 
TIDMIFL 
 
31 July 2018 
 
International Ferro Metals Limited 
 
                           ("IFL" or the "Company") 
 
                    Appointment of Voluntary Administrators 
 
The Company today announces that Voluntary Administrators have been appointed 
to oversee the affairs of the Company. Philip Campbell-Wilson and John 
McInerney of Grant Thornton Australia Limited have been appointed to act as 
Voluntary Administrators of the Company. The appointment was made pursuant to a 
resolution of the directors of the Company on 31 July 2018 in accordance with 
section 436A of the Corporations Act 2001 (Cth). As the Company is registered 
in Australia it will be subject to the Australian Voluntary Administration 
process. 
 
The Company's South African subsidiary International Ferro Metals SA (Pty) Ltd 
was placed into business rescue in August 2015. Following the sale of the 
subsidiary's assets, it was determined that the Company's shareholders were not 
likely to receive any distribution from the conclusion of the business rescue 
process. 
 
This, combined with the uncertainty around the time of completion of the 
business rescue process and the Company's current financial position, has 
resulted in the directors considering the alternatives available and appointing 
the Voluntary Administrators to protect the interest of stakeholders. 
 
The Company also announces that Jannie Muller, Finance Director of the Company, 
has resigned from the board with immediate effect. The Board would like to 
thank Mr Muller for his contribution to the Company and wishes him well for the 
future. 
 
Trading in the shares of IFL remain suspended on the London Stock Exchange. 
 
                                    - ENDS- 
 
For further information please visit http://www.ifml.com/ or contact: 
 
Grant Thornton Australia Limited 
 
Emily Cramp    Telephone:        [phone] 
 
               Email:            [e-mail] 
 
 
 
END 
 

(END) Dow Jones Newswires

July 31, 2018 07:41 ET (11:41 GMT)