International Ferro Metals Sale of Business

 
TIDMIFL 
 
23 August 2016 
 
 
International Ferro Metals Limited 
 
                           ("IFL" or the "Company") 
 
                          Sale of Business Completed 
 
Further to the announcement released by the Company on 24 March 2016, IFL 
announces that all the conditions to the sale of the business and assets of its 
South African subsidiary, International Ferro Metals (SA) (Pty) Limited 
("IFMSA") have now been fulfilled. The sale has been completed for a 
consideration of ZAR300 million with the balance of ZAR10 million payable upon 
transfer of the immovable properties. The proceeds will be distributed to 
creditors of IFMSA in accordance with the amended business rescue plan. 
 
The remaining transactions, for which conditions are in the process of being 
fulfilled, are as follows: 
 
  * ZAR140 million for the IFMSA mining right and beneficiation plant; and 
 
  * ZAR70 million for IFMSA's claims against Sky Chrome and IFL's sale of Sky 
    Chrome's equity for ZAR100 
 
The outstanding conditions include obtaining regulatory approvals, specifically 
ministerial approval for the transfer of mining rights, and consents of other 
parties to certain material contracts, which are usual for transactions of this 
nature. 
 
The Company reiterates that 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 
 
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

August 23, 2016 05:01 ET (09:01 GMT)