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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ironveld Plc | LSE:IRON | London | Ordinary Share | GB0030426455 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.002 | 3.08% | 0.067 | 0.064 | 0.07 | 0.067 | 0.065 | 0.065 | 50,818,659 | 14:12:30 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Scrap & Waste Materials-whsl | 103k | -435k | -0.0001 | -7.00 | 2.75M |
TIDMIRON
RNS Number : 6579X
Ironveld PLC
31 August 2022
Ironveld Plc
("Ironveld" or the "Company")
Completion of Acquisition
Ironveld (AIM: IRON) is pleased to announce that it has signed the Share Purchase Agreement ("SPA") to acquire 100 per cent of the share capital of Ferrochrome Furnaces (Pty) Limited ("FCF") which will provide Ironveld with an existing smelting facility and the opportunity to commence mining and processing in the short term.
Acquisition of FCF
Ironveld, through its subsidiary company Ironveld Smelting Proprietary Limited ("Ironveld Smelting"), has entered into an agreement with the shareholders and the Business Rescue Practitioner of FCF to acquire the entire share capital of FCF for a nominal fee of ZAR 980 (approximately GBP50).
Ironveld intends to change the name of FCF to Bokone Smelting Pty Limited in due course to reflect the regional heritage of its operations, given that 'Bokone' translates as 'North' in the Tswana and Sepedi languages.
The only condition precedent in the SPA is the signing of a Debt Purchase Agreement between Ironveld Smelting and the sole creditor of FCF for a total of ZAR 115 million (approximately GBP5.75 million) and this condition precedent is expected to be completed in the next two to four weeks.
Operational Update
The industrial cleaning work has now been successfully completed at the smelter and the initial works programme as outlined in the announcement dated 11 August 2022 continues as planned.
For further information, please contact:
Ironveld plc c/o BlytheRay Martin Eales, Chief Executive Officer 020 7138 3204 finnCap (Nomad and Broker) Christopher Raggett Charlie Beeson 020 7220 0500 Turner Pope (Joint Broker) Andy Thacker James Pope 020 3657 0050 BlytheRay Megan Ray Tim Blythe 020 7138 3204
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(END) Dow Jones Newswires
August 31, 2022 02:00 ET (06:00 GMT)
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