Ironveld PLC Update on Strategic Review (0485O)

TIDMIRON

RNS Number : 0485O

Ironveld PLC

30 September 2019

IRONVELD PLC

("Ironveld" or the "Company")

Update on Strategic Review and Cash Position

Appointment of Nominated Adviser

Ironveld plc is pleased to announce that it has engaged positively with several parties interested in potentially making an offer to purchase all or part of the Company's assets. The parties with whom Ironveld has entered into confidentiality agreements have held discussions with management and conducted visits to the Company's site. Ironveld expects to advance these discussions in the coming weeks.

In the meantime, the Company has moved to rationalise its cost base in both South Africa and the UK and, further to the announcement of 19 February 2019, now has sufficient cash resources to enable it to operate until the end of January 2020, by which time it hopes to have concluded the strategic review.

The Company is also pleased to announce that it has appointed finnCap Ltd as it Nominated Adviser. finnCap continues to act also as Ironveld's financial adviser in respect of the strategic review.

For further information, please contact:

 
Ironveld plc                                         c/o Camarco 
 Giles Clarke, Chairman                               [phone] 
 Peter Cox, Chief Executive 
finnCap (Nominated Adviser) 
 Christopher Raggett / Hannah Boros                  [phone] 
Camarco 
 Gordon Poole / Kimberley Taylor / Thayson Pinedo    [phone] 
 

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

finnCap Ltd, is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of the Company or for providing advice in relation to the matters described in this announcement.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

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September 30, 2019 02:02 ET (06:02 GMT)