24 March 2016
International Ferro Metals Limited
(“IFL” or the
“Company”)
Approval of
Amended Business Rescue Plan
Further to the announcement released by the Company on
18 March 2016, IFL announces that the
Amended Business Rescue Plan (“Plan”) in respect of its South
African subsidiary, International Ferro Metals (SA) (Pty) Limited
(“IFMSA”) proposed by the Business Rescue Practitioner (“BRP”) and
available on the Company’s website, has been unanimously approved
by creditors. The BRP will now seek to execute the relevant sale
agreements with Samancor Chrome Limited (“Samancor”) as quickly as
possible.
The amended Plan provides an illustration and estimate of the
potential distribution to creditors of IFMSA, and based on the
Plan’s distribution schedule, 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
Tel: +27 14 574 6302
Chris Jordaan, Chief Executive
Officer
Numis Securities
Limited
Tel: +44 (0) 20 7260 1000
James Black / John Prior / Paul
Gillam
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.