All money lost for share holders31 Mar 2016 16:35
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".