Last checked at 31 Oct 2018 15:55
AFARAK RECEIVES CLARIFICATION FROM LNS LTD
15:30 London, 17:30 Helsinki, October 31, 2018 - Afarak Group Plc ("Afarak" or "the Company")
AFARAK RECEIVES CLARIFICATION FROM LNS LTD
During the Extraordinary General Meeting of Afarak that will be held on November 12, 2018 Agenda Item 7 will address the Authorisation to the Board of Directors to decide on the repurchase of Afarak Group Plc’s own shares on the grounds of the request of shareholder LNS Ltd (“LNS”) (formerly known with the name Kermas Resources Ltd), owning shares representing more than one tenth of all the shares and votes of the Company.
The Company has received the following adjustment from LNS:
Reference is made to LNS’ request (hereinafter the “Request”) delivered to Afarak Group Plc (hereinafter “Afarak”) on the 21st September 2018 pursuant to Chapter 5 Paragraph 4 of the Limited Liability Companies Act, to convene without delay an Extraordinary General Meeting of Afarak to address the authorization to the Board of Directors to decide on the repurchase of Afarak’s own shares in accordance with the Finnish Securities Markets Act (“Takeover Bid”).
LNS hereby makes the following adjustments to the proposal for a conditional authorisation to be given to the Board of Directors (“Board”):
The share offer price to be paid by Afarak in the Takeover Bid shall be EUR 1.015 per share (“Share Offer Price”). No share consideration as a payment of the Share Offer Price would be available in the Takeover Bid, only the cash consideration of EUR 1.015 per share. For the sake of clarity, the total amount of cash consideration in the Takeover Bid to be paid by Afarak shall be limited to EUR 28,404,000.00. However, the Board at its discretion shall have the right to waive this limitation.LNS’ request is that the Takeover Bid would take place as soon as possible.
Board of DirectorsAfarak Group plc
For additional information, please contact:
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.comJean Paul Fabri, +356 2122 1566, jp.fabri@afarak.com
Financial reports and other investor information are available on the Company's website: www.afarak.com.
Afarak Group is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern Europe and a FerroAlloys business in South Africa. The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
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www.afarak.com