8 Dec 2015 07:00
International Ferro Metals Limited - Approval of Business Rescue PlanInternational Ferro Metals Limited - Approval of Business Rescue Plan
PR Newswire
London, December 8
8 December 2015
International Ferro Metals Limited
(“IFL” or the “Company”)
Approval of Business Rescue Plan
Further to the announcement released by the Company on 1 December 2015, IFL announces that the Business Rescue Plan (“Plan”) proposed by the Business Rescue Practitioner (“BRP”) (available on the Company’s website), has been approved by creditors. The BRP will now seek to negotiate and execute the relevant sale agreements with Samancor Chrome Limited (“Samancor”) as quickly as possible, but by no later than 15 February 2016, otherwise the BRP will need to revert to International Ferro Metals (SA) (Pty) Limited’s (“IFMSA”) major creditors, Bank of China and the Company's subsidiary International Ferro Metals SA Holdings (Pty) Limited.
The Company reiterates that it currently is not possible to assess with any certainty what potential return may be received by the Company because of uncertainties related to future costs and cash flows to fund the business rescue proceedings. The Plan does provide an illustration and estimate of the potential distribution to creditors of IFMSA in terms of the Plan. The Plan assumes that the proceeds derived by IFMSA from the proposed transaction will be an amount of ZAR720 million. However, it is no more than an example and is not binding on the BRP. The illustration is subject to change depending on the circumstances at the time the distribution is to be made.
The principles of the offer from Samancor are as follows:
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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.