25 May 2016 07:07
International Ferro Metals Limited - Directorate ChangeInternational Ferro Metals Limited - Directorate Change
PR Newswire
London, May 25
25 May 2016
International Ferro Metals Limited
(“IFL” or the “Company”)
Directorate Change
IFL announces that Chris Jordaan, Chief Executive Officer, will step down and become a Non-Executive Director of the Company, with effect from 31 May 2016. The business rescue practitioner of the Company’s South African subsidiary, International Ferro Metals (SA) (Pty) Ltd (“IFMSA”), requires Mr Jordaan to oversee the operations of IFMSA and to assist with the implementation of the business rescue plan and the transaction documents contemplated therein, in order to ensure the successful business rescue of IFMSA. As a result, from the 1st June, Mr Jordaan will be employed solely by IFMSA on a limited duration contract, in order to fulfil the requirements of the business rescue plan. Mr Jordaan’s notice period and any rights to termination payments have been waived and his participation in the Company’s long-term incentive scheme will lapse with immediate effect. The Company’s day-to-day activities are limited, and as such, the Board does not intend to appoint a new Chief Executive Officer in the short-term.
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For further information please visit www.ifml.com or contact:
International Ferro Metals Limited
| Jannie Muller, Finance Director | +27 82 785 1364 |
| Wayne Kernaghan, Company Secretary | +61 407 233 153 |
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.