13 Sep 2016 12:14
International Ferro Metals Limited - Directorate ChangeInternational Ferro Metals Limited - Directorate Change
PR Newswire
London, September 13
13 September 2016
International Ferro Metals Limited
(“IFL” or the “Company”)
Resignation of director
IFL announces that Chris Jordaan, Non-Executive Director of the Company, has resigned from the board on 12 September 2016. Mr Jordaan served as Chief Executive Officer from 1 August 2011 to 31 May 2016, when he stepped down to become a Non-Executive Director. From 1 June 2016 he was employed solely by the Company’s South African subsidiary, International Ferro Metals (SA) (Pty) Limited (“IFMSA”) on a limited duration contract, to oversee the operations of IFMSA and to assist with the implementation of the business rescue plan.
On 23 August 2016 IFL announced that all the conditions to the sale of the business and assets of IFMSA had been fulfilled, and therefore, the services of Mr Jordaan are no longer required.
The remaining transactions, for which conditions are in the process of being fulfilled, are:
the sale of IFMSA’s mining right and beneficiation plant; and the sale of IFMSA’s claims against Sky Chrome and IFL’s sale of Sky Chrome’s equity.The outstanding conditions include obtaining regulatory approvals, specifically ministerial approval for the transfer of mining rights, and consents of other parties to certain material contracts.
Tony Grey, Chairman, said: “the Board would like to thank Chris Jordaan for his contribution as CEO for the past five years, during which time the Company experienced exceptionally difficult market conditions, and to wish him well for the future.”
Further announcements in relation to the Business Rescue process will be released in due course.
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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.