Tue, 31st Jul 2018 12:41
31 July 2018
International Ferro Metals Limited
(“IFL” or the “Company”)
Appointment of Voluntary Administrators
The Company today announces that Voluntary Administrators have been appointed to oversee the affairs of the Company. Philip Campbell-Wilson and John McInerney of Grant Thornton Australia Limited have been appointed to act as Voluntary Administrators of the Company. The appointment was made pursuant to a resolution of the directors of the Company on 31 July 2018 in accordance with section 436A of the Corporations Act 2001 (Cth). As the Company is registered in Australia it will be subject to the Australian Voluntary Administration process.
The Company’s South African subsidiary International Ferro Metals SA (Pty) Ltd was placed into business rescue in August 2015. Following the sale of the subsidiary’s assets, it was determined that the Company’s shareholders were not likely to receive any distribution from the conclusion of the business rescue process.
This, combined with the uncertainty around the time of completion of the business rescue process and the Company’s current financial position, has resulted in the directors considering the alternatives available and appointing the Voluntary Administrators to protect the interest of stakeholders.
The Company also announces that Jannie Muller, Finance Director of the Company, has resigned from the board with immediate effect. The Board would like to thank Mr Muller for his contribution to the Company and wishes him well for the future.
Trading in the shares of IFL remain suspended on the London Stock Exchange.
For further information please visit http://www.ifml.com/ or contact:
Grant Thornton Australia Limited
|Emily Cramp||Telephone:||+61 2 8297 2679|