10 Sep 2020 09:24
AFARAK MOGALE (PTY) LTD (IN BUSINESS RESCUE) – PROPOSED BUSINESS RESCUE PLAN09:30 London, 11:30 Helsinki, 10 September 2020 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
AFARAK MOGALE (PTY) LTD (IN BUSINESS RESCUE) – PROPOSED BUSINESS RESCUE PLAN
Stock Exchange Release
The business rescue practitioners in Afarak Mogale (Pty) Ltd (”Mogale”) circulated to all stakeholders a proposed business rescue plan prepared in terms of Section 150 of the Companies Act, and that a meeting will be held on 16 September 2020.
If the proposed business rescue plan is accepted, it will lead to a loss of control and reclassification to discontinued operation of Mogale. The impact is currently being assessed and will be quantified after approval of the plan, though we do not expect that this loss of control will have a negative accounting impact.
Helsinki, September 10, 2020
AFARAK GROUP PLC
Board of Directors
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@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).
Distribution: NASDAQ Helsinki London Stock Exchange Main media
www.afarak.com
Afarak Group (AFRK)