AFARAK RECEIVES COMMUNICATION FROM MINORITY SHAREHOLDERS

26 Oct 2018 10:23

10:30 London, 12:30 Helsinki, October 26, 2018 - Afarak Group Plc ("Afarak" or "the Company")

AFARAK RECEIVES COMMUNICATION FROM MINORITY SHAREHOLDERS

During the Extraordinary General Meeting of Afarak that will be held on Novembrer 12, Agenda Item 9 will address the election of a new Board of Directors, independent of the Company's main shareholder Danko Koncar and his controlled corporations on the grounds of the request of shareholders Joensuun Kauppa ja Kone Oy, Markku Kankaala, Esa Hukkanen, Petri Suokas, Tomi Hyttinen, Taloustieto Incrementum Ky, Juhani Lemmetti, Kari Kakkonen, Antti Kivimaa, AJ Elite Value Hedge Fund, Aarne Simula and Timo Kankaala, owning shares representing more than one tenth of all the shares and votes of the Company. The minority group are proposing Mauri Kauppi, Esa Hukkanen, Markku Kankaala, Tomi Hyttinen and Mikael Nikander as Directors.

The Company has received notifications that shareholders Atkey Ltd and LNS Ltd (formerly known with the name Kermas Resources Ltd), who hold more than 56 % of the shares and votes of the Company, will vote against the presented proposal.

Board of DirectorsAfarak Group plc

For additional information, please contact:

Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.comJean Paul Fabri, +356 2122 1566, jp.fabri@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).

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www.afarak.com