07:00 London, 09:00 Helsinki, 11 April 2018 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
AFARAK GROUP: UPDATE ON DELISTING PROCESS
The Extraordinary General Meeting held on February 5th, 2018, obliged the Company's Board of Directors to draw up and present a plan and schedule for an organised process for the Company's delisting from the Nasdaq Helsinki Ltd ("Helsinki Stock Exchange"), as soon as practicable. Following this process, the Company would only maintain its listing on the London Stock Exchange.
Currently, the Company is working on a plan, reflecting the initial intentions published on January 30, 2018. However, there are several details that still need to be considered.
It is still the intention of the Company, subject to shareholder approval of the delisting plan, to make the offer to acquire the shares of dissenting shareholders.
The Company has been preparing a draft offer document (prospectus) in relation to the delisting and this offer. Furthermore, the Company has been working on the financing of the offer. Both these processes are still underway. Some shareholders gave commitments in relation to their initial intentions. The commitments given by Kermas and Atkey still remain valid, however Joensuun Kauppa ja Kone Oy has withdrawn its support for the delisting process.
In the evaluation process of the delisting, the Board has concluded that in the long run it is not economically viable for the Company and its shareholders to have a company domiciled in Finland and listed in London. Therefore, as a part of the evaluation process, the Board is considering several options in this regard as well.
Once ready, the Company will be organising a shareholder meeting to present its plans and discuss any queries shareholders might have. The plans that will be presented will include:
- decision about the delisting from Nasdaq Helsinki;
- any actions in relation to the potential changes in domicile; and,
- authorisation to the Board to acquire own shares via public tender offer.
The Board reiterates its commitment to keeping its shareholders informed.
AFARAK GROUP PLC
For additional information, please contact:
Afarak Group Plc
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).
London Stock Exchange
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Afarak Group via Globenewswire