16:38 Tue 24 Apr 2018
AFARAK GROUP PLC: THE COMPANY PUTS ITS PLANS TO DELIST ON HOLD
16:30 , 17:30 , - ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
: THE COMPANY PUTS ITS PLANS TO DELIST ON HOLD
At the Extraordinary General Meeting held on ; the Board was instructed to draw up and present a plan and schedule for an organised process for the Company's delisting from the
The major shareholders, and , who proposed the delisting process, have informed the Board that they are withdrawing their initiative since there is no longer a common aspiration towards it amongst other shareholders who initially supported this initiative.
The Board concurs that, without major shareholder support, continuing to plan for the delisting from would not be in the best interest of the Company and its shareholders at this time. In the opinion of the Board, the higher costs faced by the minority shareholders, should the Company's shares be only traded on the , will not be outweighed by the potential benefits derived from the process at this present moment.
Accordingly, the Board has also put on-hold plans for a public offering for a buy-back of its own shares and has also halted plans for redomiciliation.
The Board and management reiterate their commitment to continue protecting interests of all shareholders and will continue working to pursue their long-term vision for the Company.
CEO
For additional information, please contact:
, CEO, +356 2122 1566,
, +356 9940 8746,
Financial reports and other investor information are available on the Company's website: .www.afarak.com
is a specialist alloy producer focused on delivering sustainable growth with a Speciality Alloys business in southern and a FerroAlloys business in . The Company is listed on NASDAQ Helsinki (AFAGR) and the Main Market of the (AFRK).
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