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Afarak Group PLC

AFARAK GROUP PLC: THE COMPANY PUTS ITS PLANS TO DELIST ON HOLD

16:30 , 17:30 , - ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)LondonHelsinki24 April 2018Afarak Group Plc

 

: THE COMPANY PUTS ITS PLANS TO DELIST ON HOLDAFARAK GROUP PLC

 

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 theFebruary 5, 2018Nasdaq Helsinki Ltd.

 

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.Kermas LtdAtkey Ltd

 

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.FinlandLondon Stock Exchange

 

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.

 

AFARAK GROUP PLC

Guy Konsbruck

CEO

 

For additional information, please contact:

 

Afarak Group Plc

 

, CEO, +356 2122 1566,Guy Konsbruck guy.konsbruck@afarak.com

, +356 9940 8746,Jean Paul Fabrijp.fabri@afarak.com

 

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).Afarak GroupLondon Stock ExchangeEuropeSouth Africa

 

Distribution:

NASDAQHelsinki

London Stock Exchange

Main media

 

www.afarak.com

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.Source: via Globenewswire

Afarak Group




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