Proactive Investors - Run By Investors For Investors

Afarak shareholder clarifies position on takeover proposal to be tabled at EGM

Afarak has an attractive portfolio of speciality metals assets
Afarak shareholder clarifies position on takeover proposal to be tabled at EGM
Afarak's Mogale refining plant

LNS, a shareholder with more than 10% of chrome producer Afarak Group plc (LON:AFRK), has clarified its position ahead of Afarak’s upcoming extraordinary meeting.

LNS has argued for some time that because of liquidity constraints, particularly in the local Helsinki market, where Afarak is based, the company should offer to buy out its shareholders.

WATCH: Afarak Group Plc confident on outlook despite challenging second quarter

The precise parameters of the proposal have now been laid out.

LNS argues that Afarak should offer its shareholders €1.015 in cash for each share and that the offer is limited to 28.404mln shares, subject to any increase authorised by the board of directors.

The current price is €0.88.

Hitherto, the Afarak board have not been in favour of such proposals, preferring to concentrate on delivering cash flow from the company’s mining and processing operations in Turkey, South Africa and Germany.


View full AFRK profile View Profile

Afarak Group PLC Timeline

Related Articles

October 15 2018
KSZ holds potential for world class base and precious metals deposits
October 30 2018
Rainbow is continuing to drive towards a production rate of 400 tonnes per month
County road at Anson's Paradox Lithium Project
November 12 2018
The company is seeking to estimate a JORC-compliant lithium resource at the project in Utah.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use