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Afarak Group proposes to become a ‘European company’

The proposal aims to give the company more flexibility and it could also see benefits from legislation.

shareholders and investors meeting
A shareholder general meeting may take place next month.

Afarak Group PLC (LON:AFRK), in a statement after Monday’s close, revealed that it intends to convert its status to become a European company (referred to as a ‘Societas Europaea’ or SE).

The company told investors that it made the decision because it is a multinational company with operational functions in several different countries. It is currently designated as a Finnish company.

The move will allow flexibility and the company also seeks certain benefits of legislation that apply to SEs, it added.

READ: Afarak first quarter impacted by weaker chrome market

To advance this proposal the company has drawn up new draft terms - dated 17 May - which will be voted on at a shareholder’s general meeting, to take place at least one month from the date of the draft proposals.

Afarak anticipates that the most likely timing for the conversion will be at the end of the year.

“Conversion into an SE does not affect the company’s domicile, location of the head office or the employees’ employment contracts. The role of shareholders will also remain unchanged,” the company clarified.

Quick facts: Afarak Group PLC

Price: 57.5 GBX

LSE:AFRK
Market: LSE
Market Cap: £150.16 m
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