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4-Traders Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Afarak Group Plc    AFAGR   FI0009800098

Delayed Quote. Delayed  - 11/17 05:29:32 pm
0.835 EUR   -1.76%
11/17 AFARAK GROUP : Interim report q3/2017
11/14AFARAK GROUP PL : quaterly earnings release
11/10 AFARAK : Statement by afarak group
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Afarak : STATEMENT BY AFARAK GROUP

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11/10/2017 | 03:59pm CET

15:00 London, 17:00 Helsinki, 10 November 2017 - Afarak Group Plc ("Afarak" or
"the Company") (LSE: AFRK, NASDAQ: AFAGR)

                           STATEMENT BY AFARAK GROUP

The Company is making the following statement in response to various media
reports in Finland.

CRIMINAL INVESTIGATIONS

  * As far as the Company is aware, Afarak Group is not under any criminal
    investigation. The Police have earlier confirmed this and have not
    subsequently informed the company otherwise;
  * The Company has given its full support and delivered documents for
    shareholder-related investigations as requested by the police;
  * According to media sources there is still an investigation ongoing in
    relation to one of its shareholders. If requested by the authorities, the
    Company will give its full support, as it has always done.


PETITIONS TO THE FINANCIAL SUPERVISORY AUTHORITY

  * The Company was informed on September 19, 2017 about a petition to the FSA
    by a group of shareholders. The Company is not aware of the progress of this
    matter. If requested by the authorities, the Company will give its full
    support to the FSA.
  * In the media, allegations have been made about another request to the FSA
    concerning a related party transaction. The Company has not been made aware
    of such a petition, so the Company is not in a position to confirm this.
    Again, if requested by the authorities, the Company will give its full
    support and cooperation.


LL RESOURCES

  * There have been allegations in the media that the Company has not respected
    its disclosure obligations in respect of a related party transaction. In May
    2017, a subsidiary of the Company bought a 15 % minority shareholding in a
    Company called LL Resources. The seller was the company's CEO, Guy
    Konsbruck, and the total purchase price was just over EUR 227,000.00. The
    reason for this transaction was that LL Resources is a business partner of
    Afarak and the share ownership of the newly elected CEO could have created a
    conflict of interest. Afarak has an option to sell back the said shares at
    the same price if and when the term of current CEO ends. The transaction was
    considered to be insignificant to the parties involved, as described in the
    Rules of Helsinki Stock Exchange, section 2.3.3.6. As required, the details
    of this transaction (as well as all other related party transactions) will
    be published in the Group Financial Statements for the year 2017.


If the Company receives information and /or makes any formal decisions on the
matters above that, according to all relevant rules and regulations, need to be
published, the Company will act accordingly. In relation to investigations and
allegations relating to shareholders, the Company reiterates that it will not
give any comments to the media or markets. It will cooperate fully with the
authorities, if so requested.

EXTRAORDINARY SHAREHOLDERS MEETING

  * As disclosed on 9(th) November 2017, a group of shareholders have requested
    an extraordinary shareholders' meeting to be convened. The meeting will be
    convened in accordance with the Finnish Companies act.



The Board of Directors
Afarak Group

For additional information, please contact:

Afarak Group PlcGuy Konsbruck, CEO, +356 2122 1566, [email protected]
Jean Paul Fabri, PR Manager, +356 2122 1566, [email protected]

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).

Distribution:
NASDAQ HelsinkiLondon 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: Afarak Group via GlobeNewswire

 
  

© InPublic, source European Press Releases

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