8 December 2015
International Ferro Metals Limited
("IFL" or the "Company")
Approval of Business Rescue Plan
Further to the announcement released by the Company on 1 December 2015, IFL
announces that the Business Rescue Plan ("Plan") proposed by the Business
Rescue Practitioner ("BRP") (available on the Company's website), has been
approved by creditors. The BRP will now seek to negotiate and execute the
relevant sale agreements with Samancor Chrome Limited ("Samancor") as quickly
as possible, but by no later than 15 February 2016, otherwise the BRP will need
to revert to International Ferro Metals (SA) (Pty) Limited's ("IFMSA") major
creditors, Bank of China and the Company's subsidiary International Ferro
Metals SA Holdings (Pty) Limited.
The Company reiterates that it currently is not possible to assess with any
certainty what potential return may be received by the Company because of
uncertainties related to future costs and cash flows to fund the business
rescue proceedings. The Plan does provide an illustration and estimate of the
potential distribution to creditors of IFMSA in terms of the Plan. The Plan
assumes that the proceeds derived by IFMSA from the proposed transaction will
be an amount of ZAR720 million. However, it is no more than an example and is
not binding on the BRP. The illustration is subject to change depending on the
circumstances at the time the distribution is to be made.
The principles of the offer from Samancor are as follows:
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For further information please visit www.ifml.com or contact:
International Ferro Metals Limited Tel: +27 14 574 6302
Chris Jordaan, Chief Executive Officer
Numis Securities Limited Tel: +44 (0) 20 7260 1000
James Black / John Prior / Paul Gillam
About International Ferro Metals:
International Ferro Metals produces ferrochrome, the essential ingredient in
stainless steel, from its integrated chromite mine and ferrochrome processing
operations in South Africa. International Ferro Metals is listed on the London
Stock Exchange under the symbol IFL.
Forward Looking Statements
This announcement contains certain forward looking statements which by nature,
contain risk and uncertainty because they relate to future events and depend on
circumstances that occur in the future. There are a number of factors that
could cause actual results or developments to differ materially from those
expressed or implied by these forward looking statements.