23 August 2016
International Ferro Metals Limited
("IFL" or the "Company")
Sale of Business Completed
Further to the announcement released by the Company on 24 March 2016, IFL
announces that all the conditions to the sale of the business and assets of its
South African subsidiary, International Ferro Metals (SA) (Pty) Limited
("IFMSA") have now been fulfilled. The sale has been completed for a
consideration of ZAR300 million with the balance of ZAR10 million payable upon
transfer of the immovable properties. The proceeds will be distributed to
creditors of IFMSA in accordance with the amended business rescue plan.
The remaining transactions, for which conditions are in the process of being
fulfilled, are as follows:
* ZAR140 million for the IFMSA mining right and beneficiation plant; and
* ZAR70 million for IFMSA's claims against Sky Chrome and IFL's sale of Sky
Chrome's equity for ZAR100
The outstanding conditions include obtaining regulatory approvals, specifically
ministerial approval for the transfer of mining rights, and consents of other
parties to certain material contracts, which are usual for transactions of this
nature.
The Company reiterates that it is not likely that IFL shareholders would
receive any distribution from the conclusion of the business rescue process.
Further announcements in relation to the Business Rescue process will be
released in due course.
- ENDS-
For further information please visit www.ifml.com or contact:
International Ferro Metals Limited
Jannie Muller, Finance Director +27 82 785 1364
Wayne Kernaghan, Company Secretary +61 407 233 153
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.