25 May 2016
International Ferro Metals Limited
(“IFL” or the
“Company”)
Directorate
Change
IFL announces that Chris Jordaan,
Chief Executive Officer, will step down and become a Non-Executive
Director of the Company, with effect from 31
May 2016. The business rescue practitioner of the Company’s
South African subsidiary, International Ferro Metals (SA) (Pty) Ltd
(“IFMSA”), requires Mr Jordaan to oversee the operations of IFMSA
and to assist with the implementation of the business rescue plan
and the transaction documents contemplated therein, in order to
ensure the successful business rescue of IFMSA. As a result, from
the 1st June, Mr Jordaan will be employed solely by IFMSA on a
limited duration contract, in order to fulfil the requirements of
the business rescue plan. Mr Jordaan’s notice period and any rights
to termination payments have been waived and his participation in
the Company’s long-term incentive scheme will lapse with immediate
effect. The Company’s day-to-day activities are limited, and as
such, the Board does not intend to appoint a new Chief Executive
Officer in the short-term.
- 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.