31 July 2018
International Ferro Metals Limited
(“IFL” or the “Company”)
Appointment of Voluntary
Administrators
The Company today announces that Voluntary Administrators have
been appointed to oversee the affairs of the Company. Philip Campbell-Wilson and John McInerney of Grant Thornton Australia
Limited have been appointed to act as Voluntary Administrators of
the Company. The appointment was made pursuant to a resolution of
the directors of the Company on 31 July
2018 in accordance with section 436A of the Corporations Act
2001 (Cth). As the Company is registered in Australia it will be subject to the Australian
Voluntary Administration process.
The Company’s South African subsidiary International Ferro
Metals SA (Pty) Ltd was placed into business rescue in August 2015. Following the sale of the
subsidiary’s assets, it was determined that the Company’s
shareholders were not likely to receive any distribution from the
conclusion of the business rescue process.
This, combined with the uncertainty around the time of
completion of the business rescue process and the Company’s current
financial position, has resulted in the directors considering the
alternatives available and appointing the Voluntary Administrators
to protect the interest of stakeholders.
The Company also announces that Jannie
Muller, Finance Director of the Company, has resigned from
the board with immediate effect. The Board would like to thank Mr
Muller for his contribution to the Company and wishes him well for
the future.
Trading in the shares of IFL remain suspended on the London
Stock Exchange.
- ENDS-
For further information please visit http://www.ifml.com/ or
contact:
Grant Thornton Australia Limited
| Emily Cramp |
Telephone: |
+61 2 8297 2679 |
|
Email: |
emily.cramp@au.gt.com |