Delisting Announcement • Apr 24, 2018
Delisting Announcement
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information
16:30 London, 17:30 Helsinki, 24 April 2018 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
AFARAK GROUP PLC: THE COMPANY PUTS ITS PLANS TO DELIST ON HOLD
At the Extraordinary General Meeting held on February 5, 2018; the Board was instructed to draw up and present a plan and schedule for an organised process for the Company's delisting from the Nasdaq Helsinki Ltd.
The major shareholders, Kermas Ltd and Atkey Ltd, who proposed the delisting process, have informed the Board that they are withdrawing their initiative since there is no longer a common aspiration towards it amongst other shareholders who initially supported this initiative.
The Board concurs that, without major shareholder support, continuing to plan for the delisting from Finland would not be in the best interest of the Company and its shareholders at this time. In the opinion of the Board, the higher costs faced by the minority shareholders, should the Company's shares be only traded on the London Stock Exchange, will not be outweighed by the potential benefits derived from the process at this present moment.
Accordingly, the Board has also put on-hold plans for a public offering for a buy-back of its own shares and has also halted plans for redomiciliation.
The Board and management reiterate their commitment to continue protecting interests of all shareholders and will continue working to pursue their long-term vision for the Company.
AFARAK GROUP PLC
Guy Konsbruck
CEO
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, [email protected]
Jean Paul Fabri, +356 9940 8746, [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 Helsinki
London 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*
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.