12:00 London, 14:00 Helsinki, 10 July 2014 - Afarak Group Plc, Stock Exchange
AFARAK BOARD RESOLUTION ON DIRECTED SHARE ISSUE
The Board of Afarak Group Plc ("Afarak" or the "Company") (LSE: AFRK, OMX:
AFAGR) announces that it has, on 10 July 2014 resolved to offer 11,130,434 new
ordinary shares in the Company ("New Shares") to the vendors of Mogale Alloys (a
company acquired in May 2009) under the settlement agreement announced on 11
October 2012. A maximum of 3,478,261 shares remain to be offered under the
The New Shares represent approximately 4.48 per cent of the current issued share
capital and approximately 4.56 per cent of the total voting rights of the
Company prior to the share issue. The New Shares are offered in derogation of
the pre-emptive subscription right of shareholders and Board approval of the
share issue is pursuant to the authorisation granted by the Annual General
Meeting to the Board of Directors 8 May 2014. The subscription price will be
recognized under the invested unrestricted equity fund.
The subscription period for the New Shares commences on immediately and will
continue until 17 July 2014. The New Shares are expected to be registered with
the Finnish Trade Register in July 2014. Following registration an application
will be made to the UK Listing Authority and the London Stock Exchange for
admission to (i) the Official List and (ii) to trading on the London Stock
Exchange's and NASDAQ OMX Helsinki's markets. A further update will be issued in
due course. The New Shares carry shareholder rights as of the registration date
with the Finnish Trade Register and will rank pari passu with the Company's
existing issued ordinary shares.
Following issue of the New Shares, the total amount of shares in issue will be
increased by 11,130,434 from 248,432,000 to 259,562,434 ordinary shares of no
par value 4,244,627 ordinary shares are held in treasury.
AFARAK GROUP PLC
BOARD OF DIRECTORS
For additional information, please contact:
Afarak Group Plc
Danko Koncar, CEO, +44 (0)20 7376 1175, email@example.com
Investec Bank Plc
Jeremy Wrathall, +44 (0)20 7597 5970
Afarak Group is a chrome mining and minerals producer focused on delivering
sustainable growth with a speciality alloys business in southern Europe and a
ferro alloys business in southern Africa. The Company is listed on NASDAQ OMX
Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).
NASDAQ OMX Helsinki
London Stock Exchange
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.