Released: August 8, 2019
10:10 London, 12:10 Helsinki, 8 August 2019 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
CHANGE IN THE NUMBER OF SHARES IN AFARAK GROUP PLC
Stock Exchange Release
Afarak Group Plc ("Afarak" or the "Company") has cancelled 25,998,881 of its own shares ("Shares") as a result of the completion of a voluntary public tender offer (the "Offer") for the Company's own Shares.
Before the completion of the Offer, there were 263,040,695 Shares in the Company, of which 2,494 were treasury shares. In the Offer 56,204,012 Shares were tendered and thereafter a scale back was effected reducing the shares to be purchased by the Company to 25,998,881 Shares representing approximately 9.88 per cent of all outstanding Shares and votes in the Company.
In accordance with the terms and conditions of the Offer, the Shares transferred in the Offer became null and void as part of the settlement of the completion trades of the Offer so that the Shares did not at any stage come to the Company's possession. The cancellation of 25,998,881 Shares was executed on August 8, 2019. As a result of the Shares becoming null and void, the number of Company's remaining Shares is 237,041,814, of which 2,494 are treasury shares. In accordance with the resolution approved by the shareholders at the AGM, the Company will shortly effect a directed share issue of a further 15,000,000 shares which will be held by the Company as treasury shares.
The Offer represents a significant return of capital to Afarak shareholders. To date, and despite recent challenging operating conditions, Afarak has returned a total of EUR 135 million to shareholders since 2008. The Company will seek to return capital to shareholders in the future, when practicable.
Helsinki, August 8, 2019
Afarak Group Plc
Board of Directors
For additional information, please contact:
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@afarak.com
Jean Paul Fabri, PR Manager, +356 2122 1566, jp.fabri@afarak.com
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