06:15 London, 08:15 Helsinki, 11 May 2020 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
SUPPLEMENTARY INFORMATION ON MOGALE VOLUNTARY BUSINESS RESCUE
Stock Exchange Release
As announced on May 8th, 2020 Afarak Mogale (Pty) Ltd and Afarak South Africa (Pty) Ltd have been placed into voluntary business rescue arising from these companies being in financial distress and that the boards of directors being of the view that there is a reasonable prospect of rescuing both and Afarak Mogale (Pty) Ltd and Afarak South Africa (Pty) Ltd.
Afarak South Africa (Pty) Ltd is the holding company of Afarak Mogale (Pty) Ltd.
Afarak Mogale (Pty) Ltd and Afarak South Africa (Pty) Ltd being placed into business rescue does not and will not affect the remaining mining assets and businesses held by the Afarak Group.
It is envisaged that Afarak Mogale (Pty) Ltd and Afarak South Africa (Pty) Ltd will continue operating during the business rescue and furnace P1 is expected to be back in production as of Mid-May 2020.
The company will update all stakeholders on the progress.
Helsinki, May 11, 2020
AFARAK GROUP PLC
Board of Directors
For additional information, please contact:
Afarak Group Plc
Guy Konsbruck, CEO, +356 2122 1566, guy.konsbruck@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
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