13:05 London, 15:05 Helsinki, 18 December 2013 - Afarak Group Plc, Stock
Exchange Release
AFARAK BOARD RESOLUTION ON DIRECTED SHARE ISSUE
Further to the announcements of 8 November 2013 and 10 July 2013 and in
accordance with Finnish Regulations, the Board of Afarak Group Plc ("Afarak" or
the "Company") (LSE: AFRK, OMX: AFAGR) has, on 18 December 2013 resolved to
offer five million (5,000,000) new ordinary shares in the Company ("New Shares")
to Sail Resources Pte at a subscription price of EUR 0.45 per share,
(approximately 0.38 pence per share), a 20,16 per cent. premium to the three
month volume weighted average price as at 18 December 2013. The New Shares
represent approximately 2.01 per cent of the current issued share capital and
approximately 2.05 per cent of the total voting rights of the Company prior to
the share issue. The Board of Directors of the Company has received a
subscription commitment pursuant to which Sail Resources Pte will subscribe for
all offered Shares.
Under the terms of the directed share issue scheme, 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 2013.
The subscription period for the New Shares commences on immediately and
continues until 18 January 2014. The subscription price shall be paid by 31
January 2014 at the latest. Subject to the receipt of funds the New Shares are
expected to be registered with the Finnish Trade Register in February 2014. The
subscription price will be recognized under the invested unrestricted equity
fund. Application for the listing of the New Shares will also be made to all the
relevant authorities in February 2014. The Company will announce the exact dates
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 completion of the directed share issue, the total amount of shares in
issue will be increased by 5,000,000 from 248,432,000 to 253,432,000 shares,
4,244,717 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, danko.konchar@afarak.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).
www.afarakgroup.com
Distribution:
NASDAQ OMX Helsinki
London Stock Exchange
main media
www.afarakgroup.com
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