13th Jun 2019 14:31
Changes in Production do not affect the buy-back
Released: June 13, 201914:15 London, 16:15 Helsinki, 13 June 2019 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR) CHANGES IN PRODUCTION DO NOT AFFECT THE BUY-BACK
The offer period for the public tender offer started on Monday, June 10, 2019. On June 12, 2019 the Company decided to shut down some of its production in Mogale plant.
The changes in the production do not affect the buy-back or its financing. The operations under temporary shut-down made losses in the beginning of the year 2019. The Company expects that with this temporary shut-down the losses from Mogale operations will be contained. However, due to several variables affecting the financial outcome of this shut-down, it is impossible to quantify the effect. The results will be seen during second half of the year 2019.
Due to the new information for the market the Company will be applying for an addition to the offer document from FIN-FSA according to the Securities Market Act. Helsinki, June 13, 2019Afarak Group PlcFor additional information, please contact:Guy Konsbruck, CEO, +356 2122 1566, [email protected] Jean Paul Fabri, PR Manager, +356 2122 1566, [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 mediawww.afarak.com
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Afarak Group