LONDON (Alliance News) - International Ferro Metals Ltd said Thursday that the business rescue plan for its South African subsidiary International Ferro Metals (SA) Pty Ltd has been approved by creditors.
It has entered into conditional sale agreements with Samancor Chrome Ltd, and confirms the sale agreement to sell Sky Chrome Pty Ltd has been signed.
Based on its latest distribution schedule it is now clear there will be no distribution to shareholders at the conclusion of this process, International Ferro said.
Shares in the company remain suspended, and it said it is still not in a position to release its results for the year to end-June 2015, or interim results for the half year to end-December 2015.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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