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Tuesday, 19 September 2017

A PETITION TO THE FINNISH FINANCIAL SUPERVISION AUTHORITY TO OBLIGATE TO LAUNCH A MANDATORY TAKEOVER BID REGARDING THE SHARES OF AFARAK GROUP PLC

Afarak Group    

Published: 16:43 CEST 19-09-2017 /GlobeNewswire /Source: Afarak Group / : AFRK /ISIN: FI0009800098

A PETITION TO THE FINNISH FINANCIAL SUPERVISION AUTHORITY TO OBLIGATE TO LAUNCH A MANDATORY TAKEOVER BID REGARDING THE SHARES OF AFARAK GROUP PLC

15:30 London, 17:30 Helsinki, 19 September 2017 - Afarak Group Plc ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)


A PETITION TO THE FINNISH FINANCIAL SUPERVISION AUTHORITY TO OBLIGATE TO LAUNCH A MANDATORY TAKEOVER BID REGARDING THE SHARES OF AFARAK GROUP PLC



The Company has learnt that a minority group of shareholders, (Joensuun Kauppa ja Kone Oy, Markku Kankaala, Esa Hukkanen, Petri Suokas, Tomi Hyttinen, Taloustieto Incrementum Ky, Juhani Lemmetti, Kare Kakkonen, Antti Kivimaa, AJ Elite Value Hedge Fund, Aarne Simula ja Timo Kankaala) who jointly have a 10.79 per cent shareholding in Afarak Group Plc ("Afarak Group") have filed on 18 September 2017 a joint petition to the Finnish Financial Supervision Authority ("FIN-FSA") and demanded the FIN-FSA to obligate Danko Koncar and/or Kermas Resources Limited to launch mandatory takeover bid regarding the shares of Afarak Group at least for a price of EUR 2.50 per share. The petition has been based on chapter 11, section 19 and chapter 11, section 20, subsections 1 and 3 of the Finnish Securities Market Act (746/2012).  



The Company notes that it is not a party to the matter. Kermas Resources Limited has informed the Company it denies all accusations levied by the petition and that it has strictly followed the rules of the Finnish Securities Market Act.


The trading in the Company's shares has been suspended today as at 09.47 AM EET on the Nasdaq Helsinki by the request of the Company.



The Company is not aware how long the FIN-FSA will take to process the petition.



Afarak Group will not comment on the petition presented to the FIN-FSA.

 


AFARAK GROUP PLC

Guy Konsbruck

CEO

 

For additional information, please contact:


Afarak Group Plc


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





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Afarak Group, 30 Stratford Road Kensington, London W8 6QD, UK
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