Afarak Group Plc Afarak Group And The Shareholders Of Ll-RESOURCES Gmbh Have Entered Into An Agreement On The Termination Of The Combination Agreement And The Cancellation Of The Transaction
12 October 2023 - 10:00PM
UK Regulatory
TIDMAFAGR
Afarak Group SE Inside information 12 October 2023 at 14:00 EET
AFARAK GROUP AND THE SHAREHOLDERS OF LL-RESOURCES GMBH HAVE
ENTERED INTO AN AGREEMENT ON THE TERMINATION OF THE COMBINATION
AGREEMENT AND THE CANCELLATION OF THE TRANSACTION
Afarak Group SE ("Afarak" or "Afarak Group") and the
shareholders of LL Resources GmbH (the "Sellers") have today signed
an agreement on the termination of the Combination Agreement (the
"Termination Agreement") and the cancellation of the transaction
(the "Transaction"). The Termination Agreement and the cancellation
of the Transaction entered into force immediately.
Afarak and the Sellers (together the "Parties") signed a
Combination Agreement (the "Combination Agreement") on 11 May 2023
with certain conditions precedent in order to upon fulfilment of
the conditions precedent execute the Transaction in which Afarak
would have acquired all shares in LL-resources GmbH ("LLR") by
issuing 140,000,000 new shares of Afarak as consideration to the
Sellers. The Annual General Meeting of Afarak have conditionally
approved the Transaction on 21 June 2023.
During the completion process of the Transaction and the initial
steps of the integration of LLR into Afarak Group, it became
evident to the Parties that the anticipated synergy effects of the
Transaction would not materialize in the way that was expected by
the Parties. Hence, the mutual conclusion reached by the Parties
was that the completion of the Combination Agreement would not
bring sufficient synergy benefits to the shareholders of Afarak nor
to the Sellers. Despite of the termination of the Combination
Agreement and the Transaction, the Parties agree that they wish to
continue developing the business relationship between Afarak and
LLR also in the future.
Helsinki, 12 October 2023
AFARAK GROUP SE
Board of Directors
For additional information, please contact:
Thorstein Abrahamsen, Chairman of the Board, +4790924602,
Thorstein.Abrahamsen@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
(END) Dow Jones Newswires
October 12, 2023 07:00 ET (11:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Afarak (LSE:AFRK)
Historical Stock Chart
From May 2024 to Jun 2024
Afarak (LSE:AFRK)
Historical Stock Chart
From Jun 2023 to Jun 2024