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
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 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 HelsinkiLondon Stock
ExchangeMain mediawww.afarak.com
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