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International Ferro Metals to Move From AIM to the Main Market of the London Stock Exchange
nternational Ferro Metals Limited (LSE:IFL), the integrated ferrochrome producer, has today published its prospectus in connection with the proposed admission of its entire issued ordinary share capital to a primary listing on the Official List of the Financial Services Authority and to trading on the London Stock Exchange’s main market for listed securities ("Admission").
It is expected that Admission will become effective and that dealings in IFL's ordinary shares on the main market of the London Stock Exchange will commence at 8.00 am on 31 August 2007. Pursuant to Rule 41 of the AIM Rules, and further to the Company’s previous announcements on 4 April and 9 July 2007, the Company hereby gives notice that trading in the Company’s ordinary shares on AIM will be cancelled simultaneously.
The Company has grown significantly in terms of its operations and capitalisation since its admission to AIM in September 2005. As part of this growth, the Board believes the move to the Main Market of the London Stock Exchange is appropriate and will expose the Company to a broader range of investors and further improve liquidity in the Company’s shares.
Stephen Turner, Managing Director of IFL commented:
"AIM has served us well since listing, and through this move to the Official List we are entering the next exciting stage of our development and look forward to broadening our investor base further.
"Within the next twenty five months IFL plans to be operating up to five ferrochrome furnaces having a combined design capacity of 6, 65,000 tonnes per annum of ferro chrome subject to completion of a feasibility study and securing debt funding for the expansion.
"The Company’s chromite reserves and resources, its experienced management team and the support provided to it by JISCO and CMC CoMetals through increased guaranteed off-take agreements post expansion has well positioned IFL for its future.
"As the Company will move to the Main Market a Nominated Advisor will no longer be required. The Board wishes to express its appreciation for the effort and support provided by its Nomad, Grant Thornton."
The Company is not raising any funds or issuing any new shares in connection with Admission and, accordingly, the interests of existing shareholders of the Company will not be diluted as a result of the move to the Official List. The Company's stock code will continue to be LSE:IFL and on Admission there will be 504, 010, 792 Ordinary Shares in issue.
This announcement does not constitute an offer or invitation to any person to subscribe for or purchase any securities in the Company or any other entity. This announcement has been issued by the Company and is the sole responsibility of the Company.
Numis Securities Limited is sponsor, financial adviser and broker to the Company. Numis Securities Limited is acting for the Company and no one else in connection with Admission and will not be responsible to any other person for providing the protections afforded to customers of Numis Securities Limited or for providing advice in relation to Admission.
The prospectus is also available on the Company's website at www.ifml.com and is available free of charge at the Company's registered office and the offices of Baker & McKenzie at 100 New Bridge Street, London EC4V 6JA.
ENDS
For further information please contact:
International Ferro Metals Limited
Stephen Turner, Managing Director
Mob: +61 418 440 844
www.ifml.com
Brunswick Group
Patrick Handley / Carole Cable
Tel: +44 (0) 20 7404 5959
Numis Securities Limited
John Harrison / Stuart Skinner
Tel: +44 (0) 20 7260 1000
Grant Thornton Corporate Finance
Fiona Owen
Tel: +44 (0) 20 7383 5100
Notes to editors:
IFL is an integrated ferrochrome producer that has recently commenced shipments from its integrated chromite mine and ferrochrome processing operations in South Africa for use in the global stainless steel industry.
IFL successfully raised £85.2 million (before expenses) through a placing in July 2007. The money raised will be used to fund the planned expansion of IFL’s existing chromite mining and ferrochrome processing operations at the Buffelsfontein mine, involving the construction of up to three additional furnaces, a pelletising and sintering plant and a beneficiation plant.
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