CLARIFICATIONS AFTER THE RELEASE OF MAY 12TH, 2023
08:30 London, 10:30 Helsinki, 16 May 2023 - Afarak Group SE ("Afarak" or "the Company") (LSE: AFRK, NASDAQ: AFAGR)
CLARIFICATIONS AFTER THE RELEASE OF MAY 12TH, 2023
Following the release about the combination agreement signed between AFARAK SE (“Afarak”) and LL Resources GmbH (“LLR”) on May 12, 2023, Afarak has received several questions about the transaction. In order to have equal information in the market rather than addressing these questions one by one, Afarak gives further information hereafter.
In the release of May 12th, Afarak mentioned some financial information of LLR. In addition to the published numbers of LLR, the turnover of the LLR group in total in 2022 was EUR 566,081,000 (2021: EUR 345,834,000) and the EBITDA of the LLR Group in 2022 was EUR 39,815,000 (2021: EUR 20,013,000) in accordance with Austrian Local GAAP ("UGB") and EUR 38,588,000 (2021: EUR 21,425,000) in accordance with International Financial Reporting Standards (IFRS). These numbers are unaudited.
After the completion of the combination, there will be a total of 407,041,814 outstanding Afarak shares instead of 267,041,814 today, hence all shareholders of Afarak will be diluted when it comes to percentage. This obviously also applies to large shareholders, whose percentage will be reduced, while new large shareholders (i.e., the current shareholders of LLR) will join, hence broadening the shareholder base of Afarak. By adding up the combined assets and retained earnings, the equity per share is substantially increasing, which should mitigate the aforementioned dilution, in terms of Afarak’s share value.
None of the present large and larger shareholders of Afarak have any relationship with the LLR group. It is however mentioned for clarity that the CEO of Afarak, Guy Konsbruck, owning approximately one (1) % of the shares in Afarak, owns indirectly 15 % of the shares of LLR. Due to his conflict of interest, Guy Konsbruck has not taken part in any negotiations or decision making from Afarak’s side in relation to the transaction.
During the past several years, there has been a continuously growing and close cooperation between both groups. In that period, Afarak learned a lot about the mutual businesses and discovered many synergy effects, while experiencing very few conflicts of interest. Both companies are convinced that combining the two businesses will bring serious benefit to both groups. For Afarak in particular, a broadening and diversification of the shareholder base and the creation of new sustainable recycling-based revenue streams, closely related to our present field of operation, seemed to be a very desirable effect of this transaction. LLR group will join with a wide base of experienced and competent staff, who will support the rejuvenation of our management and further enhance the future growth of the company.
Afarak is working on a prospectus that will contain all material information about the transaction and the related parties. This prospectus will be made available in the autumn of 2023.
The transaction will be presented in the AGM that will be held on June 21st, 2023. The invitation for the AGM will follow within the next two (2) weeks.
Helsinki, May 16, 2023
AFARAK GROUP SE
Board of Directors
For additional information, please contact:
Afarak Group SE
Guy Konsbruck, CEO, +356 2122 1566, email@example.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).
London Stock Exchange
To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Sandoz plans move to new central Basel headquarters by mid-2024, following proposed spin-off as standalone company1.6.2023 07:15:00 CEST | Press release
Sandoz AG to remain based in Basel, Switzerland following proposed spin-off from Novartis Announcement of planned city-center HQ marks important milestone as Sandoz prepares to become independent company Basel, as a global life sciences center, ideally located to attract top talent Basel, June 1, 2023 — Sandoz AG, a global leader in generic and biosimilar medicines, has announced the location of its future permanent headquarters in central Basel. The Sandoz AG headquarters plans to move to a landmark office building called “Elsässertor” in the center of Basel, right by the Basel SBB train station. Sandoz expects to move from the Novartis Campus to its new headquarters in mid-2024. The announcement confirms the Sandoz commitment to Basel following its proposed separation from Novartis in the second half of 2023. Sandoz CEO Richard Saynor says: “I’m delighted to confirm that we will continue to call Basel home. This is an important milestone on our way to becoming an independent company.
FLSmidth to expand mill liner capacity through acquisition of Morse Rubber1.6.2023 07:01:00 CEST | Press release
PRESS RELEASE 1 June 2023, Copenhagen, Denmark FLSmidth has, per 1 June 2023, acquired the American company Morse Rubber. Based in Iowa, Morse Rubber manufactures and markets specialised, heavy-duty rubber products for mineral processing, among others. Morse Rubber was formed more than three decades ago and has 23 employees. All employees will be transferred to FLSmidth as part of the acquisition. This acquisition fully supports FLSmidth Mining’s CORE´26 strategy, which includes targeting service growth through strategic investments and prioritisation. As the global market leader in large grinding mills, FLSmidth has a clear ambition of strengthening its service offerings around these products, especially for mill liners where FLSmidth has been capacity constrained in some regions. The Morse Rubber competences will be adding advanced molding capabilities for rubber and composite mill liners, as well as screen media and various rubber and rubber ceramic wear components, to the existing
DFDS launches new Initiative to Protect Sperm Whales in Southern Greece1.6.2023 07:00:00 CEST | Press release
At DFDS, our awareness of how our ferry and logistics activities impact biodiversity is growing. We are taking essential steps to protect marine life in the Mediterranean around the Southern part of Greece, a critical habitat for endangered sperm whales. Sofie Lindegaard, Head of Group Sustainability, explains, "Our responsibility to the marine life in the waters we operate is crucial. We want to ensure that our operations respect the different ecosystems." "Working closely with NGOs is an invaluable way to get insights into important and sometimes unknown areas and constructive input on how to address it," Sofie adds. Together with a coalition of NGOs, including IFAW, Ocean Care, Pelagos Cetacean Institute, and WWF Greece, DFDS has developed initiatives to reduce vessel-whale collisions in the Hellenic Trench in Southern Greece: Route Adjustments: We have redefined our vessel routes to avoid high-risk areas known for frequent sperm whale sightings. Slow Steaming: We have limited vesse
DFDS omlægger ruter og sænker farten for at beskytte kaskelothvaler i det sydlige Grækenland1.6.2023 07:00:00 CEST | pressemeddelelse
I tæt samarbejde med en række NGO’er har DFDS taget væsentlige skridt for at beskytte havlivet i Middelhavet i Den Hellenske Grav i det sydlige Grækenland, et kritisk habitat for truede kaskelothvaler. Initiativerne skal mindske risikoen for kollisioner mellem skibe og hvaler. Ændringerne består af: Rutejusteringer: DFDS har justeret sine skibsruter for at undgå højrisikoområder kendt for hyppige observationer af kaskelothvaler.Lavere fart: DFDS har begrænset skibenes hastighed i disse højrisikozoner for at minimere potentialet for kollisioner.Øget overvågning og melding: DFDS har indført en politik, der opfordrer alle kaptajner til at være årvågne, identificere hvaler og hurtigt kommunikere observationer til DFDS' skibe og andre skibe i nærheden. "Vi er bevidste om at vores færgeaktiviteter kan have en påvirkning af biodiversiteten og føler et stort ansvar over for havlivet i de farvande, vi opererer i. Vi ønsker at sikre, at vores operationer respekterer de forskellige økosystemer,"
Aktias placeringsutsikt: Ränteplaceringar har gjort comeback, utsikterna för aktiemarknaden är osäkra1.6.2023 07:00:00 CEST | Pressemelding
Pressmeddelande Aktia Abp 1.6.2023 kl. 8.00 På placeringsmarknaden har år 2023 börjat i positiva tecken. I mitten av maj hade den globala aktiemarknaden avkastat cirka7 procent och räntemarknaden mellan0 och 4,5procent. Ränteplaceringar har gjort en snabb comeback och fungerar igen som ett skyddande element i portföljer med omfattande diversifiering. Aktia skriver i sin färska placeringsutsikt att det här året kommer att bli intressant för placeraren. De skador som kriget i Ukraina och inflationschocken orsakade utvecklingen förra året har korrigerats aktiemarknaden – utvecklingen har varit till och med överraskande positiv. Det i huvudsak positiva sentimentet har stött sig på den starka konsumentdrivna ekonomiska tillväxten och på att resultatutvecklingen har stått sig bättre än väntat. När det gäller aktier beräknas tillväxttakten avta eller till och med stanna upp helt under resten av året. För en allokeringsplacerare som utnyttjar olika tillgångsslag i sin placeringsverksamhet har