JOHANNESBURG (miningweekly.com) – Vertically integrated specialty alloys producer Afarak is considering changing its domicile from Finland, as the company continues to advance plans to delist from the Nasdaq Helsinki Stock Exchange, leaving it with a listing on only London’s Aim.
In an update regarding its delisting plans, which were communicated at the end of January, Afarak stated on Wednesday that its board had concluded that, in the long run, it was not economically viable to have a company domiciled in Finland and listed in London.
Afarak, which has operations in South Africa, said its board was considering several options in this regard as well.
The company further stated that it remained its intention, subject to shareholder approval of the delisting plan, to make an offer to acquire the shares of dissenting shareholders.
Afarak has been preparing a draft offer document (prospectus) in relation to the delisting and the offer. It was also still preparing finance for the offer.
The company stated that some shareholders had given commitments in relation to their initial intentions, with commitments by Kermas and Atkey still valid, while Joensuun Kauppa ja Kone Oy had withdrawn its support for the delisting process.
Once ready, Afarak will be organising a shareholder meeting to present its plans to shareholders