Edition:
United States

Afarak Group Plc (AFAGR.HE)

AFAGR.HE on Helsinki Stock Exchange

0.81EUR
24 May 2019
Change (% chg)

€0.01 (+1.75%)
Prev Close
€0.80
Open
€0.84
Day's High
€0.84
Day's Low
€0.81
Volume
7,837
Avg. Vol
50,485
52-wk High
€1.10
52-wk Low
€0.67

Latest Key Developments (Source: Significant Developments)

Afarak Group Board Proposes Conversion Of Afarak Into A European Company
Monday, 20 May 2019 10:37am EDT 

May 20 (Reuters) - Afarak Group Plc ::REG-CONVERSION OF AFARAK INTO A EUROPEAN COMPANY.BOARD OF DIRECTORS OF AFARAK GROUP PLC ("AFARAK") PROPOSES CONVERSION OF AFARAK INTO A EUROPEAN COMPANY.MOST LIKELY TIME FOR CONVERSION IS END OF YEAR 2019 ACCORDING TO CURRENT ESTIMATE..CONVERSION INTO AN SE DOES NOT AFFECT COMPANY'S DOMICILE, LOCATION OF HEAD OFFICE OR EMPLOYEES' EMPLOYMENT CONTRACTS.BOARD TO PROPOSE CONVERSION OF AFARAK INTO A EUROPEAN COMPANY (SOCIETAS EUROPAEA, SE) TO GENERAL MEETING.FOR AFARAK, SETTING UP AN SE MEANS CONVERSION OF COMPANY INTO AN SE, WITH COMPANY NAME CHANGING INTO AFARAK GROUP SE.  Full Article

Afarak Group Q1 EBITDA Loss Widens To EUR 4.8 Million
Friday, 17 May 2019 05:11am EDT 

May 17 (Reuters) - Afarak Group Plc ::REG-ADVERSE BUSINESS CONDITIONS IMPACT PERFORMANCE.AFARAK GROUP - WEAKER FERROCHROME PRICES, LOWER SALES VOLUMES COUPLED BY SPECIFIC SEGMENT CONDITIONS, LED CO TO REGISTER WEAKER PERFORMANCE THAN A YEAR EARLIER.SAYS CHARGE CHROME BENCHMARK PRICE FOR QUARTER TWO ROSE BY 7.1% TO USD1.20 PER POUND.Q1 EBITDA LOSS EUR 4.8 MILLION VERSUS LOSS EUR 0.7 MILLION YEAR AGO.Q1 REVENUE EUR 41.3 MILLION VERSUS EUR 50.2 MILLION YEAR AGO.SAYS THIS INCREASE IS EXPECTED TO IMPROVE RESULTS FOR QUARTER TWO, COMPARED TO Q1.APART FROM IMPROVED PRICES, COMPANY IS ALSO EXPECTED TO EXPERIENCE HIGHER SALES VOLUMES THROUGHOUT Q2.  Full Article

Afarak Will Acquire 49 percent Balance Of Synergy Africa Ltd
Wednesday, 3 Apr 2019 11:47am EDT 

April 3 (Reuters) - Afarak Group Plc ::REG-AFARAK WILL ACQUIRE 49% BALANCE OF SYNERGY AFRICA LTD (JOINT VENTURE).AFTER TRANSACTION AFARAK WILL HOLD 100 PERCENT OF SYNERGY AFRICA LTD AND JOINT VENTURE AGREEMENT WILL BE TERMINATED.TRANSACTION IS EXPECTED TO BE SIGNED AND EXECUTED WITHIN NEXT 2-3 WEEKS..WITH THIS TRANSACTION, AFARAK WILL ACQUIRE FULL CONTROL OVER ITS MINING ASSETS AND WILL CONSOLIDATE SYNERGY AFRICA AS A SUBSIDIARY.AFARAK GROUP- IF SYNERGY AFRICA HAD BEEN CONSOLIDATED AS SUBSIDIARY IN 2018 CO'S REVENUE WOULD HAVE INCREASED BY EUR 29 MILLION, AND EBITDA BY EUR 1 MILLION.CO AND JOINT VENTURE PARTNER WILL AGREE ON A SHARE TRANSFER OF 49 PERCENT OF SYNERGY AFRICA LTD AT A NOMINAL VALUE OF USD 49.  Full Article

Afarak: Minority Shareholders Propose Board Members
Friday, 26 Oct 2018 05:23am EDT 

Oct 26 (Reuters) - Afarak Group Plc ::REG-AFARAK RECEIVES COMMUNICATION FROM MINORITY SHAREHOLDERS.MINORITY GROUP IS PROPOSING MAURI KAUPPI, ESA HUKKANEN, MARKKU KANKAALA, TOMI HYTTINEN AND MIKAEL NIKANDER AS DIRECTORS.SHAREHOLDERS ATKEY LTD AND LNS LTD WHO HOLD MORE THAN 56 % OF SHARES AND VOTES, WILL VOTE AGAINST PRESENTED PROPOSAL.  Full Article

Afarak Group: Request From Shareholder LNS Ltd To Convene EGM
Friday, 21 Sep 2018 06:50am EDT 

Sept 21 (Reuters) - Afarak Group Plc ::AFARAK GROUP - HAS RECEIVED REQUEST FROM SHAREHOLDER LNS LTD REPRESENTING OVER 10 % OF SHARES AND VOTING RIGHTS, TO CONVENE EGM.SHAREHOLDER PROPOSES TO ADDRESS FOLLOWING ISSUE: AUTHORISING BOARD OF DIRECTORS TO DECIDE ON REPURCHASE OF CO'S OWN SHARES.LNS PROPOSES THAT EGM WOULD RESOLVE TO AUTHORISE BOARD TO PLAN, DECIDE AND TO EXECUTE SWAP OF CO'S SHARES BY VOLUNTARY TAKEOVER BID TO BE MADE BY CO TO CO'S SHAREHOLDERS.  Full Article

Afarak Group PLC -Mogale To Shut Down Furnace Three
Wednesday, 1 Aug 2018 11:03am EDT 

Aug 1 (Reuters) - Afarak Group Plc ::MOGALE TO SHUT DOWN FURNACE THREE.AFARAK MOGALE HAS REPORTED AN UNEXPECTED FAILURE IN FURNACE THREE, A 20 MVA SUBMERGED ARC FURNACE PRODUCING FERROCHROME.FAULT RELATES TO TRANSFORMER OF FURNACE AND REPAIRS ARE EXPECTED TO LAST UP TO 14 WEEKS.SAYS MANAGEMENT OF MOGALE IS WORKING ON A CONTINGENCY PLAN IN ORDER TO MINIMISE DISRUPTION.THE FAILURE RESULTS IN APPROXIMATELY A REDUCTION IN CAPACITY AND PRODUCTION OF AROUND 7,000 TONNES.SAYS SHUT DOWN IS EXPECTED TO NEGATIVELY AFFECT MOGALE'S FINANCIAL PERFORMANCE DURING QUARTER THREE.  Full Article

Afarak Receives Decision From FIN-FSA
Tuesday, 10 Jul 2018 02:15am EDT 

July 10 (Reuters) - AFARAK GROUP PLC ::REG-AFARAK RECEIVES DECISION FROM FIN-FSA.FIN-FSA ORDERED KONCAR TO PAY BASE OF CONDITIONAL FINE OF 40 EUR MILLION AND SUPPLEMENTARY OF EUR 10 MILLION ACCRUED BY THAT DATE.  Full Article

Afarak Group Not Aware Of Any Large Transactions Of Its Shares
Monday, 2 Jul 2018 10:24am EDT 

July 2 (Reuters) - Afarak Group Plc ::COMPANY WISHES TO STRESS OUT THAT IT IS NOT AWARE OF ANY LARGE TRANSACTIONS OF ITS SHARES..COMPANY WILL NOT COMMENT ANY FURTHER ON SUCH RUMOURS OR SHAREHOLDER ISSUES..  Full Article

Afarak Group Says Puts Its Plans To Delist On Hold
Tuesday, 24 Apr 2018 10:38am EDT 

April 24 (Reuters) - AFARAK GROUP PLC ::REG-AFARAK GROUP PLC: THE COMPANY PUTS ITS PLANS TO DELIST ON HOLD.KERMAS LTD AND ATKEY LTD INFORMED BOARD THAT THEY ARE WITHDRAWING THEIR INITIATIVE TO DELIST CO.AFARAK GROUP SAYS BOARD HAS ALSO PUT ON-HOLD PLANS FOR PUBLIC OFFERING FOR A BUY-BACK OF ITS OWN SHARES AND HAS ALSO HALTED PLANS FOR REDOMICILIATION.  Full Article

Afarak Group gets Request To Delist From Helsinki Stock Exchange
Tuesday, 5 Dec 2017 10:25am EST 

Dec 5 (Reuters) - Afarak Group Plc ::RECEIVED A REQUEST TO PRESENT A PLAN TO DELIST FROM HELSINKI STOCK EXCHANGE.REQUEST FROM KERMAS RESOURCES LTD, REPRESENTING 26.90% OF SHARES AND VOTING RIGHTS,TO CONVENE AN EGM.BOARD OF DIRECTORS OF AFARAK GROUP WILL DISCUSS RECEIVED LETTER OF REQUEST.  Full Article