Brief: Afarak Group, LL Resources GmbH Sign Combination Agreement

Afarak SE

12/05/2023 07:12

May 12 (Reuters) - Afarak Group SE  AFAGR.HE :
    * REG-AFARAK GROUP AND LL RESOURCES GMBH SIGN A COMBINATION
AGREEMENT – AFARAK TO BECOME MAJOR PLAYER IN SPECIFIC
COMMODITIES
    * TRANSACTION IS EXECUTED BY AFARAK ISSUING NEW SHARES AS
CONSIDERATION TO SHAREHOLDERS OF LLR
    * TOTAL CONSIDERATION ("CONSIDERATION") OF TRANSACTION TO
LLR'S
CURRENT SHAREHOLDERS HAS BEEN AGREED TO HAVE A VALUE OF
APPROXIMATELY EUR 59,5 MILLION
    * CONSIDERATION WILL BE PAID IN FULL BY ISSUING 140,000,000
NEW
AFARAK SHARES
    * COMBINING LL RESOURCES INTO AFARAK GROUP
    * LL RESOURCES IS MINING, PROCESSING AND TRADING
ESTABLISHMENT
WITH FOCUS ON FERRO-ALLOYS, STEEL PRODUCTS, SCRAP, COKE, COAL,
BITUMEN, FERTILIZER
    * NEW ENTITY TO EMERGE WITH COMBINATION WOULD HAVE A
TURNOVER OF
APPROXIMATELY 674.5 EUR MILLION
    * TRANSACTION WOULD BE EXECUTED IN Q3 OF 2023.
    * CURRENT BEST ESTIMATE IS THAT TRANSACTION WOULD BE
EXECUTED IN
Q3 OF 2023
    * AT THIS STAGE, AFARAK WILL KEEP ITS 2023 GUIDANCE
UNCHANGED
UNTIL COMPLETION OF TRANSACTION IS CONFIRMED.
    * SUBJECT TO COMPLETION OF TRANSACTION, IT WILL HAVE A
FINANCIAL
IMPACT ON AFARAK

Source text for Eikon:  ID:nGNE4MmLB 
Further company coverage:  AFAGR.HE 

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