London, England — MININGREVIEW.COM — 08 October 2008 – Integrated ferrochrome producer International Ferro Metals Limited (IFM) – listed on the London Stock Exchange – has launched a 1.6 million share buy-back programme at 37.95 pence each, and these shares will be cancelled.
A company statement issued here explained that following the cancellation of such shares, the company’s issued share capital would consist of 505,962,682 ordinary shares all with voting rights.
IFM did reveal last month – when it released annual results showing it had moved back into profit which had topped R578 million – that it was considering a buyback.
At the time, IMF chief executive Stephen Turner commented: “These results reflect a successful first full year of ferrochrome production, resulting in record earnings and a maiden dividend. Strong cash flows have resulted in the board’s decision to evaluate the benefits of utilising part of the company’s existing cash resources to acquire its shares in the market,” he added.
The company produces ferrochrome – the essential ingredient in stainless steel – from its integrated chromite mine and ferrochrome processing operations in South Africa.