There lots of stories now swirling around the Finnish financial authorities fine against Danko Koncar, the principle owner of Afarak; Afarak is NOT a party to the fine. The share price rose because other shareholders, not only the minority shareholders in Finland,may be able to cash out their shares at E2.50, more the double today’s price which has already risen almost 17%.
In addition, the Finnish government is investigating the company and may have additional charges coming. Also, is Afarak’s management working for all the shareholders or just the majority shareholder?
Afarak reportedly tried to “sell” marketing agreements to two trading companies to raise money and had a tentative deal with a Chinese company to sell its South African chrome mines, but those deals are now thought to be on indefinite hold.
Exclusive listing on the London Stock Exchange may be a a pipe dream now with LSE officials taking a look at the company.