Market release - Suspension
MARKET RELEASE
9 April 2015
Atlas Iron Limited
SUSPENSION FROM OFFICIAL QUOTATION
The securities of Atlas Iron Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement.
Security Code: AGO
Jill Hewitt
Senior Adviser, Listings Compliance (Perth)
Page 1 of 1
7 April 2015
Mr James Rowe
State Manager
ASX Compliance Pty Ltd
Level 40, Central Park
152-158 St George's Terrace
PERTH WA 6000
By Email: [email protected]
Request For Voluntary Suspension
Atlas Iron Limited (ASX: AGO) requests a voluntary suspension in the trading of its securities, effective immediately. The voluntary suspension is requested pending the outcome of an extensive review of the Company's operations, financial outlook, asset sale opportunities and capital
structure in light of the recent rapid fall in the iron ore price.
Atlas has made significant progress in reducing its production costs. However, the extent and pace of the decline in the iron ore price, which has fallen 24% to US$47.50 (Platts 62 per cent index) since Atlas released its half-year accounts on 24 February 2015, and the uncertain outlook, has prompted the Company to initiate the comprehensive review.
Atlas has already commenced discussions with a number of its stakeholders in relation to various initiatives intended to further reduce costs and preserve value.
Lazard is assisting Atlas with the review.
In accordance with Listing Rule 17.2, the Company provides the following information in relation to this request:
The Company requests that the voluntary suspension remains in place until an announcement is made by the Company regarding the outcome of the review, which announcement Atlas expects to make in the next 2 weeks;
The Company is not aware of any reason why the voluntary suspension should not be granted;
The Company is not aware of any further information necessary to inform the market about the voluntary suspension.
Atlas will not be providing further commentary in respect to the review or related matters at this stage.
Yours faithfully
Yasmin Broughton
General Counsel/ Company Secretary