Shares in the South African ferro-chrome producer, which has the ticker IFL on the London Stock Exchange, fell as low as £0.85 on August 17, compared with £1.35 on August 13 when the report came out, and £1.93 on August 12.
The shares were trading at £0.95 on August 18.
The company revealed that it made a forward sale of 15,000 tonnes of ferro-chrome in May, earning ZAR116 million ($9 million), to strengthen its cash position.
The sale allowed IFM to reduce its net borrowings to ZAR450 million on June 20, down from ZAR485 million on March 31.
Ferro-chrome production for...