Zaff LLC Completes Disposition of Shares of Itafos

TORONTO, ONTARIO--(Marketwired - June 13, 2017) - Zaff LLC (Zaff) announced today that it has redeemed certain membership units from its members in exchange for delivery by Zaff of an aggregate of 15,986,493 Shares (the Disposed Shares) to such members (the Disposition).

Prior to the Disposition, Zaff had direct or indirect ownership of or control over 65,868,991 shares of Itafos, representing approximately 83.04% of the issued and outstanding shares (on an undiluted basis) of Itafos (the Shares).

Following the completion of the Disposition, Zaff has direct or indirect ownership of or control over 49,882,498 shares of Itafos, representing approximately 62.89% of the issued and outstanding shares (on an undiluted basis) of Itafos.

Zaff holds Shares for investment purposes. However, Zaff may take actions in the future in respect of its holdings in Itafos based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of Shares, whether in the open market, by privately negotiated agreement or otherwise, or in connection with a strategic transaction with Itafos.

The registered office of Itafos is located at P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands, KY1-1104.

For further information, including a copy of the corresponding report filed with Canadian securities regulators, please contact: