Kenmare Resources Share News (KMR)

(Alliance News) - Kenmare Resources on Thursday said it received a non-binding proposal from UAE-based Oryx Global Partners Ltd and Michael Carvill, together a consortium, for a potential all-cash takeover offer.

The Mozambique-focused producer of titanium minerals and zircon said the most recent proposal received was at a price of 530 pence per share.

Kenmare shares had closed at 275.00p on Wednesday in London, meaning the proposal of 530p was a 93% premium.

Kenmare shares jumped 45% to 398.88p Thursday morning in London, giving it a market capitalisation of GBP357.4 million.

The consortium has until April 17 to announce a firm intention to make an offer for Kenmare, or to announce it does not intent to make an offer.

Oryx Global Partners, on its website, says its aim is "facilitating the energy transition and securing supply chains through strategic investments". It is based in Abu Dhabi and also has offices in London and Cape Town.

By Tom Budszus, Alliance News slot editor

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