Last checked at 8 Jan 2015 07:00
Kenmare Resources plc ("Kenmare" or "the Company")
8 January 2015
Statement regarding share price movement
Kenmare notes the recent significant adverse share price movement and knows of no reason for the movement.
Further to the announcement of 10 December, the Company continues to progress constructive discussions with lenders and their advisors. Lenders and the Company are advancing these discussions to address any potential default relating to the 31 January budget requirement and provide a basis for a more sustainable debt structure.
Discussions with Iluka Resources Ltd ("Iluka") have been continuing, as announced on 17 October. Since this time, Iluka has been conducting significant technical and non-technical due diligence, including visits to Dublin Head Office and the Moma Mine. There can be no certainty that an offer will ultimately be forthcoming or as to the terms on which any such offer might be made.
Further updates will be provided in due course.
Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0110
Tony McCluskey, Financial Director
Tel: +353 1 671 0411
Mob: + 353 87 674 0346
Jeremy Dibb, Corporate Development and Investor Relations Manager
Tel: +353 1 671 0411
Mob: + 353 87 943 0367
Murray Consultants
Joe Heron
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Buchanan
Bobby Morse / Gordon Poole
Tel: +44 207 466 5000
The Directors of Kenmare accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. This announcement has not been consented to by Iluka.
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise. The distribution of this announcement in jurisdictions outside Ireland or the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.
A person interested in 1% or more of any class of relevant securities of Kenmare or Iluka may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules, effective from 26 June 2014, the date of the commencement of the offer period for Kenmare under the Irish Takeover Rules.