29 Jul 2016 07:18
Sierra Rutile Limited
FOR IMMEDIATE RELEASE
London, UK, 29 July 2016: The Board of Sierra Rutile Limited (AIM:SRX) ("Sierra Rutile" or the "Company") notes the announcement made today by Iluka Resources Limited ("Iluka") and confirms that it has received an approach for the issued and to be issued share capital of the Company at a price of 36 pence per ordinary share in cash. Discussions are at an advanced stage, however, there can be no certainty that an offer will be made or as to the terms of any such offer. As a result, shareholders are urged to take no action at this time. A further announcement will be made in due course as appropriate.
The Company is not subject to the UK Code on Takeovers and Mergers ("Code") and, therefore, the Code will not apply to any transaction involving the Company.
This announcement contains inside information in relation to Sierra Rutile.
ENDS
For further information
Sierra Rutile Limited John Sisay, Chief Executive Officer
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+44 (0)20 7074 1800
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Investec Bank Nominated Adviser and Joint Corporate Broker Chris Sim / George Price / Jeremy Ellis
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+44 (0)20 7597 4000 |
Numis Securities Limited Joint Corporate Broker John Prior / James Black / Paul Gillam
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+44 (0)20 7260 1000 |
RBC Capital Markets Joint Corporate Broker Jonny Hardy / Elliot Thomas
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+44 (0)20 7653 4000 |
Kreab Christina Clark / Fiona Cumberland |
+44 (0)20 7074 1800
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About Sierra Rutile Limited
Sierra Rutile is a leading, multi-mine mineral sands company, operating world-class assets and developing a portfolio of growth projects in the south west of Sierra Leone, with its primary commodity mined being natural rutile, a titanium feedstock. The Company has an established operating history spanning approximately 50 years and a resource mine life of another 50 years with one of largest natural rutile deposits in the world and a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 866 million tonnes (as at 30 September 2015). Sierra Rutile expects to be the world's largest primary producer of natural rutile in 2016.
www.sierra-rutile.com