28 Oct 2011 07:44
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.
FOR IMMEDIATE RELEASE 28 October 2011
Extension of Deadline for Private Treaty Sale
LONDON, ENGLAND - 28 October 2011: Pala Investments Holdings Limited ("Pala"), through its wholly-owned subsidiary, Pala Minerals Limited ("PML"), announced on 3 October 2011 that shareholders of Sierra Rutile Limited (AIM: SRX) ("Sierra Rutile") would be able to sell their shares directly to Pala at a price of 30 pence per share by private treaty and that applications from Sierra Rutile shareholders wishing to sell their shares directly to Pala by private treaty must be received by no later that 1.00pm (London time) on 1 November 2011. Today Pala announces that this deadline will be extended to 1.00pm (London time) on 4 November 2011, the same deadline as the Improved Offer.
Applications from Sierra Rutile shareholders wishing to sell their shares directly to Pala by private treaty must be received by no later than 1.00 p.m. (London time) on 4 November 2011. Sierra Rutile shareholders who have already accepted Pala's offer can elect the private treaty option and ensure they receive the benefits of the price of 30 pence per Sierra Rutile share even if the Improved Offer lapses.
Sierra Rutile shareholders should refer to Pala's announcement of 3 October 2011 for full details on the procedure for applying to sell Sierra Rutile shares directly to Pala by private treaty.
This announcement should be read in conjunction with the full text of the announcements of 7 September 2011 and 3 October 2011 (including their respective Appendices) and 11 October 2011 and 25 October 2011. The Acceptance Condition and the further terms of the Improved Offer are set out in Appendix I to PML's earlier offer announcement made on 7 September 2011 (the "Original Offer Announcement") (as modified by paragraph 4 of the announcement of the 3 October 2011 (the "Improved Offer Announcement")). Unless the context otherwise requires, definitions used in the Original Offer Announcement and Improved Offer Announcement also apply to this announcement.
For enquiries:Colin MurrayPala Investments AG+41 41 560 9070
About Pala
Pala Investments Holdings Limited is a multi-strategy investment company dedicated to investing in, and creating value across, the mining sector in both developed and emerging markets. Pala's exclusive investment advisor, Pala Investments AG, has extensive experience within the mining sector. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit www.pala.com.
Application of the City Code on Takeovers and Mergers (the "Code")
By virtue of its status as a company incorporated in the British Virgin Islands, the Code does not apply to Sierra Rutile. Shareholders are reminded that whilst Sierra Rutile's articles of association require offers to be made on terms that would be required by the Code, save to the extent that the Board of Sierra Rutile otherwise determines, the Panel on Takeovers and Mergers does not have responsibility for ensuring compliance with the Code in respect of the Improved Offer and is not able to answer shareholders' queries in relation to Sierra Rutile, Pala or the Improved Offer.
In particular, the Board of Sierra Rutile has confirmed to Pala that it does not intend to require Opening Position Disclosures and Dealing Disclosures (as referred to in the Code) to be made by shareholders (other than PML and persons acting in concert with PML) in accordance with Rule 8 of the Code. Shareholders are reminded that public disclosures consistent with the provisions of Rule 8.3 of the Code should not be e-mailed to the Panel on Takeovers and Mergers.
Overseas jurisdictions
The Improved Offer will not be made, directly or indirectly, in or into, or by the use of the mails or any means of instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facilities of a national securities exchange of the United States, Canada, Australia or Japan. Accordingly, except as required by applicable law, copies of this announcement are not being, and may not be, mailed or otherwise forwarded, distributed or sent in, into or from the United States, Canada, Australia or Japan. Persons receiving this announcement (including, without limitation, nominees, trustees or custodians) must not forward, distribute or send it into the United States, Canada, Australia or Japan.
The availability of the Improved Offer to Sierra Rutile Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. In particular, as described in Appendix I of the Original Offer Announcement, the Improved Offer will not be made directly or indirectly into the United States, Canada, Australia or Japan. Sierra Rutile Shareholders who are not resident in the United Kingdom should inform themselves about and observe any applicable requirements and read paragraph 6 of Part B, paragraph (c) of Part C and paragraph (c) of Part D of Appendix I of the Original Offer Announcement before taking any action.
Publication of this announcement
A copy of this announcement will be available at www.pala.com by no later than 12.00 p.m. (London time) on the business day after the date of this announcement. You can obtain a hard copy of this announcement or any information incorporated by reference by contacting Computershare Investor Services PLC, Corporate Actions Projects, Bristol, BS99 6AH. You will not receive a hard copy of this announcement or any information incorporated by reference unless you so request. You may also inform Computershare that you wish all future documents, announcements and information in relation to the Improved Offer be sent to you in hard copy.
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