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Proposed Tender Offer to purchase up to 13.5% o...
Proposed Tender Offer to purchase up to 13.5% o....
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n \n \n Proposed Tender Offer to purchase up to 13.5% of the Company’s issued ordinary shares\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO \n THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA OR JAPAN O\n R ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT\n \n \n Kenmare Resources plc \n (“Kenmare” or “the Company” or “the Group”)\n 16 November 2021\n \n Proposed Tender Offer to purchase up to 13.5% of the Company’s issued ordinary shares\n \n \n Publication of Circular and Notice of EGM \n \n Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the \"Mine\" or \"Moma\") in northern Mozambique, today announces the launch of a proposed tender offer (the “Tender Offer”) to purchase up to 13.5% of the Company’s issued ordinary shares (“Ordinary Shares”).\n The Tender Offer executes on the Company’s stated intention to increase shareholder returns after the successful completion of its major capital projects and is supported by strong operational performance of Kenmare and its subsidiaries (the “Group”) and commodity market strength in 2021.\n \n Highlights\n \n \n The Company proposes to return up to £61.8 million (approximately US$82.7 million) to Eligible Shareholders by way of a Tender Offer at £4.17 per Ordinary Share (being the average of the closing prices per Ordinary Share as derived from the London Stock Exchange Daily Official List for the 10 Business Days up to and including 12 November 2021, the latest practicable date before publication of the Tender Offer circular to Shareholders).\n The Tender Offer is for up to 13.5% of the Company’s issued share capital. Under the Tender Offer, each Shareholder is entitled to have up to 13.5% of its shareholding purchased by the Company at the Tender Price.\n The Tender Offer is to be funded from the Company’s existing and available cash resources and borrowings under the Group’s borrowing facilities and remains open until 1.00 p.m. on 9 December 2021.\n Eligible Shareholders will be able to decide whether to tender none, some or all of their Ordinary Shares within the overall limits of the Tender Offer.\n The Tender Offer will provide Eligible Shareholder...