Business
Result of Tender Offer
Result of Tender Offer.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n\n \n \n\n Result of Tender Offer\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT Kenmare Resources plc (“Kenmare” or the “Company”) 11 September 2023 Results of Tender Offer 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, is pleased to announce the final results of the Tender Offer, details of which were set out in the circular published by the Company and sent to Shareholders on 16 August 2023 (the “Circular”). A total of 22,006,119 Shares were validly tendered by Eligible Shareholders under the Tender Offer and, following application of the scale-back mechanism as set out in the Circular, a total of 5,601,390 Shares will be purchased under the Tender Offer (representing 5.9 per cent of the Company’s issued ordinary share capital). The Shares will be purchased at the Tender Price of £4.22 per Share and, at this price, the total value of all Shares to be purchased is £23.6 million. All of the Shares tendered by Eligible Shareholders with holdings of 1,000 Shares or fewer will be purchased. Approximately 0.14 per cent of the Shares tendered by other Eligible Shareholders in excess of their 5.9 per cent Basic Entitlement will also be purchased.1 Under the terms of the Repurchase Agreement, Peel Hunt LLP has a put option exercisable until 6.00 p.m. on 13 September 2023 to require the Company to purchase from Peel Hunt LLP the Shares purchased pursuant to the Tender Offer at the Tender Price. The Shares purchased by the Company pursuant to exercise of the put option will be cancelled (the “Cancellation”). On completion of the Tender Offer and the Cancellation, the Company’s issued ordinary share capital will be 89,228,161 Shares and the total number of voting rights in the Company will be 89,228,161. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Transparency Regulati...