Business
Tender Offer
Tender Offer.
About this update from Kenmare Resources Plc
[{"type":"text","content":"\n\n \n \n\n 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”) 15 August 2023 Proposed Tender Offer to purchase up to 5.9% of the Company’s issued ordinary shares Publication of Circular and Notice of EGM 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 5.9% of the Company’s issued ordinary shares (“Ordinary Shares”). The Tender Offer executes on the Company’s stated intention to occasionally supplement shareholder returns by buying back shares when sufficient capital is available supported by the operational performance and strong financial position of Kenmare and its subsidiaries (the “Group”) and wider commodity market conditions. Highlights The Company proposes to return up to £23.6 million (approximately $30 million) to Eligible Shareholders by way of a Tender Offer at £4.22 per Ordinary Share (being the closing price of an Ordinary Share as derived from the London Stock Exchange Daily Official List on 14 August 2023).The Tender Offer is for up to 5.9% of the Company’s issued share capital. Under the Tender Offer, each Shareholder is entitled to have up to 5.9% of its shareholding purchased by the Company at the Tender Price.The Tender Offer is to be funded from the Company’s existing and available cash resources and remains open until 1.00 p.m. on 8 September 2023.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.The Tender Offer will provide Eligible Shareholders with an opportunity to sell part or all of their Ordinary Shares and to receive their respective share of the cash which the Company is seeking to return.Directors who are beneficially interested in Ordinary Shares have indicated that they will not tender Ordinary Shares pursuant to the Tender Offer.The Tender Offer will provide Eligible ...