https://newsletter.mw.creamermedia.com
Africa
Africa
africa

Sierra Rutile goes with Lenoil offer, pays break fee to Gemcorp

29th July 2024

By: Creamer Media Reporter

     

Font size: - +

Gemcorp Commodities will not go ahead with its proposed takeover of Sierra Rutile and has terminated its bid implementation agreement. This releases the suitor from making an offer for the Africa-focused mineral sands miner.

This comes as Sierra Rutile last week advised that it had entered into a bid implementation agreement with Lenoil Company, under which the company offered to acquire the remaining shares in Sierra Rutile.

Sierra Rutile's directors unanimously recommended that shareholders accept the Lenoil offer, noting that it was higher than any other offers received.

Sierra Rutile has paid a $400 000 target break fee to Gemcorp.

The Lenoil cash offer of A$0.18 a share represents a 12.5% premium to the A$0.16-a-share offer price from Gemcorp, announced on July 1. The offer consideration is also a 90% premium to the A$0.095-a-share offer price of the PRM on-market takeover bid announced in March.

The PRM offer closes on July 31.

Edited by Creamer Media Reporter

Comments

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 

Latest Multimedia

sponsored by

MMC, Pan African, Vanadium Resources make headlines
MMC, Pan African, Vanadium Resources make headlines
4th October 2024
Magazine round up | 04 October 2024
Magazine round up | 04 October 2024
4th October 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.079 0.153s - 127pq - 2rq
Subscribe Now