STAMFORD, Conn., May 9, 2019 /PRNewswire/ -- Tronox Holdings
plc (NYSE:TROX) ("Tronox" or the "Company"), the world's
largest vertically integrated producer of titanium dioxide pigment,
today announced the repurchase of 14 million shares of its common
stock from Exxaro Resources Limited ("Exxaro") for an aggregate
purchase price of approximately $200
million or $14.32 per share.
The purchase price per share represented a five percent discount to
the 10-day volume weighted average price as of the day that Exxaro
exercised its right to sell the shares, as agreed in the Mineral
Sands Transaction Completion Agreement (the "Completion Agreement")
announced in November 2018. Exxaro
announced its intention to divest its ownership interest in Tronox
in 2017, and it intends to continue the orderly sell down of its
ownership in accordance with the terms of the Completion Agreement.
Following the transaction, Exxaro will own approximately 14.7
million shares representing 9.9 percent of Tronox's outstanding
equity. Tronox's ability to buy these shares was enabled by its
re-domiciliation from Australia to
the United Kingdom on March 27, 2019. The Company funded the share
repurchase by using a portion of the approximately $700 million in proceeds it received on
May 1, 2019, from the divestiture of
Cristal's North American titanium dioxide business to INEOS
Enterprises, a division of INEOS ("INEOS").
"The repurchase of shares from Exxaro is a value-creating use of
a portion of the proceeds from the INEOS transaction and represents
an excellent investment," said Jeffry N.
Quinn, chairman and chief executive officer of Tronox. "We
are pleased to be able to allocate capital for share repurchases as
we embark on integrating Cristal to achieve substantial synergies,
thereby creating long-term, sustainable value for our
shareholders."
Due to the share repurchase transaction, Exxaro's ownership
interest in Tronox has fallen below 10 percent and pursuant to the
terms of the Exxaro Shareholders Agreement, Mxolisi Mgojo, chairman
and chief executive officer of Exxaro, who was Exxaro's sole
remaining nominee on the Tronox Board of Directors, will resign
from the Company's Board with immediate effect. "The entire Board
and management has benefited from Mxolisi's excellent business
acumen and judgment, as well as his insights into how to
successfully operate in South
Africa," added Quinn. "It has been a privilege to work
alongside Mxolisi for so many years."
Media Contact: Melissa
Zona
+1 636.751.4057
Investor Contact: Brennen
Arndt
+1 646.960.6598
About Tronox
Tronox Holding plc is one of the world's leading producers of
high-quality titanium products, including titanium dioxide pigment,
specialty-grade titanium dioxide products and high-purity titanium
chemicals; and zircon. We mine titanium-bearing mineral sands and
operate upgrading facilities that produce high-grade titanium
feedstock materials, pig iron and other minerals. With nearly 7,000
employees across six continents, our rich diversity, unmatched
vertical integration model, and unparalleled operational and
technical expertise across the value chain, position Tronox as the
preeminent titanium dioxide producer in the world. For more
information about how our products add brightness and durability to
paints, plastics, paper and other everyday products, visit
Tronox.com.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/tronox-announces-repurchase-of-14-million-shares-of-its-common-stock-from-exxaro-300847172.html
SOURCE Tronox Holdings plc