Kenmare Resources Results Of Tender Offer
December 10 2021 - 2:00AM
UK Regulatory
TIDMKMR
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ANNOUNCEMENT
Kenmare Resources plc
("Kenmare" or the "Company")
10 December 2021
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 November 2021 (the
"Circular").
A total of 18,183,745 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
14,814,412 Shares will be purchased under the Tender Offer
(representing 13.5 per cent. of the Company's issued ordinary share
capital). The Shares will be purchased at the Tender Price of
GBP4.17 per Share and, at this price, the total value of all Shares
to be purchased is GBP61.8 million. All of the Shares validly
tendered by Eligible Shareholders holding no more than 500 Shares
in certificated form will be purchased. Approximately 2.4% of
shares tendered in excess of the 13.5 per cent. Basic Entitlement
by Eligible Shareholders with holdings of more than 500 Ordinary
Shares will 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 December 2021 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 94,921,970 Shares
and the total number of voting rights in the Company will be
94,921,970. 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 Regulations and the
Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority.
It is expected that cheques for Tender Offer proceeds in respect
of successfully tendered Shares to certificated holders will be
despatched in the week commencing 13 December 2021 and Euroclear
Bank accounts credited with Tender Offer proceeds by 17 December
2021.
Capitalised terms in this announcement, unless otherwise defined
have the same meanings given to them in the Circular.
This announcement does not constitute, or form part of, an offer
or any solicitation of an offer, to purchase or repurchase
securities in any jurisdiction or constitute a recommendation or
advice in respect of any securities or other financial instruments
or any other matter.
(1) Note: Euroclear Nominees Limited is the Shareholder through
which Euroclear Participants and CDI Holders hold interests in
Ordinary Shares. Accordingly, Eligible Euroclear Participants and
Eligible CDI Holders should note that Euroclear Bank will calculate
and apply its own proration with respect to the Ordinary Shares
successfully tendered by Euroclear Nominees Limited on behalf of
Eligible Euroclear Participants and Eligible CDI Holders.
For further information, please contact:
Kenmare Resources plc
Jeremy Dibb / Katharine Sutton
Investor Relations
ir@kenmareresources.com
https://www.globenewswire.com/Tracker?data=iH05TqHH4PfQU94ZI55jQp4kgO06vOAbTmL_JWeIS34cMkzADYWBXdPl1dhXLXL_HwH6Q7UOo6_uFH_MA4P8pSwzsMEfnzMTEGwxQvRKKh0=
Tel: +353 1 671 0411
Mob: + 353 87 943 0367 / + 353 87 663 0875
Murray (PR advisor)
Joe Heron
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Important Notice:
This Announcement contains inside information.
About Kenmare
Kenmare Resources plc is one of the world's largest producers of
mineral sands products. Listed on the London Stock Exchange and the
Euronext Dublin, Kenmare operates the Moma Titanium Minerals Mine
in Mozambique. Moma's production accounts for approximately 5% of
global titanium feedstocks and the Company supplies to customers
operating in more than 15 countries., Kenmare produces raw
materials that are ultimately consumed in everyday "quality-of
life" items such as paints, plastics and ceramic tiles.
Peel Hunt LLP, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority in the conduct of
investment business, is acting exclusively for the Company and
no-one else in connection with the Tender Offer and the matters
described in this Announcement. Peel Hunt LLP will not regard any
other person as its customer or be responsible to any other person
for providing the protections to customers of Peel Hunt LLP nor for
providing advice in relation to the transactions and arrangements
described in this Announcement.
Davy, which is regulated in Ireland by the Central Bank, is
acting exclusively for the Company and no-one else in connection
with the Tender Offer and the matters described in this
Announcement. Davy will not regard any other person as its customer
or be responsible to any other person for providing the protections
to customers of Davy nor for providing advice in relation to the
transactions and arrangements described in this Announcement.
(END) Dow Jones Newswires
December 10, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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