SYDNEY, AUSTRALIA: Canaccord Genuity (Australia) Limited, acting as the Bidder’s Broker, has announced an unconditional on-market offer to acquire all available shares of Sierra Rutile Holdings Limited (SRX) at a cash price of A$0.095 per share.
The offer, initiated by PRM Services LLC, aims to purchase up to 375,609,090 SRX Shares that are currently listed on the Australian Securities Exchange (ASX) and not already owned or controlled by the Bidder or its associates.
The acquisition move comes as a significant development in the mining sector, with Sierra Rutile Holdings being a key player in the industry. The offer period is set to run until 5 May 2024, unless extended or withdrawn in accordance with the Corporations Act.
Key Highlights of the Offer:
The bid is an on-market, unconditional offer.
The consideration for the shares will be paid in cash.
The offer period may be subject to extension, and the offer price is subject to increase or withdrawal as per legal provisions.
As of the announcement, PRM Services LLC holds an 11.46% relevant interest in SRX Shares, translating to voting power in the same percentage of total shares on issue.