# Kenmare Resources announce results of tender offer

- Link: https://www.directorstalkinterviews.com/kenmare-resources-announce-results-of-tender-offer/4121037911
- Published: 2021-12-10T07:15:52+00:00
- Author: Giles

**Kenmare Resources plc** ([LON:KMR](https://www.directorstalkinterviews.com/company/kenmare-resources-plc/kmr.l),
ISE:KMR), one of the leading global producers of titanium minerals and zircon, which
operates the Moma Titanium Minerals Mine in northern Mozambique, has announced 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.

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 £4.17 per Share and, at this
price, the total value of all Shares to be purchased is £61.8 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.

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.

Kenmare Resources 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.

Share on: