Sierra Rutile (ASX: $SRX) rejects unsolicited takeover offer from PRM

Sierra Rutile Holdings Limited (ASX: $SRX) has advised its shareholders to take no action regarding the unsolicited on-market takeover offer from PRM Services LLC (PRM) to acquire all of the Sierra Rutile shares it does not own at a price of A$0.095 cash per share. The Directors have formed the preliminary view that the Offer is inadequate and opportunistic, and recommend shareholders to wait for further information from Sierra Rutile before taking any action.

Sierra Rutile's Chairman expresses concerns over the unsolicited takeover offer

Sierra Rutile's Chairman Greg Martin expressed the Board's view that the Offer from PRM is opportunistic, inadequate, and undervalues the Company. The Board believes that the Offer is timed ahead of key value catalysts, such as the Sembehun DFS, and does not reflect Sierra Rutile's significant strategic value as a major participant in the global mineral sands industry. The Board unanimously recommends shareholders to take no action in relation to the Offer.

Sierra Rutile's outlook and response to the unsolicited takeover offer

Sierra Rutile (ASX: $SRX) has rejected the unsolicited takeover offer from PRM, citing it as inadequate and opportunistic. The Board believes that the Offer does not reflect the company's true underlying value, especially in light of the upcoming Sembehun DFS and the mineral sands market cycle showing signs of improvement. The Directors expect the Sembehun Project DFS outputs to demonstrate an attractive NPV, and the Board is focused on maximizing value for all shareholders. Sierra Rutile advises shareholders to wait for the Target's Statement before making any decision or taking any action regarding their shares, as there is no urgency to sell at this time.