Sierra Rutile's Takeover Bid Extension

Sierra Rutile Holdings Limited (ASX:SRX) has announced the automatic extension of the offer acceptance period for the off-market takeover bid by Leonoil Company Limited. The offer period has been extended until 5:00pm (AWST) on 18 September 2024, following Leonoil's increase in voting power to more than 50% within the last 7 days of the original offer period, as per the notice given by Leonoil under section 624(2) of the Corporations Act 2001 (Cth).

Leonoil's Notice of Offer Period Extension

Leonoil Company Limited has given notice of the automatic extension of the offer acceptance period for the off-market takeover bid for Sierra Rutile Holdings Limited. The extension, until 18 September 2024, is a result of Leonoil's voting power in Sierra Rutile increasing to more than 50% within the last 7 days of the original offer period. As a consequence, the offer period has been automatically extended in accordance with section 624(2) of the Corporations Act, varying the closing date of the offers as stated in the Bidder's Statement.

Summary of Sierra Rutile's Takeover Bid Extension

Sierra Rutile Holdings Limited (ASX:SRX) has extended the offer acceptance period for the off-market takeover bid by Leonoil Company Limited until 18 September 2024. This extension follows Leonoil's increase in voting power to more than 50% within the last 7 days of the original offer period, triggering the automatic extension as per section 624(2) of the Corporations Act. Shareholders and other relevant parties are advised to refer to the Bidder's Statement for detailed instructions on accepting the offer. The extension provides additional time for stakeholders to consider and act upon the offer. Sierra Rutile and Leonoil continue to engage in the takeover process, and further updates may be provided as the situation develops.