Overview of Compulsory Acquisition Notice by Leonoil for Sierra Rutile

Sierra Rutile Holdings Limited (ASX:SRX) is set to undergo compulsory acquisition by Leonoil Company Limited (Leonoil) following its off-market takeover offer. Leonoil has acquired a relevant interest in over 90% of Sierra Rutile shares and will now exercise its right to compulsorily acquire the remaining shares under the compulsory acquisition provisions of the Corporations Act.

Executive Commentary on Compulsory Acquisition of Sierra Rutile Shares

Leonoil Company Limited (Leonoil) has announced its intention to compulsorily acquire the remaining Sierra Rutile shares following the successful acquisition of over 75% of the offered shares. This move aligns with our strategic plans and will enable us to further consolidate our position in Sierra Rutile.

Summary of Compulsory Acquisition and Outlook

Leonoil Company Limited (Leonoil) has confirmed the compulsory acquisition of the remaining Sierra Rutile shares, signaling a significant development in its takeover bid. Shareholders are advised to review the Notice of compulsory acquisition and consider their options. The acquisition will be carried out on the same terms as the initial offer, with shareholders entitled to claim the consideration from Sierra Rutile. Following the completion of the compulsory acquisition procedure, Sierra Rutile will provide further instructions on claiming the consideration. Shareholders are encouraged to stay informed about the process and seek any necessary clarifications. This development reflects Leonoil's commitment to its acquisition strategy and its efforts to streamline its holdings in Sierra Rutile.