Overview of Sierra Rutile's response to the unsolicited takeover offer

Sierra Rutile Holdings Limited (ASX: $SRX) has recommended its shareholders to take no action in response to an unsolicited on-market takeover offer from PRM Services LLC. The offer proposes to acquire all Sierra Rutile shares not owned by PRM Services at a price of A$0.095 cash per share. The offer is set to remain open for acceptance until 4.00pm (AEST) on 5 May 2024. The Board will assess the offer and the Bidder's Statement and subsequently provide a recommendation to Sierra Rutile shareholders. Until then, the Company advises its shareholders not to take any action. Shareholders who sell their shares to PRM Services on-market will not be able to participate in any potential increase in the offer price or any competing proposal.

Executive commentary on the unsolicited takeover offer

Sierra Rutile Holdings Limited advises its shareholders to take no action in response to the unsolicited takeover offer from PRM Services LLC. The Board will thoroughly evaluate the offer and the Bidder's Statement and will provide a recommendation to the shareholders in due course. Until the Board's recommendation is communicated through a Target's Statement, the Company urges its shareholders not to take any action. Shareholders are cautioned that selling their shares to PRM Services on-market may prevent them from participating in any potential increase in the offer price or any competing proposal.

Summary of Sierra Rutile's response and outlook

Sierra Rutile Holdings Limited (ASX: $SRX) has advised its shareholders to take no action in response to an unsolicited on-market takeover offer from PRM Services LLC, which proposes to acquire all Sierra Rutile shares not owned by PRM Services at a price of A$0.095 cash per share. The Board will assess the offer and provide a recommendation to the shareholders in due course through a Target's Statement. The Company has engaged legal and financial advisers in relation to the offer. Shareholders are cautioned against selling their shares to PRM Services on-market as it may exclude them from participating in any potential increase in the offer price or any competing proposal. Sierra Rutile encourages its shareholders to await the Board's recommendation before taking any action.