Sierra Rutile Holdings Limited (ASX:SRX) has issued a second supplementary target's statement, dated 11 September 2024, advising its shareholders to accept the off-market takeover offer by Leonoil Company Limited at a price of A$0.18 cash per share. The company's directors unanimously recommend accepting the offer without delay.
The Sierra Rutile Directors now unanimously recommend that Sierra Rutile Shareholders accept the offer without delay. This change in recommendation is due to Leonoil's Voting Power in Sierra Rutile exceeding 75%, making it very unlikely that any Superior Proposal will emerge. Additionally, the offer is now unconditional with accelerated payment, and there are risks associated with remaining a Sierra Rutile Shareholder, including potential illiquidity of shares and the company's potential removal from ASX.
Sierra Rutile Holdings Limited (ASX:SRX) has recommended its shareholders to accept the off-market takeover offer by Leonoil Company Limited at a price of A$0.18 cash per share. The company's directors unanimously recommend accepting the offer without delay, citing reasons such as Leonoil's Voting Power in Sierra Rutile exceeding 75% and the offer becoming unconditional with accelerated payment. Shareholders are advised to carefully consider the implications of remaining a Sierra Rutile Shareholder, including potential illiquidity of shares and the company's potential removal from ASX.