Kenmare Resources plc (“Kenmare” or “the Company”)
7 December 2015
Announcement in relation to the withdrawal of the approach from Iluka Resources Limited (“Iluka”)
Kenmare notes the statement made by Iluka today that it does not intend to make an offer for Kenmare.
As publicly disclosed, Iluka first proposed a combination of Iluka and Kenmare in June, 2014 and since then Kenmare has provided certain updates in relation to the proposed combination and its terms. At all times Iluka has retained the right to change the terms of, and not to proceed with, its proposal at its absolute discretion.
As announced by Iluka, despite significant progress having been made in securing satisfaction of many of the pre-conditions that Iluka required be fulfilled prior to proceeding to express a firm intention to make an offer, it has not proved possible for Iluka to satisfy certain of its pre-conditions. Accordingly, Iluka has confirmed that it does not currently intend to make an offer for Kenmare.
Following the withdrawal of the Iluka approach, and the related lifting of the restrictions on the Company that applied during the offer period, Kenmare is now focused on securing the independent future of the Company in the interests of all of its stakeholders. A separate announcement in relation to the initiatives for a material deleveraging of the Group is being made today.
Kenmare Resources plc
Tel: +353 1 671 0411
Mob: + 353 87 674 0110
Tel: +353 1 671 0411
Mob: + 353 87 674 0346
Tel: +353 1 671 0411
Mob: + 353 87 943 0367
Murray Consultants
Joe Heron
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Buchanan
Tel: +44 207 466 5000
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kenmare Resources via Globenewswire