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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kenmare Resources Plc | LSE:KMR | London | Ordinary Share | IE00BDC5DG00 | ORD EUR0.001 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-1.50 | -0.46% | 322.50 | 322.50 | 326.00 | 325.00 | 322.50 | 322.50 | 10,211 | 10:16:18 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKMR Kenmare Resources plc ("Kenmare" or "the Company") 7 December 2015 Announcement of plans for an investment by State General Reserve Fund (SGRF), a further capital raising, and balance sheet restructuring The Board of Kenmare today announces that it proposes to pursue a capital raising and debt restructuring to materially deleverage the balance sheet of the Company to provide a sustainable platform for future operations, with an enhanced working capital position. Subject to agreement with lenders, the plan is expected to result in gross outstanding debt being substantially reduced and the satisfaction of the requirement of lenders in relation to a material deleveraging transaction. The capital raising is expected to be conducted by means of a firm placing and open offer. It is intended that there will be an opportunity for existing shareholders to subscribe in the open offer on the same terms as under the firm placing, failing which shares not subscribed for will, it is anticipated, be issued to lenders as a partial equitisation of the outstanding debt. SGRF, a sovereign wealth fund of the Sultanate of Oman, has approved in principle an investment of US$100 million in the firm placing via one of its subsidiaries, subject to and conditional upon, inter alia, agreement of a subscription agreement, agreement of arrangements with the Group's project lenders on the Group's capital structure, procurement of commitments from other shareholders in respect of an additional minimum US$75 million capital, necessary Kenmare shareholder approvals, and finalisation of a prospectus. Following the withdrawal of the Iluka approach separately announced today, and the related lifting of the restrictions on the Company which applied during the offer period, the Company is seeking to engage in negotiations with the lenders and key shareholders in relation to the terms of the capital raising. The process of concluding these negotiations and finalising related documentation is expected to take a number of weeks. The Company remains in discussions with lenders in respect of the required waivers to the April 2015 Amendment in the context of planned further disbursements of the Super Senior facility. Moma is a world-class asset that encompasses a large, long life ore body. Total invested capital exceeds US$1.2 billion, with the mine producing more than 7% of global TiO2 feedstock supply - being the largest merchant producer of ilmenite globally. During 2015, Kenmare has made material reductions to the sustainable costs of production in response to the decline in market prices, while heavy mineral concentrate and ilmenite achieved production records in Q3 2015. Subject to agreeing a sustainable capital structure with lenders, the Board believes Kenmare's business will be well supported during the current low mineral sands pricing environment and will be well positioned for all stakeholders to benefit from the expected recovery. There remain a number of material matters that need to be agreed to enable Kenmare to deliver the planned capital raising and there can be no certainty at this time that they will be achieved. Kenmare welcomes the indicated support from SGRF and appreciates the support of key shareholders. Initial discussions between the lenders and Kenmare have taken place and a term sheet has been shared with the lenders. Subject to the support and co-operation of lenders and key shareholders, and with the indicated support from SGRF, the Board of Kenmare looks forward to progressing the capital raising. Furthermore, the Board remains confident of the medium and long term fundamentals of the mineral sands industry. Further announcements will be made in due course. For further information, please contact: Kenmare Resources plc Michael Carvill, Managing Director Tel: +353 1 671 0411 Mob: + 353 87 674 0110 Tony McCluskey, Financial Director Tel: +353 1 671 0411 Mob: + 353 87 674 0346 Jeremy Dibb, Corporate Development and Investor Relations Manager 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 Bobby Morse / Anna Michniewicz Tel: +44 207 466 5000 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. 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 HUG#1971648 http://www.kenmareresources.com/
(END) Dow Jones Newswires
December 07, 2015 02:00 ET (07:00 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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