Sierra Rutile Limited Announcement re Iluka Resources Limited (6280F)

TIDMSRX

RNS Number : 6280F

Sierra Rutile Limited

29 July 2016

Sierra Rutile Limited

FOR IMMEDIATE RELEASE

London, UK, 29 July 2016: The Board of Sierra Rutile Limited (AIM:SRX) ("Sierra Rutile" or the "Company") notes the announcement made today by Iluka Resources Limited ("Iluka") and confirms that it has received an approach for the issued and to be issued share capital of the Company at a price of 36 pence per ordinary share in cash. Discussions are at an advanced stage, however, there can be no certainty that an offer will be made or as to the terms of any such offer. As a result, shareholders are urged to take no action at this time. A further announcement will be made in due course as appropriate.

The Company is not subject to the UK Code on Takeovers and Mergers ("Code") and, therefore, the Code will not apply to any transaction involving the Company.

This announcement contains inside information in relation to Sierra Rutile.

ENDS

For further information

 
 Sierra Rutile Limited 
  John Sisay, Chief Executive      +44 (0)20 
  Officer                          7074 1800 
 Investec Bank 
  Nominated Adviser and 
  Joint Corporate Broker 
  Chris Sim / George Price         +44 (0)20 
  / Jeremy Ellis                   7597 4000 
 Numis Securities Limited 
  Joint Corporate Broker 
  John Prior / James Black         +44 (0)20 
  / Paul Gillam                    7260 1000 
 RBC Capital Markets 
  Joint Corporate Broker           +44 (0)20 
  Jonny Hardy / Elliot Thomas      7653 4000 
 Kreab 
  Christina Clark / Fiona          +44 (0)20 
  Cumberland                       7074 1800 
 

About Sierra Rutile Limited

Sierra Rutile is a leading, multi-mine mineral sands company, operating world-class assets and developing a portfolio of growth projects in the south west of Sierra Leone, with its primary commodity mined being natural rutile, a titanium feedstock. The Company has an established operating history spanning approximately 50 years and a resource mine life of another 50 years with one of largest natural rutile deposits in the world and a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 866 million tonnes (as at 30 September 2015). Sierra Rutile expects to be the world's largest primary producer of natural rutile in 2016.

www.sierra-rutile.com

This information is provided by RNS

The company news service from the London Stock Exchange

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July 29, 2016 02:18 ET (06:18 GMT)