Kenmare Resources Kenmare Resources : Announcement In Relation To The Withdrawal Of The Approach From Iluka Resources Limited
07 December 2015 - 6:00PM
UK Regulatory
TIDMKMR
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
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#1971647
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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