Statement regarding possible offer
Kenmare received a non-binding 530p per share all-cash offer from Consortium, which Board unanimously rejected as undervaluing the company.
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The Board of Kenmare Resources plc (“Kenmare” or the “Company”) notes the recent press speculation and confirms that it has received a non-binding proposal from Oryx Global Partners Limited and Michael Carvill (together the “Consortium”) regarding a possible all cash offer for the entire issued and to be issued ordinary share capital of Kenmare. The most recent proposal received was at a price of 530 pence per Kenmare ordinary share (the “Proposal”).
The Board of Kenmare, together with its advisers, considered the terms of the Proposal and unanimously rejected it on the basis that it undervalued Kenmare’s business and its prospects. However, in order to facilitate the Consortium improving the financial terms of the Proposal, the Company has offered to provide the Consortium with access to limited due diligence information.
There can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made.
In accordance with Rule 2.6(a) of the Irish Takeover Rules, by not later than 5.00 pm on 17 April 2025, the Consortium must either announce a firm intention to make an offer for Kenmare in accordance with Rule 2.7 of the Irish Takeover Rules or announce that it does not intend to make an offer for Kenmare, in which case the announcement will be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Irish Takeover Rules.
This announcement is made without the prior agreement or approval of the Consortium.
A further announcement will be made as and when appropriate.
Rule 2.12 disclosure
In accordance with Rule 2.12 of the Irish Takeover Rules, Kenmare confirms that, as at the date of this announcement, the Company’s issued share capital comprises 89,228,161 ordinary shares with a nominal value of €0.001 each ("Ordinary Shares"). Kenmare does not have any Ordinary Shares which are held as treasury shares. In addition, there are 2,603,580 options over Ordinary Shares outstanding under the Company's restricted share plan (including accrued dividend equivalents). The Ordinary Shares are admitted to trading on the Official List of Euronext Dublin and the premium listing segment of the Official List of the FCA. The International Securities Identification Number for the Ordinary Shares is IE00BDC5DG00.
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