Congratulations to Leonoil Company Limited (Leonoil) on the execution of a Bid Implementation Agreement with Sierra Rutile Limited (SRX), under which Leonoil will offer to acquire all of the issued and outstanding ordinary shares in SRX it does not already own under an off-market takeover bid.

Leonoil currently holds 19.85% of SRX and is offering a cash consideration of A$0.18 per SRX Share that it does not already own. This Offer represents a 12.5% premium to the A$0.16 a share offer price of Gemcorp Commodities Assets Holdings Limited’s (Gemcorp) off-market takeover bid announced on 1 July 2024. Importantly, the Leonoil Offer is not subject to any minimum acceptance condition, compared to Gemcorp’s 51% minimum acceptance condition.

Sternship is pleased to be acting as financial adviser to Leonoil, alongside Gilbert + Tobin who is acting as legal adviser to Leonoil.