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Leonoil Company Limited has achieved a significant milestone by successfully acquiring over 90% of Sierra Rutile Holdings Limited, marking a pivotal step in its growth strategy.
The company is now set to proceed with the compulsory acquisition of the remaining Sierra Rutile shares, ensuring all remaining shareholders are compensated at the same rate as the previous off-market takeover bid.
The finalization of the compulsory acquisition process is anticipated to take between 5 to 6 weeks, adhering to statutory guidelines. Upon completion, Sierra Rutile’s shares will be suspended from trading on the Australian Securities Exchange (ASX), followed by their official removal from the ASX listing.
This development solidifies Leonoil’s strategic positioning in the resources sector, with Sierra Rutile’s assets expected to further enhance its portfolio.
Hope this take over will be a win win situation for the average Sierra Leonean
It’s no doubt Sierra Rutile is the one of the finest ore company in west Africa and the sub regions