Leonoil Company Limited has made a decisive move to acquire full ownership of Sierra Rutile Holdings Limited by submitting a comprehensive off-market takeover offer.

The proposal targets all ordinary shares of Sierra Rutile that Leonoil does not already own, with an offer price of $0.18 per share.

This bid, which is scheduled to close on September 9, 2024, comes at a critical juncture for Sierra Rutile. The company’s board of directors has strongly recommended that shareholders accept the offer, citing the slim chance of receiving a superior proposal. Additionally, the board has highlighted the possibility that Sierra Rutile may need to secure additional capital in the near future, making the offer an attractive option for shareholders.

The board’s advice underscores the importance of the proposal for the company’s financial stability and strategic direction. Shareholders are urged to consider the offer promptly and to take action before the bid expires.

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