John Sesay is a national Disgrace! – Sierra Rutile’s debt of approximately US$60 million

Sierra Rutile and Iluka extend merger deal consultation period
Sierra Rutile announced on Thursday that the merger consultation period with Iluka Investments has elapsed and the parties have opted to extend the period by 30 days.
Mineral sands miners Sierra Rutile and Iluka Resources have elected to extend the consultation period during which they will discuss how to proceed in regards to a “Phase 2” review of the merger, which can take up to three months.
As noted in the parties’ respective announcements on 6 September 2016, the Merger Implementation Agreement (MIA) dated 31 July 2016 provided for a five business day period for the parties to seek to agree how to proceed in respect of the Phase 2 review.
While that five business day period elapsed on 14 September, Sierra Rutile and Iluka continued discussions in relation to how to proceed in respect of the Phase 2 review.
Both Iluka and Sierra Rutile has advised the other that, without prejudice to their rights under the MIA, they intend to continue to discuss for a further period of 30 business days as to how to proceed in respect of the Phase 2 review and in particular, the respective rights and obligations of the parties during the Phase 2 review.
In addition, both Iluka and Sierra Rutile have confirmed to each other that they do not presently intend to exercise their respective rights to terminate the MIA in connection with the Phase 2 review, but reserve their right to do so at any time during the consultation period.
During this time, the parties will continue to cooperate to assist the German Antitrust Authority with its review of the merger during the Phase 2 review, as the merger remains conditional on prior clearance of the German Antitrust Authority.
Sierra Rutile’s engagement with the government of Sierra Leone regarding capital gains tax will also continue in parallel with the discussions in respect to the Phase 2 review.
Sierra Rutile and Iluka confirm that no provision of the MIA has been amended, modified or waived.
Acquisition details
As originally announced, the acquisition would be implemented by merging Sierra Rutile with Iluka Investments (Iluka Newco), a wholly-owned incorporated subsidiary of Iluka International (West Africa).
As part of the acquisition, Sierra Rutile shareholders would receive 36 pence cash for each Sierra Rutile share.
Iluka Resources also agreed to also assume Sierra Rutile’s debt of approximately US$60 million.
The acquisition is expected to approximately double Iluka’s rutile resource base and secure ownership of an operation, with a long history in the minerals sands industry that currently produces approximately 130 000 t of rutile, with expansion potential up to 240 000 tpa
Mining news

About Patric Foryoh

Patric Foryoh Daboh is a blogger, Political, social activist,a satirist and co-founder & Co Editor of Makoni Times Newspaper based in United States of America. He studied Multimedia in the United States.He has met and interviewed personalities including Former vice-president of Sierra Leone Alhaji Sam Sumana, late Tamba Sam SLPP Secretary General , Gloria Strasser , David Tam Mbayoh , Agibu Jalloh, Chernor Bah, Murtala Mohamed , Mohamed Kamarainba Mansaray, J. Arr, Nasser Ayoub, Alpha Timbo, Robin Farley, Bai Mahmoud, and many more. Patric has produced the "Diolog" show at the TPN radio and was the social media correspondent for TPN . He has appeared on numerous daily newspapers publication in Sierra Leone. He blogs at Sierra Leone one man civil society blog on relationship, sex, marriage, faith & culture, politics, religion. He was the programming manager at Mamba TV. Patric Foryoh was named as the 54 Most Influential People in Sierra Leone by Swit Salone.com Patric Foryoh represents the new wave of new voices in Sierra Leone/Africa media who are breaking boundaries and charting new territories. He is a husband and a father of a son and a daughter.

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