Iluka Resources Ltd

Published : April 30th, 2015

Update on possible acquisition

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Keywords :   Debt | Market | Market Conditions | Mozambique |

Update on possible acquisition

Kenmare and Iluka Resources Limited ('Iluka') have been involved for an extended period in discussions for a possible acquisition by Iluka of Kenmare, which has included an extensive due diligence exercise by Iluka.
Kenmare has received a revised, non-binding proposal from Iluka for a share-for-share combination of Kenmare and Iluka at a ratio of 0.016 Iluka shares for each Kenmare share. The proposal by Iluka is subject to a significant number of pre-conditions to be met to Iluka's satisfaction including, but not limited to: the receipt by Iluka of such consents and determinations from relevant authorities and the Mozambique government as may be required to effect the possible acquisition; written determination from the Mozambican tax authority of the amount of any capital gains tax; written confirmation from Kenmare's lenders on the specific terms of repayment of Kenmare's outstanding indebtedness upon a change of control of Kenmare; receipt of irrevocable undertakings of support
from the Board of Kenmare and certain Kenmare institutional shareholders; and final approval from the Board of Iluka. Iluka has reserved the right to waive in whole or in part all or any of the pre-conditions.
There can be no certainty that an offer by Iluka for Kenmare will ultimately be forthcoming or, having regard to the terms of the proposal and the status of Kenmare's negotiations with Iluka, as to the terms on which any such
offer might be made.
The Board of Kenmare has reviewed the proposal carefully and has considered Kenmare's financial position, prevailing market conditions and the terms of the debt amendment announced today. Having taken independent advice and subject to its fiduciary duties, the Board of Kenmare believes that it is in Kenmare's shareholders' and other stakeholders' interests for Kenmare to continue to work with Iluka towards satisfaction of the pre-conditions
to Iluka's proposal.
Kenmare makes this update announcement in accordance with applicable legal obligations. For the purposes of Rule 2.4(c)(i) of the Irish Takeover Rules, this announcement has not been consented to by Iluka.
Further updates will be provided in due course.
Kenmare Resources plc
Michael Carvill, Managing Director Tony McCluskey, Financial Director
Tel: +353 1 671 0411 Tel: +353 1 671 0411
Mob: + 353 87 674 0110 Mob: + 353 87 674 0346
Jeremy Dibb, Corporate Development and Investor Relations Manager
Tel: +353 1 671 0411
Mob: + 353 87 943 0367
Murray Consultants Buchanan
Doug Keatinge Bobby Morse / Gordon Poole
Tel: +353 1 498 0300 Tel: +44 207 466 5000
Mob: +353 86 037 4163

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Iluka Resources Ltd

DEVELOPMENT STAGE
CODE : ILU.AX
ISIN : AU000000ILU1
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Iluka is a zircon development stage company based in Australia.

Iluka holds various exploration projects in Australia.

Its main asset in development is TRIPITAKA in Australia and its main exploration properties are ECHO, TUTUNUP SOUTH, TUTUNUP, MURRAY BASIN, EUCLEA BASIN and ENEABBA in Australia.

Iluka is listed in Australia and in Germany. Its market capitalisation is AU$ 2.5 billions as of today (US$ 1.7 billions, € 1.6 billions).

Its stock quote reached its lowest recent point on November 28, 1997 at AU$ 1.22, and its highest recent level on June 14, 2013 at AU$ 9.99.

Iluka has 418 700 000 shares outstanding.

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Corporate Presentations of Iluka Resources Ltd
11/24/2008China Market Overview
Annual reports of Iluka Resources Ltd
2010 Annual Report documentation
2009 Annual Report
Financials of Iluka Resources Ltd
10/13/2011(ILU): Quarterly Production Report to 30 September 2011
Project news of Iluka Resources Ltd
4/12/2012March 2012 Quarterly Production Report
2/22/2012Ore Reserves and Mineral Resources Increases
1/31/2012Invitation to 2011 Full Year Results Teleconference Thursday...
1/11/2012Quarterly Production Report to 31 December 2011
12/7/2011High Grade Titanium Dioxide Pricing
7/14/2011June 2011 Quarterly Production Report
4/12/2011(ILU) - March 2011 Quarterly Production Report
7/15/2010(Euclea Basin)Typhoon Mineral Resource Estimate
11/19/2009(Euclea Basin)Jacinth-Ambrosia Commences Production
10/13/2009(Murray Basin)Murray Basin Stage 2 Production Commencement
1/30/2009(Murray Basin)Correction - ASX Announcement - Further Murray Basin Heavy M...
1/30/2009(Murray Basin)Further Murray Basin Heavy Mineral Resource Discovery
1/20/2009(Murray Basin)December Quarter 2008 Production and Development Report
1/7/2009(Murray Basin) FINAL REGULATORY APPROVALS FOR MURRAY BASIN STAGE 2 PROJECT
7/7/2008(Scm Vallenar Iron)KEY PROJECT MILESTONE FOR JACINTH-AMBROSIA PROJECT ACHIEVED
5/21/2008(Scm Vallenar Iron)Jacinth-Ambrosia Mineral Sands Development
Corporate news of Iluka Resources Ltd
8/1/2016Recommended proposal for Sierra Rutile by Iluka
8/1/2016Recommended proposal for Iluka by Sierra Rutile
7/31/2016Iluka Acquisition of Sierra Rutile Limited
7/31/2016Acquisition of Sierra Rutile Presentation
7/29/2016ANNOUNCEMENT RE ILUKA RESOURCES LIMITED
5/19/2016Iluka 2016 AGM Results of Meeting
5/18/2016Iluka 2016 AGM Addresses
4/7/2016Iluka Reference Price - Zircon
3/23/2016Notice of Annual General Meeting and Proxy Form
3/21/2016Iluka Managing Director Succession
1/20/2016December 2015 Production Report
12/16/2015Full Year Physical and Financial Update
12/7/2015Omani sovereign wealth fund holds talks to invest in Kenmare
8/19/2015Edited Transcript of ILU.AX earnings conference call or pres...
8/17/2015Iluka 2015 4D Commentary (18 Aug 2015)
8/17/2015Iluka 2015 Half Year Results Slide Pack (18 Aug 2015)
8/17/2015Iluka Half Year Results to 30 June 2015 (18 Aug 2015)
7/15/2015June 2015 Quarterly Production Report (16 Jul 2015)
3/18/2015Appendix 4G and 2014 Corporate Governance Statement (18 Mar ...
3/18/2015Term Sheet Signed with Iluka for Phar Lap IOCG Project
3/17/2015Iluka Executive Management Changes (17 Mar 2015)
2/26/2015Form 8.3 - Iluka Resources Ltd
2/19/2015Synthetic Rutile Kiln to Recommence (19 Feb 2015)
2/19/20152015 Key Physical and Financial Parameters (19 Feb 2015)
8/5/2013and Finance: Iluka secures Sri Lankan mineral sands and Gemf...
12/12/2012Market Update
3/27/2012Lodgement of Full Year Results
2/20/2012REMINDER: Iluka Resources - Invitation to 2011 Full Year Res...
8/25/2011(ILU) - Half Year Results to 30 June 2011
8/2/20112011 Half Year Results Announcement and Teleconference - Thu...
7/26/2011(Eneabba)Eneabba Mining Re-Start and 2 Kiln Operation
7/14/2011Key Physical and Financial Parameters - July update
6/3/2011Jacinth-Ambrosia Site Visit
5/25/20112011 Annual General Meeting - Chairman and Managing Director...
5/23/2011News Release
3/31/2011Response to ASX Price and Volume Query
3/4/2011Managing Director - Performance and Retention Plan
2/24/2011Full Year Results to 31 December 2010
2/14/20112010 Full Year Results announcement and investment presentat...
7/20/2010June 2010 Quarterly Production Report
7/5/2010Mining Area C Iron Ore Royalty and Zircon Demand in China
5/20/20102010 Annual General Meeting
5/17/2010Launches On-line Zircon Sales Site
4/22/2010March 2010 Quarterly Production Report
2/24/20102010-2013 Business Trends Commentary
2/24/2010Full Year Results to 31 December 2009
2/16/20102009 Full Year Results Announcement
2/10/2010Jacinth-Ambrosia Mineral Sands Project
1/19/2010December Quarter 2009 Production and Development Report
10/22/2009Extract from David Robb's TZMI Key Note Presentation
10/14/2009September 2009 Quarterly Production and Development Report
10/7/2009Mineral Sands Briefing Material
8/19/2009Half Year Results to 30 June 2009
7/27/2009Board Changes
7/16/2009June 2009 Quarterly Production and Development Report
5/28/2009Annual General Meeting
5/20/2009Final Regulatory Approval Received for Jacinth-Ambrosia Proj...
2/18/2009Full Year Results to 31 December 2008
2/19/20092009 COMMENTARY
12/19/2008Announces Early Closure of Wagerup and Waroona Mine Sites
12/9/2008FURTHER ILUKA PROFIT UPGRADE
12/3/2008WA Parliamentary Passage of Bill to Facilitate Investment in...
11/17/2008Heavy Mineral Exploration Update, Eucla Basin, South Austral...
11/17/2008Key Regulatory Approval Received for Jacinth-Ambrosia Projec...
11/10/2008 KEY REGULATORY APPROVAL RECEIVED FOR MURRAY BASIN STAGE 2 P...
8/29/2008Open Briefing Interview with David Robb, Managing Director o...
8/21/2008Half Year Results to 30 June 2008
7/17/2008June Quarter 2008 Production and Development Report
6/30/2008TO RESTART WESTERN AUSTRALIAN OPERATIONS
6/5/2008DISRUPTION OF GAS AND ELECTRICITY SUPPLY
6/5/2008Interruption to the Supply of Gas to Iluka’s WA Operations
5/21/2008DEVELOPMENT APPROVAL FOR JACINTH-AMBROSIA MINERAL SANDS PROJ...
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AUSTRALIA (ILU.AX)FRANKFURT (ILZ.F)
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