Gemcorp Commodities Assets Holdings Limited proposed to acquire remaining 80.12% stake in Sierra Rutile Holdings Limited for AUD 54.4 million.
Gemcorp Commodities Assets Holdings Limited proposed to acquire remaining 80.12% stake in Sierra Rutile Holdings Limited (ASX:SRX) for AUD 54.4 million on July 1, 2024. A cash consideration valued at AUD 0.16 per share and will be paid by Gemcorp Commodities Assets Holdings Limited for 424,453,918 shares. The transaction is subject to approval by regulatory board / committee. The deal has been unanimously approved by the board. The expected completion of the transaction is August 16, 2024. The termination fee for both parties will be AUD 0.59952 million.
Poynton Stavrianou Pty Ltd acted as financial advisor and Hamilton Locke Pty Ltd acted as legal advisor to Gemcorp. Gresham Advisory Partners Limited acted as financial advisor and King & Wood Mallesons, Australia Branch acted as legal advisor to Sierra Rutile.