Kenmare Resources plc buy ValueFreak

In order to facilitate ongoing discussions with the Consortium and to provide additional time for the Consortium to progress its due diligence, the Board has requested, and the Takeover Panel has consented to, an extension of the current deadline of 5.00 pm on 17 April 2025 by which time the Consortium was required to either announce a firm intention to make an offer for Kenmare in accordance with Rule 2.7 of the Irish Takeover Rules or announce that it does not intend to make an offer for Kenmare, in which case the announcement would be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies (the "PUSU Deadline").
Consequently, in accordance with Rule 2.6(c) of the Irish Takeover Rules, the Consortium is now required by no later than 5.00 pm on 15 May 2025, to either announce a firm intention to make an offer for Kenmare in accordance with Rule 2.7 of the Irish Takeover Rules or announce that it does not intend to make an offer for Kenmare, in which case the announcement would be treated as a statement to which Rule 2.8 of the Irish Takeover Rules applies. The revised deadline may only be extended further at the request of the Board and with the consent of the Takeover Panel.

During Kenmare’s most recent engagement with the Consortium, it was made clear by the Consortium that it would only be willing to proceed with an offer at pricing substantially below the Initial Proposal (the “Revised Pricing”). The Revised Pricing was subject, inter alia, to a request for an additional period of due diligence to conclude financing and other arrangements. The Board of Kenmare, together with its advisers, considered the Revised Pricing and unanimously rejected it on the basis that it significantly undervalued Kenmare’s business and its prospects.