SIERRA RUTILE EXPOSES MAFIA CRAIG DEAN
… Cunning Takeover Bid
Sierra Rutile is urging its shareholders to refrain from taking any action with regards to the on-market takeover by PRM Services LLC, which seeks to acquire all of Sierra Rutile’s outstanding shares at a price of A$0.095 per share. The directors have conducted an initial analysis and have determined that the offer is inadequate, as it fails to reflect Sierra Rutile’s significant strategic value and comes at an opportune time ahead of key value catalysts such as Sembehun DFS. Furthermore, they noted that PRM’s actions demonstrate a clear intention to gain control without offering an adequate premium.
The directors emphasized that Sierra Rutile’s Area 1 operation provides optional underpinnings due to its robust balance sheet, while Sembehum DFS targets mid-April 2024 for demonstrating significant value. In addition, the mineral sand market has shown signs of improvement.
Shareholders should take note that accepting the offer would prevent them from participating in any increase in PRM’s offer price or accepting a superior proposal if one were to emerge. Moreover, it is worth noting that since the announcement of this offer, Sierra Rutile shares’ market price has remained above A$0.095.
“We have concluded that this unsolicited on-market takeover bid by PRM is opportunistic and undervalues our company,” said Creg Martins, Chairman of Sierra Rutile.
PRM Services LLC is registered in Puerto Rico Commonwealth and owned by Craig Dean who also owns 75% shares in Gerald Group – incidentally owning Marampa Mines located in Sierra Leone as well.