Herbert Smith Freehills is advising Sierra Rutile Limited ("Sierra Rutile") on its recommended takeover offer of 36 pence per Sierra Rutile share received from Iluka Resources Limited ("Iluka"), which was announced on 1 August 2016. The offer values Sierra Rutile at £215 million.
Sierra Rutile is an AIM listed, leading, multi-mine mineral sands company, with an established operating history in Sierra Leone spanning approximately 50 years with one of largest natural rutile deposits in the world. Sierra Rutile’s core product is natural rutile, a titanium feedstock, predominantly used in the manufacture of white pigment that is utilised in the global paint, plastics and paper industries.
Iluka is a mineral sands company listed on the Australian Securities Exchange with a market capitalisation of A$2.939 million as at 29 July 2016. Iluka's operations are located in Australia and it has several potential mineral sands developments at various stages of evaluation in Australia, the US, Sri Lanka and Brazil.
The takeover will be implemented by means of a statutory merger between Sierra Rutile and a subsidiary of Iluka under the BVI Business Companies Act.
Sierra Rutile has been a long-standing client of the firm with Alan Montgomery (on sabbatical) as the relationship partner. In Alan's absence, the team was led by London Corporate senior associate Marc Perkins and partners Tom Wozniak and Mark Bardell.
Herbert Smith Freehills has worked extensively in Sierra Leone, in particular through "Fair Deal Sierra Leone", its ground-breaking partnership with the Government of Sierra Leone (GoSL). Fair Deal Sierra Leone provides GoSL with legal assistance on a pro bono basis to help build its capacity to manage inward investment into Sierra Leone. We are proud to have supported GoSL since 2010, through the pro bono work of over 100 of our lawyers, as GoSL delivers recovery, growth and sustained development to its people.
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