Kenmare Resources has confirmed a non-binding cash takeover proposal from International Resources Holdings. The suitor has until the 17th of November to make a firm offer or walk away, and no price has been disclosed.
Kenmare Resources (LON: KMR) confirmed earlier today that it has received a non-binding proposal from International Resources Holdings RSC Ltd (IRH) for a possible cash offer for the entire issued and to be issued share capital of the company.Kenmare is a Dublin-headquartered miner of ilmenite, rutile and zircon.
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Kenmare closed yesterday at 181.4p, about 5.8% above its 52-week low of 171.4p, set on the 14th of September, and about 44% below its intraday high of 325.5p on the 6th of October last year.
The board issued its statement at 7am, responding to press speculation. It did not give a price or any conditions, and said the announcement was made without IRH’s approval. On the state of talks, it said:
Discussions with IRH are ongoing and there can be no certainty that a firm offer will be made, or as to the terms of any such offer, should one be made.
Kenmare Resources board
This is a possible-offer announcement, not a firm bid. It was made under the Irish Takeover Rules 2022 and the Irish Takeover Panel Act 1997, not the UK Takeover Code.
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The announcement starts a formal offer period. By 5.00pm GMT on the 17th of November, IRH must either announce a firm offer or say it will not bid. The deadline can only be extended with the Panel’s consent.
Kenmare shares, daily close in pence, 1 April to 5 October 2026, with the 50-day average. The possible-offer statement came on the 6th of October, after this window.
Kenmare mines ilmenite, rutile and zircon at its Moma mine in Mozambique. It has a premium listing in London and is also listed on Euronext Dublin. Net debt stood at $174.6m at the end of June, against $83.1m a year earlier.
Rothschild & Co is lead financial adviser to Kenmare, with Davy and Peel Hunt also advising and acting as brokers. The board says it will make a further statement as and when appropriate.
Anyone holding 1% or more of Kenmare’s shares must now disclose dealings under Rule 8.3, and IRH and parties acting with it must disclose by noon on the next business day.
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