PRM Services LLC made an offer to acquire remaining 88.54% stake in Sierra Rutile Holdings Limited (ASX:SRX) from Samuel Terry Absolute Return Fund managed by Samuel Terry Asset Management Pty Ltd, Perpetual Limited (ASX:PPT), Ecsson Investments Limited, Rockbridge Overseas Limited, Mano Mining And Logistics Limited, Assaad Yazbeck and Joseph Yazbeck for AUD 35.7 million on March 20, 2024. PRM has offered to acquire all the shares of Sierra at AUD 0.095 per share. PRM already holds 11.46% of SRX Shares.

The transaction will be funded from existing cash reserves held by PRM. Sierra Rutile Holdings Limited has recommended to take no action in relation to the on-market takeover offer. The Board of Sierra will consider the Offer and the Bidder's Statement and provide a recommendation to Sierra Rutile shareholders in due course.

The deal is expected to close on May 5, 2024. Gadens is acting as the legal advisor to PRM Services LLC. Computershare Investor Services 2004 (proprietary) Limited acted as registrar, and Gresham Advisory Partners Limited acted as financial advisor to Sierra Rutile Holdings Limited (ASX:SRX).