Sierra Metals Announces Majority of Shareholders Reject Proposed Take-over Bid from Alpayana as Inadequate
Sierra Metals (SMTSF) announced that a majority of shareholders have rejected Alpayana's unsolicited take-over bid of C$0.85 per share, considering it inadequate. Shareholders holding over 50% of outstanding common shares have informed the company they won't support the bid. CEO Ernesto Balarezo emphasized shareholders' recognition of the company's substantial progress over the past two years and potential for further value enhancement.
The company has engaged BMO Capital Markets as financial advisor, Mintz LLP as legal counsel, and Carson Proxy Advisors for communications. A special committee of independent directors has retained Bennett Jones as legal advisor. Sierra Metals advises shareholders to take no action while it reviews strategic options.
Sierra Metals (SMTSF) ha annunciato che la maggioranza degli azionisti ha rifiutato l'offerta di acquisizione non richiesta di Alpayana, pari a C$0,85 per azione, considerandola inadeguata. Gli azionisti che detengono oltre il 50% delle azioni ordinarie in circolazione hanno informato l'azienda che non sosterranno l'offerta. Il CEO Ernesto Balarezo ha sottolineato il riconoscimento da parte degli azionisti dei significativi progressi dell'azienda negli ultimi due anni e del potenziale per un ulteriore aumento del valore.
L'azienda ha incaricato BMO Capital Markets come consulente finanziario, Mintz LLP come consulente legale e Carson Proxy Advisors per le comunicazioni. Un comitato speciale di amministratori indipendenti ha nominato Bennett Jones come consulente legale. Sierra Metals consiglia agli azionisti di non intraprendere alcuna azione mentre esamina le opzioni strategiche.
Sierra Metals (SMTSF) anunció que la mayoría de los accionistas ha rechazado la oferta de adquisición no solicitada de Alpayana de C$0.85 por acción, considerándola inadecuada. Los accionistas que poseen más del 50% de las acciones comunes en circulación han informado a la empresa que no apoyarán la oferta. El CEO Ernesto Balarezo enfatizó el reconocimiento de los accionistas sobre el progreso sustancial de la empresa en los últimos dos años y el potencial para un mayor aumento de valor.
La empresa ha contratado a BMO Capital Markets como asesor financiero, a Mintz LLP como asesor legal y a Carson Proxy Advisors para las comunicaciones. Un comité especial de directores independientes ha retenido a Bennett Jones como asesor legal. Sierra Metals aconseja a los accionistas que no tomen ninguna acción mientras revisa las opciones estratégicas.
시에라 메탈스 (SMTSF)는 대다수의 주주들이 알파야나의 주식 인수 제안(C$0.85 per share)을 부적절하다고 판단하여 거부했다고 발표했습니다. 50% 이상의 보통주를 보유한 주주들은 이 제안을 지지하지 않을 것이라고 회사에 알렸습니다. CEO 에르네스토 발레레조는 지난 2년 동안 회사가 이룬 중요한 진전을 주주들이 인식하고 있으며, 추가적인 가치 향상의 가능성을 강조했습니다.
회사는 BMO 캐피탈 마켓를 재무 고문으로, Mintz LLP를 법률 고문으로, 그리고 커뮤니케이션을 위해 Carson Proxy Advisors를 참여시켰습니다. 독립 이사들로 구성된 특별 위원회는 Bennett Jones를 법률 고문으로 고용했습니다. 시에라 메탈스는 전략적 옵션을 검토하는 동안 주주들에게 아무런 조치를 취하지 말 것을 권고합니다.
Sierra Metals (SMTSF) a annoncé que la majorité des actionnaires a rejeté l'offre d'acquisition non sollicitée d'Alpayana de 0,85 $ CA par action, la jugeant inadéquate. Des actionnaires détenant plus de 50 % des actions ordinaires en circulation ont informé la société qu'ils ne soutiendraient pas l'offre. Le PDG Ernesto Balarezo a souligné la reconnaissance des actionnaires pour les progrès substantiels réalisés par l'entreprise au cours des deux dernières années et le potentiel d'amélioration de valeur supplémentaire.
La société a engagé BMO Capital Markets en tant que conseiller financier, Mintz LLP en tant que conseiller juridique, et Carson Proxy Advisors pour la communication. Un comité spécial de directeurs indépendants a retenu Bennett Jones comme conseiller juridique. Sierra Metals conseille aux actionnaires de ne prendre aucune mesure pendant qu'elle examine les options stratégiques.
Sierra Metals (SMTSF) hat bekannt gegeben, dass die Mehrheit der Aktionäre das unverlangte Übernahmeangebot von Alpayana in Höhe von C$0,85 pro Aktie als unzureichend abgelehnt hat. Aktionäre, die über 50% der ausstehenden Stammaktien besitzen, haben dem Unternehmen mitgeteilt, dass sie das Angebot nicht unterstützen werden. CEO Ernesto Balarezo betonte die Anerkennung der Aktionäre für den erheblichen Fortschritt des Unternehmens in den letzten zwei Jahren sowie das Potenzial für eine weitere Wertsteigerung.
Das Unternehmen hat BMO Capital Markets als Finanzberater, Mintz LLP als rechtlichen Berater und Carson Proxy Advisors für die Kommunikation engagiert. Ein Spezialkomitee unabhängiger Direktoren hat Bennett Jones als Rechtsberater beauftragt. Sierra Metals empfiehlt den Aktionären, während der Überprüfung strategischer Optionen keine Maßnahmen zu ergreifen.
- Strong shareholder support against undervalued takeover attempt
- Management reports substantial progress over past two years
- Company has retained professional advisors to evaluate strategic options
- Company facing unsolicited takeover pressure
- Resources being diverted to address takeover defense
Following the press release issued by Alpayana on December 16, 2024, members of the Company’s Board of Directors (the “Board”) and executive team have engaged in discussions with a number of concerned shareholders of the Company. Shareholders holding more than
On the basis of the clear consensus among the majority of shareholders, the Company and its advisors believe that the take-over bid as announced would not succeed, and that proceeding with a formal bid would be an unproductive use of time and resources for both Alpayana and Sierra Metals.
Ernesto Balarezo, Sierra Metals’ CEO, commented:
“We are very encouraged by the strong support expressed by our shareholders. They have been very clear in their view that the proposed bid price of
The Company has engaged BMO Capital Markets as financial advisor, Mintz LLP as legal counsel and Carson Proxy Advisors as communications advisor. The special committee of independent directors of the Board has engaged Bennett Jones as legal advisor. The Company, along with its advisors, will review a formal offer if it is received and consider other strategic options to maximize long-term value for all shareholders and stakeholders.
The Company advises shareholders to take NO action at this time.
About Sierra Metals
Sierra Metals is a Canadian mining company focused on copper production with additional base and precious metals by-product credits at its Yauricocha Mine in
Forward-Looking Statements
This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Sierra and reflect management's expectations or beliefs regarding such future events and anticipated performance based on an assumed set of economic conditions and courses of action. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Sierra to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated March 15, 2024 for its fiscal year ended December 31, 2023 and other risks identified in the Company's filings with Canadian securities regulators, which are available at www.sedarplus.ca.
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
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For further information regarding Sierra Metals, please visit www.SierraMetals.com or contact:
Investor Relations
Sierra Metals Inc.
+1 (866) 721-7437
info@sierrametals.com
Media Relations
John Vincic
Principal, Oakstrom Advisors
+1 (647) 402-6375
john@oakstrom.com
Source: Sierra Metals Inc.
FAQ
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