Sierra Metals Provides Update on Shareholder Rights Plan
Sierra Metals (TSX: SMT | OTCQX: SMTSF) announced that the Toronto Stock Exchange (TSX) has deferred its review of the company's shareholder rights plan dated December 30, 2024. The TSX will consider accepting the Rights Plan once it's satisfied that securities regulatory authorities won't intervene and shareholders ratify the plan by June 30, 2025.
The Rights Plan, which remains operative despite the TSX deferral, was implemented in response to an unsolicited take-over bid (Hostile Bid) by Alpayana S.A.C. for all Sierra common shares. The plan will stay effective for at least six months from its December 30, 2024 adoption date, unless terminated earlier.
Sierra Metals (TSX: SMT | OTCQX: SMTSF) ha annunciato che la Borsa di Toronto (TSX) ha rinviato la sua revisione del piano di diritti degli azionisti della società datato 30 dicembre 2024. La TSX prenderà in considerazione l'accettazione del Piano dei Diritti una volta che sarà soddisfatta che le autorità di regolamentazione dei titoli non interverranno e che gli azionisti ratificheranno il piano entro il 30 giugno 2025.
Il Piano dei Diritti, che rimane operativo nonostante il rinvio della TSX, è stato implementato in risposta a un'offerta di acquisizione non richiesta (Offerta Ostile) da parte di Alpayana S.A.C. per tutte le azioni ordinarie di Sierra. Il piano rimarrà efficace per almeno sei mesi dalla sua data di adozione del 30 dicembre 2024, a meno che non venga terminato prima.
Sierra Metals (TSX: SMT | OTCQX: SMTSF) anunció que la Bolsa de Valores de Toronto (TSX) ha pospuesto su revisión del plan de derechos de los accionistas de la compañía con fecha del 30 de diciembre de 2024. La TSX considerará aceptar el Plan de Derechos una vez que esté satisfecha de que las autoridades reguladoras de valores no intervendrán y que los accionistas ratificarán el plan antes del 30 de junio de 2025.
El Plan de Derechos, que sigue vigente a pesar del aplazamiento de la TSX, se implementó en respuesta a una oferta de adquisición no solicitada (Oferta Hostil) por parte de Alpayana S.A.C. por todas las acciones comunes de Sierra. El plan permanecerá vigente durante al menos seis meses desde su fecha de adopción del 30 de diciembre de 2024, a menos que se rescinda antes.
시에라 메탈스 (TSX: SMT | OTCQX: SMTSF)는 토론토 증권거래소 (TSX)가 2024년 12월 30일 자 회사 주주 권리 계획에 대한 리뷰를 연기했다고 발표했습니다. TSX는 증권 규제 당국이 개입하지 않을 것이라는 점과 2025년 6월 30일까지 주주들이 계획을 비준할 것이라는 점이 확인되면 권리 계획의 수용을 고려할 것입니다.
TSX의 연기에도 불구하고 여전히 시행 중인 권리 계획은 알파야나 S.A.C.가 시에라의 모든 보통 주식을 대상으로 한 무단 인수 제안 (적대적 인수)에 응답하여 시행되었습니다. 이 계획은 2024년 12월 30일 채택일로부터 최소 6개월 동안 유효하며, 조기 종료되지 않는 한 계속됩니다.
Sierra Metals (TSX: SMT | OTCQX: SMTSF) a annoncé que la Bourse de Toronto (TSX) avait différé son examen du plan de droits des actionnaires de la société en date du 30 décembre 2024. La TSX envisagera d'accepter le Plan de Droits dès qu'elle sera satisfaite que les autorités de régulation des valeurs mobilières n'interviendront pas et que les actionnaires approuveront le plan d'ici le 30 juin 2025.
Le Plan de Droits, qui reste en vigueur malgré le report de la TSX, a été mis en œuvre en réponse à une offre publique d'achat non sollicitée (Offre Hostile) de Alpayana S.A.C. pour toutes les actions ordinaires de Sierra. Le plan restera en vigueur pendant au moins six mois à compter de sa date d'adoption du 30 décembre 2024, sauf s'il est résilié plus tôt.
Sierra Metals (TSX: SMT | OTCQX: SMTSF) gab bekannt, dass die Toronto Stock Exchange (TSX) die Überprüfung des Aktionärsrechteplans des Unternehmens vom 30. Dezember 2024 verschoben hat. Die TSX wird die Akzeptanz des Rechteplans in Betracht ziehen, sobald sie sicher ist, dass die Wertpapieraufsichtsbehörden nicht intervenieren und die Aktionäre den Plan bis zum 30. Juni 2025 genehmigen.
Der Rechteplan, der trotz der Verschiebung durch die TSX weiterhin in Kraft bleibt, wurde als Reaktion auf ein unaufgefordertes Übernahmeangebot (feindliches Angebot) von Alpayana S.A.C. für alle Stammaktien von Sierra umgesetzt. Der Plan bleibt für mindestens sechs Monate ab dem Annahmedatum des 30. Dezember 2024 wirksam, es sei denn, er wird vorher beendet.
- Rights Plan remains active and provides protection against hostile takeover
- Company maintains defensive position against unsolicited bid
- TSX deferred acceptance of the Rights Plan, adding regulatory uncertainty
- Company facing hostile takeover attempt by Alpayana S.A.C.
The Rights Plan remains operative and in effect, even though the TSX has deferred its review. The TSX normally defers the acceptance of shareholder rights plans adopted in response to a specific take-over bid. The Rights Plan was adopted following the announcement by Alpayana S.A.C. of its intention to make an unsolicited take-over bid (the “Hostile Bid”) for all of the common shares of Sierra. As a consequence, the Rights Plan will continue to remain operative and effective for a minimum of six months from the date of adoption on December 30, 2024, unless earlier terminated.
A copy of the Rights Plan is available under the Company’s issuer profile on SEDAR+ (www.sedarplus.ca). Shareholders with questions about the Rights Plan or other matters relating to their Sierra common shares and the Hostile Bid are encouraged to contact Carson Proxy Advisors, Sierra’s Information Agent and strategic shareholder advisor, by North American toll-free phone at 1-800-530-5189, local and text: 416-751-2066 or by email at info@carsonproxy.com.
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 statements in this press release include, but are not limited to, statements with respect to the acceptance by the TSX of the Rights Plan.
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
What is the status of Sierra Metals' (SMTSF) shareholder rights plan as of December 2024?
When must SMTSF shareholders ratify the Rights Plan according to TSX requirements?
Why did Sierra Metals (SMTSF) implement a shareholder rights plan in December 2024?
What conditions did the TSX set for accepting SMTSF's Rights Plan?
