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Pala Investments (SRX)

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Tuesday 11 October, 2011

Pala Investments

Pala Announces Current Cash Offer for Sierra Ru...

Pala Announces Current Cash Offer for Sierra Rutile Limited Final

Pala Investments



Pala Announces Current Cash Offer for Sierra Rutile Limited Final

LONDON, ENGLAND – October 11 2011: On 3 October 2011 Pala Investments Holdings Limited ("Pala"), through its wholly-owned subsidiary, Pala Minerals Limited ("PML"), announced an Improved Offer of 30 pence per share to all shareholders of Sierra Rutile Limited (AIM:SRX) ("Sierra Rutile") for the shares in Sierra Rutile not already owned by PML and persons acting in concert with PML. Today Pala announces that the Improved Offer price of 30 pence per share is final and it confirms that it will not be increased.1

As of 8 October 2011, under the Code, Pala is permitted to acquire Sierra Rutile shares in the market. Pala intends to acquire shares in Sierra Rutile in the market. Any Sierra Rutile Shareholder who wishes to sell its shares in Sierra Rutile to Pala should contact Pala's corporate broker for this option:

Zeg Choudry

Northland Capital Partners Limited

Telephone: +44 (0)20 7796 8863

Email: [email protected]

As previously stated in the announcement of 3 October 2011, Sierra Rutile Shareholders can also sell their shares directly to Pala at a price of 30 pence per share by private treaty. Sierra Rutile Shareholders electing the private treaty option will receive 30 pence in cash for each Sierra Rutile Share even if the Improved Offer lapses. To be valid, applications from Sierra Rutile Shareholders wishing to sell by private treaty must be received by no later than 1.00 p.m. (London time) on 1 November 2011. Sierra Rutile Shareholders who have already accepted the Original Offer can elect the private treaty option and ensure they receive the benefits of the Improved Offer price even if the Improved Offer lapses.

Pala has also announced today that, as of 10 October 2011, Pala holds or has agreed to acquire, 200,723,344 Sierra Rutile Shares, representing approximately 40.18 per cent. of the issued shares of Sierra Rutile. In addition, as of 10 October 2011, valid acceptances of the Improved Offer have been received in respect of a total of 3,966,285 Sierra Rutile Shares, representing approximately 0.79 per cent. of the issued shares of Sierra Rutile. In aggregate, therefore, Pala has acquired, agreed to acquire or received valid acceptances representing approximately 41 per cent. of the issued shares of Sierra Rutile.

The Improved Offer will close at 1.00pm (London time) on 4 November 2011 (the "Closing Date") and will not be extended unless the Acceptance Condition is satisfied by the Closing Date, in which case the offer will remain open for acceptance for at least a further 14 days as required under Rule 31.4 of the Code.

This summary should be read in conjunction with the full text of the announcements of 7 September 2011 and 3 October 2011 (including their respective Appendices). The Acceptance Condition and the further terms of the Improved Offer are set out in Appendix I to PML’s earlier offer announcement made on 7 September 2011 (the "Original Offer Announcement") (as modified by paragraph 4 of the announcement of the 3 October 2011 (the "Improved Offer Announcement") and this announcement). Unless the context otherwise requires, definitions used in the Original Offer Announcement and Improved Offer Announcement also apply to this announcement.

For enquiries:

Colin Murray

Pala Investments AG

+41 41 560 9070

About Pala

Pala Investments Holdings Limited is a multi-strategy investment company dedicated to investing in, and creating value across, the mining sector in both developed and emerging markets. Pala's exclusive investment advisor, Pala Investments AG, has extensive experience within the mining sector. Pala seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. For more information, visit

Application of the City Code on Takeovers and Mergers (the "Code")

By virtue of its status as a company incorporated in the British Virgin Islands, the Code does not apply to Sierra Rutile. Shareholders are reminded that whilst Sierra Rutile's articles of association require offers to be made on terms that would be required by the Code, save to the extent that the Board of Sierra Rutile otherwise determines, the Panel on Takeovers and Mergers does not have responsibility for ensuring compliance with the Code in respect of the Improved Offer and is not able to answer shareholders' queries in relation to Sierra Rutile, Pala or the Improved Offer.

In particular, the Board of Sierra Rutile has confirmed to Pala that it does not intend to require Opening Position Disclosures and Dealing Disclosures (as referred to in the Code) to be made by shareholders (other than PML and persons acting in concert with PML) in accordance with Rule 8 of the Code. Shareholders are reminded that public disclosures consistent with the provisions of Rule 8.3 of the Code should not be e-mailed to the Panel on Takeovers and Mergers.

Overseas jurisdictions

The Improved Offer will not be made, directly or indirectly, in or into, or by the use of the mails or any means of instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facilities of a national securities exchange of the United States, Canada, Australia or Japan. Accordingly, except as required by applicable law, copies of this announcement are not being, and may not be, mailed or otherwise forwarded, distributed or sent in, into or from the United States, Canada, Australia or Japan. Persons receiving this announcement (including, without limitation, nominees, trustees or custodians) must not forward, distribute or send it into the United States, Canada, Australia or Japan.

The availability of the Improved Offer to Sierra Rutile Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. In particular, as described in Appendix I of the Original Offer Announcement, the Improved Offer will not be made directly or indirectly into the United States, Canada, Australia or Japan. Sierra Rutile Shareholders who are not resident in the United Kingdom should inform themselves about and observe any applicable requirements and read paragraph 6 of Part B, paragraph (c) of Part C and paragraph (c) of Part D of Appendix I of the Original Offer Announcement before taking any action.

Publication of this announcement

A copy of this announcement will be available at by no later than 12.00 p.m. (London time) on the business day after the date of this announcement. You can obtain a hard copy of this announcement or any information incorporated by reference by contacting Computershare Investor Services PLC, Corporate Actions Projects, Bristol, BS99 6AH. You will not receive a hard copy of this announcement or any information incorporated by reference unless you so request. You may also inform Computershare that you wish all future documents, announcements and information in relation to the Improved Offer be sent to you in hard copy.

1 Pala reserves the right to increase the Improved Offer price if there is an announcement of an offer or of a possible offer for Sierra Rutile shares by a third party offeror or a potential third party offeror or in any other competitive situation.

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