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LONDON - Kore Potash Plc (AIM:KP2, ASX: KP2, JSE: KP2) announced Tuesday it has commenced a formal sale process after receiving approaches from two parties interested in potentially acquiring the company.
The potash developer said both parties are in the early stages of evaluating a possible acquisition of its entire issued and to-be-issued share capital. The company has received non-binding indicative expressions of interest, though these remain at a preliminary stage.
The formal sale process follows Kore's earlier efforts to find a suitable contract operator and strategic partner with appropriate potash mining and processing experience for its Kola Project, as highlighted in a June 10 announcement regarding project financing.
SP Angel Corporate Finance LLP has been appointed as sole financial adviser and Rule 3 adviser for the process.
The Takeover Panel has granted dispensation from certain requirements of the City Code on Takeovers and Mergers, meaning interested parties participating in the process will not be required to be publicly identified and will not be subject to the usual 28-day deadline.
Kore also addressed its financing situation, confirming it will require funding no later than November 2025. The company is considering various funding options, including equity and debt, to fund construction of its project should a sale not materialize.
Following this announcement, Kore is now considered to be in an "offer period" as defined in the Takeover Code.
The company noted there is no certainty that any offers will be made or that any sale or transaction will be concluded. The board reserves the right to terminate the process at any time.
This article is based on a press release statement from Kore Potash.
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