Jupiter to distribute around ZAR150 million to Pallinghurst
Today, Jupiter Mines Limited (“Jupiter”) announced the details of an off‐market equal access share buy‐back (“Buy Back”) pursuant to which it intends to return US$55 million to its shareholders (“Shareholders”). All Jupiter shareholders will be made an equal offer to buy‐back 6% of their shares in Jupiter (“Shares”), at a set price of US$0.40 (approx. AU$0.53) per share. This represents a premium in excess of five times the price at which the Shares last traded on the ASX.
Arne H. Frandsen, Chief Executive of Pallinghurst, said:
“With Pallinghurst owning almost 20% of Jupiter, we stand to receive around ZAR150 million from the Jupiter distribution. Assuming manganese prices remain strong, I expect more to come our way later in 2017. I also note that Jupiter “consider strategic options to enhance shareholder value’ ‐ we fully support such efforts and see the prospect of a potential IPO of Jupiter as a positive, and a way to further unlock value for Pallinghurst shareholders”.