Jupiter Mines Ltd (“Jupiter”) has announced a further US$25 million distribution to be made to its shareholders in September 2017. Pallinghurst, as an 18.43% shareholder in Jupiter, expects to receive a further distribution of approximately US$5 million in September 2017.
Shareholders are informed that further to the announcement dated 19 May 2017 in relation to the restructuring of the Pallinghurst group and an offer to acquire the minority interests of Gemfields plc, the circular (the “Circular”), including revised listing particulars and a notice of general meeting has been posted to shareholders today.
Further to the announcement by Pallinghurst Resources Limited (“Pallinghurst”) on 19 May 2017 (the “Rule 2.7 Announcement”) regarding the terms of an offer to be made by Pallinghurst for the whole of the issued and to be issued share capital of Gemfields plc (“Gemfields”) (other than the 258,908,915 Gemfields Shares already held by the Pallinghurst Group, representing 47.09% of Gemfields’ issued share capital), Pallinghurst has received irrevocable undertakings in respect of a total of 154,964,935 Gemfields Shares representing, in aggregate, approximately 28.18% of the existing issued share capital of Gemfields as at 17 May 2017. Together the shares subject to irrevocable undertakings and Pallinghurst’s current holding in Gemfields constitute 75.27% of the total issued share capital of Gemfields.
Pallinghurst was founded in September 2007 as a limited life mining investment fund to source and develop new value accretive mining projects. This phase of Pallinghurst’s development has now been achieved with three key assets successfully developed. These include: Gemfields – a leading supplier of responsibly sourced coloured gemstones; Tshipi – one of the lowest cost manganese producers in the world; and Sedibelo – a large scale open pit PGM mining operation in South Africa.