Pallinghurst Benefits From Strong Manganese Prices, Maiden Distribution Expected In March 2017
Date15 Dec 2016
Pallinghurst is pleased to advise that following Tshipi é Ntle Manganese Mining (Pty) Ltd’s (“Tshipi”) decision to distribute ZAR1 billion to its shareholders, Jupiter Mines Ltd (“Jupiter”) – a 49.9% shareholder in Tshipi – has resolved to distribute US$55 million to its shareholders. Accordingly, Pallinghurst, as an 18.45% shareholder in Jupiter, expects to receive approximately US$10 million (ZAR140 million) in March 2017.
The Board of Pallinghurst will consider allocating a material portion of these funds as a maiden distribution to shareholders during March 2017.