On 19 March 2018, Jupiter Mines Limited (“Jupiter”) announced its intention to relist on the Australian Securities Exchange (“ASX”) in order to provide liquidity for its shareholders. This was expected to be achieved via a placing of up to 600 million existing Jupiter shares with new investors at AUD 0.40 per share, thereby raising up to AUD 240 million and putting a value on Jupiter of approximately AUD 780 million.
Jupiter Mines Limited (“Jupiter”) is pleased to announce the full allocation of its A$240 million Initial Public Offering (“IPO”), comprising a A$225 million institutional allocation and a A$15 million allocation in the general public offer. The IPO was significantly oversubscribed.
Over the past 12 months the Tshipi manganese mine has achieved record levels of production and profitability, and has made significant distributions to its shareholders, among which Jupiter Mines Ltd (“Jupiter”) holds 49.9%. The most recent distribution, via an equal access share buyback, has just been completed and was accepted by nearly 97% of shareholders, bringing to some AUD150 million the returns to Jupiter’s shareholders since the start of 2017.
Jupiter Mines Limited (“Jupiter”) has announced the indicative terms of an off-market equal access share buy- back (“Buy-Back”) pursuant to which it intends to return US$42 million to its shareholders. All Jupiter shareholders are to be made an equal offer to have 5.82% of their Jupiter shares repurchased, at a price of US$0.35 per Jupiter share. Pallinghurst owns approximately 18.4% of Jupiter and stands to receive almost US$8 million (ZAR94 million) in March 2018.
Pallinghurst announces that Executive Director, Priyank Thapliyal, will take up the role of full-time Chief Executive Officer of Jupiter Mines Limited (“Jupiter”), in which Pallinghurst holds an 18.4% stake. Mr Thapliyal has therefore resigned from his positions at the Company with immediate effect and his responsibilities will be absorbed by the other Executive Directors.
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.
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.
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.