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”.