tshipi on track for record production and profit in fy2018, page-53

44c values JMS at around 900 m AUD and given they could not get a bid for 100% of Tshipi over $1b US I think that's a good valuation and I will be taking it. The strike price for the IPO may be slightly higher than this if the manganese price holds up but equally it could be less if it doesn't. Either way the market will determine the price very quickly after they list.

This buyback is for 7 times more than I paid for them and (with the other buybacks) gives me nearly all my original capital back so I welcome it. I pay less tax than if it was a divi so that's good too.

JMS is pretty much a one trick pony at present as Mount Ida and Mount Mason are uneconomic, they have a marketing arm but may lose that if Pallinghurst exit.

Once they list the money from Tshipi may not be given back as the CEO has said the strategy going forward is M and A so any future monies may fund this. I prefer OMH to JMS which is why I tipped the previous back back money into them both times. It has a broader base and hence less risk (IMO).

Everyone makes their choice and takes the money or leaves it. I expect > 95% to take it.