It looks as if Brian Gilbertson, Chairman of JMS, Pallinghurst Resources, and Pallinghurst Co -Investors as well as a director of Tshipi, has quite a say in Tshipi's go it alone decision on sales of Manganese. Pallinghurst Resources has not made it a secret that they need more cash to pay down the debts of recently purchased Gemfields, standing at US$84 million in July 2017, before their forthcoming IPO on LSE.
The Pallinghurst Co-Investors, who hold over 86% of JMS, have not this time announced that all the consortium will take up the buyback of up to 5.81% of Jupiter, payable on 19th March. Following this the Co-Investors are being asked to sell 25% of their holdings in JMS's forthcoming IPO in March or April - no announcement as yet to any agreement. Minnow Red Rock Resources PLC have said they will sell 25% at the IPO, their holding is just 1.2%.
It will be interesting to see if Institutions are to be given the chance to bid and help set a price for the IPO. The recent Jupiter buyback was at A$0.44. Government changes in South Africa and strengthening of the rand may well play a part, as well as the average Manganese price set for the 100 year Tshipi mine in its Jupiter valuation.
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8 | 631670 | 0.240 |
4 | 73073 | 0.235 |
8 | 658913 | 0.230 |
Price($) | Vol. | No. |
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