Great analysis. I think the sellers are generally people in a...

Great analysis. I think the sellers are generally people in a stage of life where they rely on dividends as income. Moving forward I'd say that the dividend policy won't be as generous and so they have sold.

However, I do think that this new blood will be very positive for the company moving forward. The new board members have a successful track record of doing rollups (buying other smaller operations and integrating into the mother company). I'd say the chances of the company being taken private are extremely low. My guess is that two very positive things will happen for JMS:

1) IT will enter the ASX200. All of Tshipi will be rolled into JMS, with the other shareholders offered shares in JMS at arms length. The immediate positive of this is that the company would have a market cap to put it into the asx200. With this comes some funds re-balancing and entering and quite possibly a price rise.
2) the new directors will bring in new ventures into JMS, issuing more shares, but for a more diversified larger market capped company.


Selling now will suit some, but sellers are selling at the bottom of the manganese price cycle.

All imo GLTAH