Getting past my disappointment re: lack of positive share price action today, I'm now thinking about our March 2026 dividend.
I expect our September 2025 dividend will be business as usual, but if Exxaro's purchase settles c. January 2026 then I wonder how a company the size of Exxaro will view the c.$160M balance that will be sitting in Tshipi's bank account by then ($141M in Dec 2024).
I understand a company the size of Ntsimbintle (50.1% holding in Tshipi)) wanted to hold a large money cache (rainy day and all that) though personally I think it was getting a bit much.
But a company the size of Exxaro would likely question leaving so much money in a subsidiary.
My guess going forward, Exxaro could reasonably leave c.$40M in Tshipi and distribute c.$120M. That's $58.8M to JMS or a c.3 cents dividend if our lacklustre management passed it on in full.
I'm going to hold on in that hope.
JMS Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held
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