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Jupiter confirms $25m distribution through share buyback

11th September 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

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JOHANNESBURG (miningweekly.com) – Jupiter Mines on Monday announced an off-market equal access share buyback, effectively returning $25-million to its shareholders through an offer to buy back 4% of their shares for $0.29 apiece.

The buyback will be funded from a R250-million cash distribution loan repayment from Tshipi é Ntle Manganese Mining and from R100-million of operating profits earned by the company’s manganese marketing business.

“The board remains of the belief that the buyback is an effective way of returning capital to shareholders arising from the sustained increased production and profitability at the Tshipi manganese mine during the financial year to date,” the company said in a statement.

Should the current manganese prices hold, it is likely that Tshipi may distribute a further R500-million to its shareholders at year-end.

Jupiter’s balance sheet will remain strong following the buyback.

Payment of proceeds is scheduled for late October or early November.

Edited by Creamer Media Reporter

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