Jupiter Mines to delist from ASX
PERTH (miningweekly.com) – Manganese developer Jupiter Mines, which owns 49.9% of the Tshipi Borwa project in South Africa, was looking to delist from the ASX, saying the company’s market price on the bourse had failed to reflect its true worth.
Jupiter said that its transformation from an exploration company into an operating and developing company over the course of 2013 had gone unnoticed in value terms, with its stock remaining depressed at around 7c or 8c a share.
Further, the directors said that there was no longer an active liquid market in Jupiter shares on the ASX, as a significant portion of the share trading was done by major shareholder Pallinghurst Steel Feed Consortium.
In addition to this, Jupiter said it had enough cash reserves to fund its project plans over the next two years, pointing out that minimal funds were raised from shareholders through a 2012 entitlement issue.
Subject to the approval from the ASX, Jupiter would seek shareholder approval to delist from the stock exchange at the next meeting.
Jupiter’s core assets include its shareholding in Tshipi Borwa and the Central Yilgarn iron project, in Western Australia.
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