RE: What have I missed? JMK's posts deleted/missing/hidden20 Dec 2025 11:12
@SeisNav
The August circular is slightly contradictory. It says that the proceeds substantially exceed the short term capital requirements, which would allow the acceleration of a dividend and buy back programme, but it also says that dividends will be paid from the proceeds of Zambian growth.
Yet again, the communications aren't 100% clear.
If they've no intention of paying a dividend until the Zambian operation is generating sufficient profits, why can't they just explicitly state that in the RNS? I can see why some people might interpret the section mentioning short-term capital requirements as 'a dividend may be paid from surplus cash'.
________
"Transaction is non-dilutive and creates the opportunity to implement a sustainable share buyback programme and/or implement a dividend policy in future."
"Proceeds from the Transaction would substantially exceed Jubilee's short-term capital requirements to establish itself as a substantial and scalable copper producer, positioning the Company in an industry known for superior valuation metrics. Importantly, the Transaction is non-dilutive and creates the opportunity to accelerate a sustainable share buyback programme and/or implement a dividend policy, supported by a more stable, copper focused asset base."
Potential for dividends and share buybacks
"The Board believes that by successfully deploying the proceeds of the Disposal in the opportunities presented by copper mining and processing in Zambia, the Group will be on a pathway to sustained growth and profitability, and in the future to making distributions to shareholders by way of dividends and/or share buybacks. Zambia will remain in a growth phase for the next few years and will require, inter alia, capital from the proceeds of the Disposal, from normal trade finance sources and ongoing operating cashflows to achieve that growth. The Board further believes that in due course the opportunities in Zambia have the potential to create a profitable and cash generative business, capable of delivering value to shareholders through capital growth and returns by way of dividends and/or share buybacks."
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