Last checked at 17 Apr 2018 07:00
Red Rock Resources plc
("Red Rock " or the "Company")
Jupiter Mines - ASX Listing Oversubscribed
17 April 18
Red Rock Resources Plc, the natural resource development company with interests in gold and steel feed materials, announces further to the release of 19 March 18 that Jupiter Mines Limited ("Jupiter"), an Australian public company, has announced the full allocation of its A$240m Initial Public Offering ("IPO"), comprising a A$225m institutional allocation and an A$15m allocation in the general public offer. The IPO was significantly oversubscribed.
At A$240m, the Jupiter IPO, will be one of the largest Initial Public Offerings in the Metals and Mining industry over the last decade. Jupiter is currently expected to begin trading on the ASX at 1100 hrs AEST on 18 April 2018.
As part of the listing process, the Company, along with several other large institutional shareholders in Jupiter agreed to sell part of their holdings to ensure an adequate free float post-listing. Red Rock has now sold 4,700,000 shares, constituting 20.2% of its holding in Jupiter, and has agreed to retain the balance of its 18,524,914 shares in escrow for a period after listing. In consideration for this sale the Company has received AUD1,842,400 after expenses.
Red Rock retains a 0.95% stake in the post IPO share capital of Jupiter, which at the IPO price will be worth AUD 7,409,966.
Andrew Bell, Chairman of Red Rock comments: "The oversubscription of the Jupiter IPO this week completes the multi-year journey undertaken by Jupiter when it originally delisted in 2014 following concerns that its transition from exploration to production had not been adequately reflected in its share price.
Now with several years of increasing manganese production behind it at Tshipi in South Africa, and buoyed by strong manganese prices and an extended track record of dividend payments, we perceive our residual stake in Jupiter to be a key component of our cash generative growth strategy in 2018 and beyond."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0207 374 2212 Broker First Equity Limited