Last checked at 22 Jan 2018 09:19
Red Rock Resources plc
("Red Rock " or the "Company")
Jupiter Mines - Further Buy-Back
22 January 2018
Further to the announcements of 13 March 2017 and 16 November 2017, in which the Company announced payments of distributions to Red Rock by Jupiter Mines Ltd ("Jupiter"), an Australian unlisted public company, of £537,131 and approximately £233,606 respectively, Jupiter has announced the details of a further planned US$42m distribution to shareholders, of which Red Rock's share at current exchange rates would be approximately £364,000.
The full Jupiter announcement may be read on its website www.jupitermines.com.
Highlights:
o Distribution will be by means of an off-market equal access share buyback to return US$42m (approximately AU$53m) to shareholders ("Buy-Back")
o Full terms and conditions will be contained in the Offer Booklet to be dispatched on 29 January
o Payment expected 19 March 2018
o Red Rock intends to accept the buyback
o Red Rock holds approximately 1.2% of Jupiter, expects to continue to hold this percentage post the Buy-Back, and will receive an estimated US$504,000 from its share of the Buy-Back
Red Rock Chairman Andrew Bell states: "With this distribution, our total cash returned from Jupiter since the beginning of calendar 2017 will total over £1.1 million.
We look forward to updating the market shortly on the listing plans of Jupiter."
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