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Monday 22 January, 2018

Red Rock Resources

Jupiter Mines - Further Buy-Back

RNS Number : 5052C
Red Rock Resources plc
22 January 2018
 

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:

 

Distribution will be by means of an off-market equal access share buyback to return US$42m (approximately AU$53m) to shareholders ("Buy-Back")

 

Full terms and conditions will be contained in the Offer Booklet to be dispatched on 29 January

 

Payment expected 19 March 2018

 

Red Rock intends to accept the buyback

 

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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