Business
Shareholder update and Dealing in securities
Jubilee Metals Group PLC has completed the sale of its South African chrome and PGM operations, now focusing on Zambia and planning a board composition shift towards Zambian and AIM expertise. The company is initiating a High Court process to convert share premium reserves into distributable reserves, enabling future dividends and share buybacks, with interim results expected around March 31, 2026. Additionally, CEO Leon Coetzer received 2,069,267 shares and Finance Director Jonathan Morley-Kirk received 2,184,564 shares, both valued at 3.04 pence each, as part of the sale completion, with their holdings now representing approximately 0.11% and 0.10% of the enlarged share capital, respectively. Disclaimer*
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n\nJubilee Metals Group PLC\nRegistration number: 4459850\nAIM share code: JLP\nAltx share code: JBL\nISIN: GB0031852162\n('Jubilee' or 'the Company')\n \n \nDissemination of a Regulatory Announcement that contains inside information according to UK Market Abuse Regulations. Not for release, publication, or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.\n \nShareholder update and\nDealing in securities\n \nJubilee, the Zambia copper focused producer, provides a shareholder update dealing with its Board composition strategy and a proposed capital reduction.\nBoard composition strategy\nThe sale of the chrome and PGM Operations in South Africa has now been completed. The Company now focuses on its operations in Zambia. The Board currently has a majority of South African resident directors as the Company had historically been a South African centric business. Going forward the Board agreed it should migrate towards a Board composition weighted towards Zambia, copper and AIM experienced expertise. This migration will be managed carefully over a period of time.\nProposed capital reduction\nThe Jubilee Board has tasked the Finance Director to consult with a range of shareholders to ascertain their views on future distributions (dividends, share buybacks, etc). These discussions are well advanced. Such distributions to shareholders, when approved by the Board, need to be paid out of the Company's distributable reserves. At present there are insufficient distributable reserves. There are, however, sufficient share premium reserves which can be converted into distributable reserves. This necessitates a High Court process in the United Kingdom. Discussions are ongoing with legal advisers on the precise process, which will involve a General Meeting of shareholders to approve the capital reduction. This High Court capital reduction process is required to enable the Company to be able to make dividend distributions and share buybacks in the future.\nHalf Year results\nThe Company expects to release its interim results for the 6 months ending 31 December 2025 on or about 31 March 2026.\nDirectors share dealing\nThe Company issued 2 069 267 Jubilee ordinary shares (Shares) to Leon Coetzer, Chi...