Business
Delisting of Jupiter Mines from ASX
Delisting of Jupiter Mines from ASX.
About this update from Red Rock Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8015P Red Rock Resources plc 04 October 2013 \n \n\nRed Rock Resources plc\n(\"Red Rock\" or the \"Company\")\nApplication for the removal of Jupiter Mines listing from ASX\n3 October 2013\nRed Rock Resources Plc, the mining and exploration company with an iron ore project in Greenland, a producing gold mine in Colombia, and other interests in gold and steel feed, reports that Jupiter Mines Ltd (ASX:JMS)(\"Jupiter\"), a company in which Red Rock has invested, plans to delist from the Australian Stock Exchange (\"ASX\") for the following reasons: \n· There is longer an active, liquid market in Jupiter shares;\n· Jupiter has sufficient cash reserves for its project plans over the next two to three years and, therefore, no near term requirement for external funding; and\n \n· Low market capitalisation of Jupiter does not enable value to be maximised as major investment moves into harvesting stage.\nJupiter has announced that the directors have applied to the ASX to delist, and subject to ASX approval and any conditions that may be imposed, will seek a shareholder resolution in favour of delisting, with delisting one month after that resolution is passed. \n \nThe principal reasons for delisting are the limited marketability and trading in Jupiter stock, and the lack of any price response to the transformation of Jupiter from an explorer into a significant manganese producer with a production history, and transport and marketing contracts in place. Jupiter has successfully brought a major asset into production and as it now moves to maximise the perceived and perhaps the acquisition value of its underlying assets, the fact that the public market so significantly undervalues that and the other assets of Jupiter is a significant limiting factor.\n \nJupiter directors concluded that greater value would be realised for Jupiter shareholders after a delisting. The full text of the announcement is available at:\n \nhttp://www.rrrplc.com/themes/rrrplc_theme/scripts/php/rns_viewer.php?id=21010301 \n \nFollowing sales earlier in the year Red Rock owns 19,674,375 shares in Jupiter (0.86%). The value of Red Rock's holding before the announcement of the planned delisting was AUD 1.53m at a closing price on 2nd ...