Red Rock Resources plc Investments Update (2918N)
29 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMRRR
RNS Number : 2918N
Red Rock Resources plc
29 September 2021
Red Rock Resources PLC
("Red Rock" or the "Company")
Investments Update
29 September 2021
Red Rock Resources Plc ("Red Rock" or "the Company"), the
natural resource development company with interests in gold,
copper, cobalt and other minerals, announces an update in relation
to its investment in Jupiter Mines Ltd (ASX:JMS) ("Jupiter").
Over recent weeks Red Rock has disposed of a substantial part of
its remaining holding in Jupiter through market sales at an average
price of AUD 0.304 per Jupiter share, for proceeds of AUD
2,327,052.70 (approximately GBP1,239,489.34).
Red Rock retains 5,870,693 Jupiter shares. The current share
price of Jupiter is AUD 0.225, which is 26% below the average price
of Red Rock's recent sales.
Andrew Bell, Red Rock Chairman, states: "Our ability to raise
over a short period a sum in excess of GBP1,000,000 from our share
portfolio demonstrated the Company's ability to respond to events
and to strengthen its liquidity from internal sources as required.
We manage our investments actively and having formed the view that
prospects in the near term for Jupiter had deteriorated, were able
to reduce our holdings in amounts and at prices that did not appear
to affect the price in the market.
Our history with this investment goes back a long way: shortly
after listing in 2005 we sold iron ore assets to Jupiter in
exchange for cash, shares and a royalty, and later increased our
holding to become the largest Jupiter shareholder, bringing in
Pallinghurst Partners as our partner and subsequently seeing the
injection into Jupiter of the Pallinghurst manganese assets in
South Africa, that now after the spin off of the iron ore into Juno
Minerals Ltd (ASX:JNO) are the sole significant asset of
Jupiter.
Jupiter has been an exceptionally well managed company,
achieving over recent years an extraordinary near-30% annual return
on assets, but the recent consolidation of shareholdings into fewer
hands and the likelihood of management changes combined with a dull
outlook for manganese prices convinced us that the time had come to
accelerate the disposal of our stake.
Red Rock retains other listed holdings, or holdings in companies
approaching listing, in businesses where it has played a strategic
role, including 45,000,000 shares valued in the market at over
GBP900,000 in Power Metal Resources PLC (AIM:POW).
Further announcements will be made in relation to these in due
course."
For further information, please contact:
Andrew Bell 0207 747 9990 Chairman Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 020 7374 2212 Broker First Equity Limited
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END
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