PGL
PGL
PGL - Pallinghurst - Jupiter Mines Limited Shareholders Approve Posco
Investment
Pallinghurst Resources Limited
Registration Number: 47656
(Incorporated in Guernsey)
ISIN: GG00B27Y8Z93
BSX share code: PALLRES
JSE share code: PGL
("Pallinghurst" or the "Company")
JUPITER MINES LIMITED SHAREHOLDERS APPROVE POSCO INVESTMENT
Further to the announcement made to the Australian Stock Exchange by Jupiter
Mines Limited ("Jupiter") on 21 September 2009, the shareholders of Jupiter
voted in favour of a placement of 48,000,000 new equity shares to POSCO
Australia Pty Ltd ("Posco") at 16.266 Australian cents per share for AUD7.81
million, at an EGM held on 21 September 2009.
As detailed in the Company`s announcement of 1 July 2009 entitled "Posco
joins Pallinghurst as Co-Investor in Jupiter Mines Limited" Posco`s
investment was subject to approval by Jupiter shareholders which has now been
granted. Posco will act in concert with the Company to pursue similar
strategic and investment objectives, whilst maintaining legal title and
influence over its investment.
Following the issue of shares, Posco will own 12.99% of Jupiter, and the
Company`s interest has been diluted to 25.15%. The Company also acts in
concert with Red Rock Resources plc ("RRR") in pursuit of the Australian
steel feed strategy. RRR`s revised interest in Jupiter is 25.21%. The
Company, Posco and RRR therefore now jointly control 63.35% of Jupiter.
Pallinghurst CEO Arne H. Frandsen commented:
"We are delighted that POSCO`s investment has obtained the required
approvals, and now look forward to actively driving this exciting investment
up the value curve".
Guernsey
21 September 2009
Investment Bank and Sponsor: Investec Bank Limited
Date: 21/09/2009 17:12:01 Produced by the JSE SENS Department.
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