Jubilee to reconfigure board over time, considers way forward for dividends
Aim- and AltX-listed Jubilee Metals Group has announced the completion of the transaction to sell its chrome and platinum group metals operations in South Africa, which allows the company to focus on its Zambian operations.
Accordingly, the board has decided it should migrate towards a board composition weighted towards Zambia, copper and Aim-experienced experts. The majority of the board has always comprised of South African resident directors.
This migration will be managed carefully over a period of time, the miner states.
Moreover, the Jubilee board has asked its finance director to consult with a range of stakeholders on the best way forward for future distributions, including dividends and share buybacks.
There are currently insufficient distributable reserves but there are sufficient share premium reserves that can be converted into distributable reserves.
This necessitates a High Court process in the UK.
Jubilee says 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 Jubilee to be able to make dividend distributions and share buybacks in future.
Meanwhile, Jubilee will release its interim results for the six months ended December 31 on or about March 31.
