Pallinghurst looking better
Various factors combining to bring more cheer to shareholders, writes Charlotte Mathews
Patient Pallinghurst Resources shareholders, whose investment has more than halved if they held it since its 2008 JSE listing, will receive their first reward in March via a distribution from key portfolio holding, Jupiter Mines. Pallinghurst will receive about R150m from Jupiter’s special distribution of excess cash, which takes the form of a share buyback. It would pass on a “material portion” of this to its shareholders as a maiden distribution, if there were no adverse market conditions. This year, at least two of the three investment pillars on which Pallinghurst was built are showing early signs of delivery. Pallinghurst and its co-investors own about 85% of Jupiter Mines, which has a manganese mine in SA and iron ore projects in Australia; 42% of SA platinum miner Sedibelo; and 75% of emerald and ruby miner Gemfields, which is listed in London. Pallinghurst was put together in 2007 by SA mining legend Brian Gilbertson, formerly of Gencor and Billiton, and Arné Frandsen, an in...
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