Jubilee Metals plans board overhaul after disposal in South Africa

Jubilee Metals Group PLC on Friday signalled that it plans to change the composition of its board after selling its chrome and platinum group metal operations in South Africa.

The London-based metal processing company now focuses on its Zambian copper business, and has stated that it has retained its investment in the Tjate platinum project in South Africa.

The board has agreed to change a board composition weighted towards Zambia, copper and AIM experienced expertise, the company said, adding: ‘This migration will be managed carefully over a period of time.’

The board has a majority of South African resident directors as the company had historically been a South African-centric business.

Jubilee has completed the disposal of chrome and PGM assets in South Africa.

On Friday, Jubilee also said it is talks with legal advisers ongoing about possible capital reduction.

It has tasked Finance Director Jonathan Morley-Kirk to consult with a range of shareholders to ascertain their views on future distributions, including dividends and share buybacks.

These discussions are well advanced, it said.

Jubilee said it has issued 2.1 million shares Chief Executive Officer Leon Coetzer and 2.2 million shares to Morley-Kirk for the completion of the sale of the South African chrome and PGM operations. Both directors have elected to receive Jubilee shares instead of a cash payment.

Morley-Kirk will hold 3.2 million shares and Coetzer will own 3.5 million shares.

Jubilee plans to release its interim financial results on or about March 31.

Shares in Jubilee were up 0.1% to 4.36 pence in London on Friday morning, but they were flat at 96 rand cents in the afternoon in Johannesburg.

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