MinterEllison acts for POSCO on $240m IPO (relisting) of Jupiter Mines on the ASX

2 mins 22.03.2018

MinterEllison has advised multinational steelmaker, POSCO, on its interests related to the IPO of Jupiter Mines Limited (Jupiter), which aims to return to the ASX-boards.

POSCO is the second largest shareholder of Jupiter, with 17% equity. Jupiter delisted from the ASX in 2014.

An offer of a minimum of 500 million shares, and a maximum of 600 million shares, is being made through the prospectus.

The proceeds of the offer will primarily be paid to existing shareholders who are selling shares through the offer to ensure an adequate free float, shareholder spread, and liquidity after the listing.

"This transaction is a rare relisting in the context of there being no controlling shareholder, but rather a group of eight 'big' minor shareholders," said MinterEllison partner Tom Shon. "Therefore, this structure required many months of complex negotiations between the parties to agree on terms of the relisting, all within the desired IPO window."

Jupiter is a South African-focused manganese producer who owns a beneficial interest of 49.9% in the world class Tshipi Borwa Manganese Mine (Tshipi) in the Kalahari manganese field. That basin contains approximately 77% of the world's known economic manganese resources, an essential and irreplaceable raw material for steel-making.

POSCO, the multinational steel-maker headquartered in South Korea, is a long standing client of MinterEllison.

The firm has advised POSCO on many occasions, including the sale of POSCO's interest in Sandfire Resources, its $35 million sale of interest in Integra Coal Joint Venture to Vale and subsequent 100% divestment to Glencore, and the sale of a minority interest in the Carborough Downs Joint Venture to Fitzroy. Most recently, the firm has also acted as independent adviser to POSCO Australia on the acquisition of a $159.2 million interest in ASX-listed Pilbara Minerals.

"We are delighted to work alongside everyone at POSCO once again," said Mr Shon. "It was a privilege to work on this relisting, which gives Jupiter a great opportunity to capitalise on its outstanding tenements."

The MinterEllison team was led by Tom Shon (Partner) who was supported by Michael Scarf (Senior Associate), Sophia Bai (Associate) and Rosie Connolly (Graduate).