Recently re-listed manganese miner Jupiter Mines Ltd (ASX: JMS) shares are up 1.4% to 35c per share at the time of writing after sliding into the red last week after UBS sought to sell an $89 million stake in the company on behalf of Investec on August 2.
Jupiter was not aware of Investec’s plans to sell down its 13.4% holdings in the company prior to the transaction, with further details yet to be released.
According to a report in The Financial Review, UBS bought the stake from Investec last Wednesday night, offering the shares at 34c each – an 11.7% discount to the last close – on Thursday.
Jupiter’s IPO back in April was the biggest among ASX miners in almost 10 years, with the company so far smashing through its targets and raking in some impressive cash assets.
More experienced manganese miner South32 Ltd (ASX: S32) shares have been on the decline of late but were also back in the black at the time of writing – up 1% to $3.46.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.