My understanding is that the BEE % holding never changes whether they participate in any cap raise, placement or not.IE they will never be diluted.
Strong BEE Partner – Great Relationship
Main Street 774 (Pty) Ltd (Main Street), is a broad-based black economic empowerment (B-BBEE) special purpose vehicle, with its major shareholder being Ntsimbintle Mining (Pty) Ltd (Ntsimbintle).
Ntsimbintle, a B-BBEE company, was formed in 2003 to pursue exploration and mining opportunities emerging in the South African manganese sector and was awarded prospecting rights over portions of the Mamatwan permit in which the Tshipi Mine is located.
In 2006, Ntsimbintle commenced prospecting on the Mamatwan permit and in 2007, Ntsimbintle formed a joint venture with the Pallinghurst Co-Investors, pursuant to which, the Pallinghurst Co- Investors acquired a 49.9% interest in Tshipi é Ntle.
In 2010, Ntsimbintle concluded an agreement with OM Holdings Ltd (OM Holdings), which resulted in OM Holdings acquiring a direct 26% shareholding in Main Street (with a 74% shareholding retained by Ntsimbintle), which in turn owns 50.1% of Tshipi é Ntle.
Ntsimbintle has a beneficial interest of over 37% in Tshipi which is well above the minimum BEE ownership target of 26%
Ntsimbintle was a contributing partner (not free carried) and has always been a strong and reliable partner since inception –the relationship with Jupiter is strong
Recently the South African High Court ruled in favour of the once empowered, always empowered principle which entitles a company to keep its black empowerment status even if a black partner exits its stake in the mining firm
JMS-Jupiter Mines
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