3 Dec 21: The well regarded chairman Brian Gilbertson who was previously the CEO of BHP was not reelected at the general meeting in October and then shortly after Priyank Thapliyal was removed as CEO. Both were large shareholders in JMS. This has been the work of AMCI Group, one of the large and longstanding shareholders of the company. AMCI’s Managing Director of Australia, Patrick Murphy has been appointed to the board.
The statement from the board on 1 Dec 2021 was:-
“Jupiter is committed to growing shareholder value and has been actively reviewing the Company’s strategy while initiating a robust search process with Korn Ferry to appoint a new Chair and Chief Executive Officer. Jupiter’s strategy will continue to prioritise maximising value and cash returns from its participation in the world class Tshipi operation, while evaluating attractive opportunities to grow and diversify. Jupiter will engage with shareholders in more detail on its refreshed strategy and team as these key hires are made.”
As a result of all this share price hit 12 month lows of $0.18, It could be Gilbertson and Thapliyal selling out of the company too now that they have been removed and have no reason to keep their shareholdings.
We’ll have to see whether the previous CEO’s accusations of AMCI or other groups trying to takeover the company without paying a premium come true or not.
As a shareholder, pretty disappointed. Previously, JMS has paid out significant dividends. I'm concerned this might change with new management or a significant acquisition will be made with a dilute capital raise.