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DISCIPLINED AMBITION
LINDSAY DUDFIELD
MANAGING DIRECTOR
JINDALEE RESOURCES LTD
equivalent of $3.06 per share provided the best outcome, and the
other Energy Metals shareholders agreed,” explained Mr Dudfield.
“The takeover was wrapped up by the end of 2009 and in
July 2010 we returned some of the proceeds to Jindalee
shareholders via a $0.55 fully franked special dividend. After
paying the dividend and associated tax, we still hold significant
cash reserves, which, combined with our 30% residual stake in
Energy Metals and other investments, place Jindalee in great
shape to secure the next opportunity to grow the company and
that is now our primary focus.”
Regarding any new acquisition
Mr Dudfield said that Jindalee has
an openmind about both commodity
and jurisdiction, and the quality
of the asset will ultimately be the
deciding factor.
“To date we have looked at
projects ranging from coal and
iron ore to hydrocarbons spanning
North and South America, South
East Asia, Africa and Europe, but
so far none have met our fairly
ambitious criteria. We are very
disciplined in the way we approach
potential acquisitions; the bottom
line is that any new project has to
be capable of transforming Jindalee
and creating significant value for
our shareholders.”
Mr Dudfield said that it is this
same discipline that has allowed
Jindalee to grow without the need
to go back to the market to raise
money since its original listing in
2002 when it raised $2.6 million,
mainly from family, friends and
industry colleagues.
“As a result we have one of the
tightest capital structures around
with fewer than 35 million shares on issue, which provides
fantastic leverage for our shareholders once we secure the next
project. Furthermore the management team all have significant
stakes in the company, which helps keep us focused on achieving
the best return we can for shareholders.
“Jindalee offers investors the rare combination of a junior
explorer with good funding, a tight capital structure and a
management team with a track record of rewarding shareholders
and keen to do it again. Needless to say we are very excited about
the future for Jindalee.”
JINDALEE GEOLOGISTS ARE SCOURING THE GLOBE TO LOCATE A COMPANY-MAKING PROJECT
Jindalee Resources listed on ASX in July 2002 as a greenfields gold
explorer, but it was a decision two years later to start acquiring
uranium projects in the Northern Territory and Western Australia
that has set the company up for the next stage of its growth.
Jindalee’s Managing Director Lindsay Dudfield said that at the
time, the ALP still retained its ban on new uranium mines and
interest in the metal was almost non-existent, enabling Jindalee’s
wholly owned subsidiary Energy Metals to secure a number of
uranium deposits discovered in the 1970’s that had laid dormant
for almost 30 years.
“We listed Energy Metals as a dedicated uranium explorer in
September 2005 with Jindalee holding 40% and our shareholders
being offered a priority entitlement to Energy Metals shares ahead
of the public. It proved to be a runaway success; the $0.25 shares
opened at $0.75 and never looked back, and needless to say we
had a lot of very happy shareholders,” Mr Dudfield said.
Under Jindalee’s management, Energy Metals continued to
grow its uranium resources, but in 2009, following the GFC, began
to look for a strategic partner to assist further development of
its assets.
“We reviewed a number of options but we felt a 70% proportional
cash takeover offer frommajor Chinese utility CGNPC at a pre-split
Jindalee’s open but focused mind for growth
MINESITE 2011
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