With ongoing plans to dispose of its entire interest in Sedibelo Platinum Mines (SPM), gemstone miner Gemfields confirms that interposed vehicle Pallinghurst Ivy Lane Capital (Ivy Lane), which held an interest of 27.64% interest in SPM, has been unbundled.
By November 2020, Gemfields had held its stake in SPM through Ivy Lane – a company incorporated in Luxembourg.
Ivy Lane’s 27.64% shareholding in SPM, as well as Ivy Lane’s surplus net assets, have been transferred to Ivy Lane’s shareholders in accordance with their respective equity holdings in Ivy Lane.
Gemfields, therefore, now holds its 6.54% stake in SPM directly.
SPM is a public (unlisted) company incorporated in Guernsey and owns and operates the Pilanesburg Platinum Mines located in South Africa’s Bushveld Igneous Complex in the North West.
SPM dispatched and sold about 128 800 oz of platinum, palladium, rhodium and gold, generating earnings before interest, taxes, depreciation and amortisation of about $113-million in the financial year ended December 31, 2020.
Gemfields understands that SPM is planning an initial public offering this year, and says in a statement that SPM is not considered a core part of Gemfields’ strategy.
As such, Gemfields invites interested parties to contact Liberum Capital, which has been appointed by Gemfields to manage an orderly disposal of Gemfields’ remaining interest in SPM.