Pallinghurst receives just under 86% acceptances for Gemfields offer
JOHANNESBURG (miningweekly.com) – JSE-listed diversified miner Pallinghurst Resources has received valid acceptances in respect of about 268-million Gemfields shares representing about 48.30% of the existing issued share capital of Gemfields.
Together with about 209-million Gemfields shares representing 37.64% of the existing issued share capital of Gemfields already held by Pallinghurst, this represents 85.94% of Gemfields’ existing issued share capital.
Last month, Pallinghurst received support from 75% of the shareholders for its nil premium takeover of Gemfields, which owns the Faberge brand.
Valid acceptances in respect of about 200-million Gemfields shares are from people acting together with Pallinghurst, of which valid acceptances in respect of about 155-million Gemfields shares were subject to irrevocable undertakings procured by Pallinghurst.
The offer will remain open for acceptances until July 18.
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