JOHANNESBURG (miningweekly.com) – Gemfields has, at the request of Pallinghurst Resources, applied to the LSE for the cancellation of admission to trading its shares on Aim.
Pallinghurst, led by CEO Arne Frandsen, on Tuesday said its offer to acquire the remaining interest in Gemfields had been accepted by shareholders holding 75.18% of Gemfields’ shares. The deal was also approved by the majority of Pallinghurst’s shareholders.
Pallinghurst, which in May launched its takeover bid for Gemfields, has noted its plans to delist Gemfields from Aim.
The 20 business days' notice period for the cancellation has now started and trading will be cancelled without the requirement for a resolution of Gemfields shareholders' approving this cancellation.
“Cancellation will significantly reduce the liquidity and marketability of any Gemfields shares not acquired by Pallinghurst, and shareholders will no longer be able to effect transactions in Gemfields shares on Aim,” Gemfields said in a statement.
Pallinghurst’s offer remains open to acceptances until July 18, after which time Gemfields shareholders will no longer be able to accept the offer.