JOHANNESBURG (miningweekly.com) – Coloured gemstones mining and marketing company Gemfields is expected to cease trading on the London Aim from 07:00 on Friday, July 28, when it will be delisted.
Pallinghurst Resources, which is taking its associate company in-house, said on Thursday that it would begin making an offer to minority shareholders under Section 979 of the Companies Act 2006 to compulsorily acquire the remaining Gemfields shares.
The Johannesburg Stock Exchange-listed Pallinghurst said that notices would in due course be sent to non-accepting Gemfields shareholders informing them of the compulsory acquisition of their Gemfields shares.
Gemfields last month applied to the London Stock Exchange for the cancellation of admission to trading and this month announced that its independent committee had recommended that shareholders who had not yet accepted the Pallinghurst offer accept immediately so as to receive their new shares in Pallinghurst.