2nd August 2017
BY: Natasha Odendaal, Creamer Media Mining Weekly Deputy Editor Online
JOHANNESBURG (miningweekly.com) – Dual-listed Pallinghurst Resources on Wednesday confirmed the closing of acceptances for its acquisition of coloured gemstones mining and marketing company Gemfields.
The diversified mining company will now seek to contact any Gemfields shareholders who have not yet accepted the offer in terms of Pallinghurst’s right to acquire all remaining Gemfields shares.
Pallinghurst had received valid acceptances for 334.5-million Gemfields shares, which represented about 59.75% of its existing issued share capital.
The nearly 209-million shares, or 37.23% stake, in Gemfields already owned by Pallinghurst brought this up to 543-million shares, equating to 96.98% of Gemfields.
“Valid acceptances in respect of 200.1-million Gemfields shares, or 35.74%, of the existing issued share capital of Gemfields, are from persons acting in concert with Pallinghurst, of which valid acceptances in respect of 154.9-million Gemfields shares, representing 27.68%, were subject to irrevocable undertakings procured by Pallinghurst,” the company said in an update to shareholders.
Gemfields’ trading on the Aim was terminated on July 28.
Under the terms of the offer, each Gemfields shareholder was entitled to receive 1.91 Pallinghurst shares for each Gemfields share held.
The offer became wholly unconditional on June 26.