In compliance with paragraph 3.63 – 3.66 of the JSE Listing Requirements, the following information is disclosed by the Company:
Both resolutions passed at General Meeting – 96% Approval for Gemfields acquisition.
Pallinghurst receives 96% shareholder support for Gemfields acquisition – making its offer for Gemfields wholly unconditional
Further to the announcement of 16 June 2017, as of 5.40 p.m. (London time) at that date, there were 77,076,611 Gemfields Shares (representing approximately 14.02% of the existing issued share capital of Gemfields) subject to the irrevocable undertakings which remain outstanding.
On 19 May 2017 the Board of Pallinghurst Resources Limited (“Pallinghurst”) announced the terms of an offer to be made by Pallinghurst through which Pallinghurst would offer to acquire the entire issued and to be issued share capital of Gemfields (other than the 258,908,915 Gemfields Shares already held by Pallinghurst Group, representing 47.09% of Gemfields’ existing issued share capital), to be implemented by means of a takeover within the meaning of Part 28 of the Companies Act 2006 (the “Offer”). Under the terms of the Offer, each Gemfields Shareholder will be entitled to receive 1.91 Pallinghurst Shares for each Gemfields Share.
Gemfields Offer Document.
Jupiter Mines Ltd (“Jupiter”) has announced a further US$25 million distribution to be made to its shareholders in September 2017. Pallinghurst, as an 18.43% shareholder in Jupiter, expects to receive a further distribution of approximately US$5 million in September 2017.
Shareholders are informed that further to the announcement dated 19 May 2017 in relation to the restructuring of the Pallinghurst group and an offer to acquire the minority interests of Gemfields plc, the circular (the “Circular”), including revised listing particulars and a notice of general meeting has been posted to shareholders today.
Pallinghurst Resources Limited have released a Circular Document.