Gemfields is pleased to report the Company’s audited financial results for the year ended 31 December 2019 (“2019 Results”).
The turmoil stemming from COVID-19 patently represents one of the most serious challenges faced by many companies globally. Gemfields is no exception and a significant detrimental impact on its operations, revenues and business is inevitable during 2020 and possibly beyond.
Gemfields shareholders are advised that there will be a delay in the publication of the Company’s audited financial results for the year ended 31 December 2019 (“2019 Results”). The Company has been advised by its auditors BDO LLP (“BDO”) that, given the developments and prevailing circumstances surrounding COVID-19, the audit process in relation to the Board’s going concern assessment and associated disclosures requires more time in order for a conclusion to be reached.
In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements, Gemfields is reasonably certain that its net profit after tax will be USD 39.1 million for the year ended 31 December 2019 compared to a net loss after tax of USD 60.4 million for the year ended 31 December 2018. In ZAR terms, the net profit after tax is expected to be ZAR 565 million (ZAR 801 million net loss after tax for the comparative year).
With reference to the announcement of 16 March 2020 in relation to the disclosure of beneficial interests in securities by Rational Expectations (Pty) Ltd, the completed form TR-1 is now attached.
In compliance with paragraph 3.83(b) of the JSE Listings Requirements, shareholders are advised that Gemfields has received formal notification from Rational Expectations (Pty) Ltd (“Rational”) on 13 March 2020, that Rational and related parties acquired a beneficial interest in the ordinary shares of the Company, such that the total beneficial interest in ordinary shares of the Company held by Rational is now 5.62% of the total issued shares of the Company.
Gemfields announces that it has completed the cancellation and de-listing from trading of a total number of 96,381,488 ordinary shares of USD 0.00001 each (“Ordinary Shares”) in the share capital of the Company (the “Cancelled Shares”), leaving the Company with a total of 1,171,068,757 Ordinary Shares in issue.
Gemfields is pleased to announce the result of an auction of predominantly commercial quality rough emerald held in Lusaka, Zambia from 18-21 February 2020. The emeralds were extracted by Kagem Mining Ltd in Zambia (“Kagem”, which is 75% owned by Gemfields and 25% by the Industrial Development Corporation of Zambia). The proceeds of this auction will be fully repatriated to Kagem in Zambia, with all royalties due to the Government of the Republic of Zambia being paid on the full sales prices achieved at the auction.
Gemfields, a world-leading supplier of responsibly sourced coloured gemstones, is pleased to announce that admission on the AIM market of the London Stock Exchange will take place, and dealings in its ordinary shares will commence, at 8:00am GMT today under the TIDM code “GEM” (“Admission”)(“Ordinary Shares”). The ISIN of the Ordinary Shares is GG00BG0KTL52 and the SEDOL is BKFW1G3.
The Company announces that the “Maninge Nice 3” mining pit belonging to Montepuez Ruby Mining Limitada (“MRM”, in which Gemfields holds a 75% interest) has experienced a coordinated incursion by approximately 800 artisanal miners, vastly outnumbering the MRM security personnel and Mozambican police present at that location at the time.