On 26 June 2017, shareholders of Pallinghurst voted emphatically in favour of the restructuring of the Company and the acquisition of Gemfields plc (“Gemfields”). Pallinghurst’s life is now extended by 50 years and is set to become an operating mining company (subject to the applicable regulatory provisions). Pallinghurst has terminated the existing Investment Management Agreement for no consideration and the Investment Manager’s Benefit and all carried interest arrangements will cease.
Brian Gilbertson as Executive Chairman, Arne H. Frandsen as Chief Executive and Andrew Willis as Finance Director have each provided a renewed five-year commitment to Pallinghurst. In addition, Sean Gilbertson has been appointed as the Chief Investment Officer and Priyank Thapliyal as the Chief Operating Officer and have provided the same commitment. The Pallinghurst executive management will lead operations in London, South Africa, Zambia and Mozambique, with dedicated teams in the field.