Gemfields shares to be compulsorily acquired by Pallinghurst
Gemfields shareholders who have not yet accepted the Pallinghurst offer might as well do so now
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Gemfields shareholders who have not yet accepted the Pallinghurst offer might as well do so now
The firm's shares are set to be de-listed from AIM on 28 July
Pallinghurst needed 75% of Gemfields investors to back its takeover in order to de-list the miner, support it now has
With production up and running, Richland is now securing the sales pipeline for its Australian sapphires
Despite suggestions last week that it might struggle to drum up the necessary support, 96% of Pallinghurst investors have backed the takeover
Pallinghurst needs shareholder approval if it wants to push ahead with its offer for Gemfields, but market sources think that still might not be the end of the bidding war
Pallinghurst needs at least half of its investors to back the deal which it claims it has already received, but Fosun Gold and Gemfields disagree
Fosun has lodged a firm cash offer of 45p for each Gemfields share
The coloured gemstones miner sold US$54.8mln worth of rubies extracted from its Montepuez deposit
Fosun said its 40.85p a share offer is a "compelling cash alternative"
The small cap firm said it had recovered a high-quality 104.73 carat, D-colour Type IIa diamond and a 151.52 carat Type I yellow diamond from the mine.
For the year to December 2016, Richland Resources delivered US$1.35mln in revenues from continuing operations
Gem International is now active on the ground at Dala, and may incorporate further historic data into ongoing exploration efforts
Gemfields minority investors have accused Pallinghurst Resources of being “opportunistic" in its bid to takeover the gemstone company
Gemfields said a review by independent directors determined a takeover bid from Pallinghurst Resources "significantly undervalues" the company
The firm says it is reviewing the 'unsolicited' approach from Pallinghurst
Gemfield is making improvements to operational efficiencies and cutting operating costs at its Kagem mine in Zambia
4,310 metres of drilling have been historically completed across the project.
The stone is entirely undamaged making this a significant recovery
Enhanced New Twitter and Facebook campaigns will boost Richland's social media profile