It’s the end of the AIM road for Gemfields PLC (LON:GEM) and its investors after the ruby and emerald miner applied to cancel its listing on the junior market.
At the request of new majority owner Pallinghurst – which now owns more than 75% of Gemfields – the miner’s AIM shares will be cancelled on 28 July.
Current shareholders have until 18 July to accept Pallinghurst’s nil-premium, all-share offer or wind up having a stake in an unlisted company.
Gemfields said the de-listing will reduce the liquidity and marketability of any shares not sold to Pallinghurst and advised investors to “seriously consider” accepting the offer.
The company, which is the world’s largest supplier of coloured gemstones, has repeatedly called Palllinghurst’s “derisory” and “unsolicited”.
Shares dipped 1.5% this morning to trade at 32.5p.