Gemstone producer and explorer Gemfields PLC (AIM: GEM) said it was notified by New York based hedge fund sponsors QVT Financial LP that it bought approximately 8.2m shares in the group via shareholdings of QVT Fund LP, Quintessence Fund LP and Deutsche Bank AG, raising its stake to 7.87 percent.
QVT Financial LP is a privately owned hedge fund sponsor. The firm provides its services to pooled investment vehicles. It invests in the public equity and debt markets across the globe. QVT also invests in alternative investment markets across the globe.
Following this transaction, QVT has an interest through direct ownership in a total of 12,764,875 shares, which in addition to contracts for difference takes QVT’s total interest to approximately 25.5m ordinary shares.