Gemfields Group Limited (AIM:GEM) confirmed it cut its direct stake in Sedibelo Platinum Mines Limited (SPM) to 6.54% after a simplification of the ownership structure of the platinum mines owner.
Gemfields previously held its stake via Pallinghurst Ivy Lane Capital, an investment vehicle that held a 27.64% interest in SPM, which owns and operates the Pilanesburg Platinum Mines.
Pallinghurst Ivy Lane’s 27.64% shareholding in SPM, as well as its surplus net assets, was transferred to Pallinghurst Ivy Lane's shareholders in accordance with their respective equity holdings, resulting in Gemfields now holding the direct stake in SPM.
SPM is deemed a non-core investment by Gemfields and the AIM-listed firm is open to offers for its stake.