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Pallinghurst wins the bidding war for Gemfields as Fosun offer lapsed
Of late, Gemfields has been at the centre of bidding war between Pallinghurst and Fosun Gold Ltd.
By: Diamond World News Service
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Jun 27 2017 2:07PM
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Reference: 15326  

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Pallinghurst Resources' offer for Gemfields has reportedly become wholly unconditional and Fosun Gold's cash offer for Gemfields has lapsed.

On 26th June, Pallinghurst reportedly said that following its shareholder meeting it received sport from the 96 per cent of its shareholders for a wholly unconditional offer for Gemfields.

Earlier, Pallinghurst had reportedly said that it had received valid acceptances in relation to 131.6 million shares, which when combined with the 208.5 million shares it already holds, represents an around 62 per cent stake in the company. Further it had mentioned that if it was successful in acquiring Gemfields they would cancel Gemfields shares trading on AIM.

Pallinghurst currently has a 47.1 per cent stake in Gemfields, which consists of 208.5 million Gemfields shares held by the Pallinghurst Resources Fund LP - a subsidiary of Pallinghurst - and 50.4 million Gemfields shares held by Faberge Conduit Ltd for the benefit of Pallinghurst.

Gemfields Plc had reportedly requested its shareholders to take ‘no action’ following the announcement by Pallinghurst that it has received support from 96 per cent of its shareholders to buy  remaining interest in the world’s leading colour gemstone produce. Further, the reports stated that it believed Pallinghurst's offer "significantly undervalues" the company. Gemfields has requested its shareholders to take "no action at this time such that they can continue to benefit from direct exposure to Gemfields through their existing quoted shares".

Of late, Gemfields has been at the centre of bidding war between Pallinghurst and Fosun Gold Ltd.

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