JOHANNESBURG (miningweekly.com) – JSE-listed Pallinghurst has now garnered acceptances for 75.18% of shares in takeover target, Aim-listed miner Gemfields.
Pallinghurst CEO Arne Frandsen noted that the company was “delighted” to have received more than 75% support from Gemfields’ shareholders, including the majority of Gemfields’ minority shareholders.
Ninety-six per cent of Pallinghurst’s shareholders on Monday voted in favour of the transaction.
“It is clear that the proposed transaction has the broadest support from both sets of shareholders.
“In addition, the Fosun offer backed by Gemfields management, has lapsed. Hence, once we’ve had the first closing on July 4, we will move to delist Gemfields,” said Frandsen.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
EMAIL THIS ARTICLE SAVE THIS ARTICLE
ARTICLE ENQUIRY
To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
