Gemfields loses it shine for Cosquez

mining colombia

Gemfields the AIM listed emerald miner has recieved a zero premium offer from Pallinghurst Reasources for the remaining shares that Pallinghurst does not already own. This comes hot on the heels of Gemfields announcement that they are pulling out of Colombia, if they proposed takeover goes ahead the worlds largest listed coloured stone miner will be taken into private hands.

Pallinghurst have signalled their desire to make changes at the management level with a view to potentially relist the company on the main London market in the future. Minority investors have shown a lack of support for the deal considering the zero premium coupled with the fact the it was Pallinghurst that sold Gemfields its most poorly performing asset – Faberge. The management of Gemfields has told investors to do nothing, potentially indicating their lack of support for the proposed deal.

Iain
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