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PALLINGHURST RESOURCES LIMITED - Pallinghurst bid for Gemfields now above 75% acceptances

Release Date: 27/06/2017 08:45
Code(s): PGL     PDF:  
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Pallinghurst bid for Gemfields now above 75% acceptances

PALLINGHURST RESOURCES LIMITED

(Incorporated in Guernsey)

(Guernsey registration Number: 47656)

(South African external company registration number 2009/012636/10)

Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93

Share code on the JSE: PGL

(‘Pallinghurst’)



             Pallinghurst bid for Gemfields now above 75% acceptances


Following the offer by Pallinghurst to acquire the entire issued share capital of Gemfields announced
on 19 May 2017, Pallinghurst announces valid acceptances in respect of 205,853,201 Gemfields
shares (representing approximately 37.35% of the issued share capital of Gemfields).

Together with the 208,502,556 Gemfields shares (representing 37.83% of the issued share capital of
Gemfields) already held by Pallinghurst, this represents 414,355,757 Gemfields shares
(approximately 75.18% of the issued share capital of Gemfields).

Arne H. Frandsen Chief Executive of Pallinghurst commented:

"I am delighted that more than 75% of Gemfields shareholders - including the majority of the
Gemfields minorities - have already accepted the Pallinghurst offer. In combination with the 96%
support from Pallinghurst shareholders, 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 4th, we will move to delist
Gemfields".

The Offer remains open for acceptances by the shareholders of Gemfields until the closing date of
1:00 p.m. (London time) on 4 July 2017.

Guernsey



JSE Sponsor: UBS South Africa (Pty) Ltd
27 June 2017

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