BUSINESS DAY TV: ‘We need to give a lot of love to the mine managers’
Arne Frandsen of Pallinghurst, discusses the company’s victory in the battle for Gemfields and how it plans to revitalise the precious stones company
BUSINESS DAY TV: Pallinghurst has prevailed over rival Chinese firm Fosun in the acquisition of Gemfields, with 96% of its own shareholders and 75% of Gemfields investors accepting its all share offer for stock it didn’t yet own in the company. The move brings the Kagem Emerald Mine back into Pallinghurst’s hands, effectively reversing a deal that saw it sell the asset to Gemfields in exchange for shares in Gemfields a few years ago. Joining me now on the line is CEO Arne Frandsen. Arne, in a way you’re going full circle where Kagem is concerned, but what is the benefit of Pallinghurst bringing these assets back, essentially into its control? ARNE FRANDSEN: What our proposal to both ours as well as to the Gemfields shareholders is, [is] that we should simplify the structure and focus on getting back to basics and getting the mines to operate in a profitable manner, and really create the platform for what Pallinghurst set out to do seven years ago, which was to create the coloured ge...
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