Pallinghurst listens, acts
But new executives and operating company plan are still not enough for some shareholders
Pallinghurst Resources is responding to shareholder dissatisfaction by becoming an operating company, applying for a primary listing on the London Stock Exchange and appointing new executives. Before this week’s annual general meeting, several shareholders expressed concern about Pallinghurst’s prolonged share-price underperformance, particularly compared with management remuneration. The private-equity company with investments in the mining sector is chaired by Brian Gilbertson, who was instrumental in forming BHP Billiton. Shares in Pallinghurst, which has its primary listing in Johannesburg, are 300c. They were listed in 2008 at R10. After making a takeover offer for gemstone miner Gemfields, Pallinghurst now owns almost 90% of the shares. It also has stakes in Sedibelo Platinum and Tshipi Borwa manganese mine. Shareholders were planning to vote against reappointing nonexecutive directors Clive Harris and Stuart Platt-Ransom, but Harris and Platt-Ransom resigned before the meetin...
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