COMING INTERIM RESULTS
Pallinghurst to be hit by fall in Gemfields share
Gemstones, platinum and steelmaking materials company Pallinghurst Resources will report an increased headline loss of R1.39 a share for the six months to June, from a loss of 67c in the same period last year, mainly because of the drop in the Gemfields share price, it said on Thursday. Pallinghurst made a contested offer earlier in 2017 to take over all the Gemfields shares it did not already own. At the time, it held 47.09% of Gemfields, which was listed in London. It offered 1.91 of its shares for each Gemfields share, which an independent committee appointed by Gemfields’ board described as "derisory". Fosun Gold, a Chinese mining firm, made a cash offer but Pallinghurst secured the necessary support to drive home its deal and delist Gemfields. Pallinghurst said its net asset value (NAV) had fallen to R4.7bn at end-June from R5bn at end-December, which was equivalent to R4.36 a share (December: R6.61). This is lower than the most recent estimate from an analyst, who asked not to...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.