Pallinghurst changes focus to shake off mediocre performance
After a decade on the JSE and a mediocre performance at best, Pallinghurst Resources is selling stakes in a range of investments and focusing instead on coloured gemstones. Pallinghurst, which started trading in August 2008 and reached a high of R8.19 a share, was trading at R3.19 — below its historical average of R3.50. Much was expected of Pallinghurst under the chairmanship of Brian Gilbertson and longtime business partner Arne Frandsen as CEO. Gilbertson made his name in the team that pulled together South African and Australian companies to form BHP Billiton, the world’s largest resources company. Frandsen will leave Pallinghurst to return to Pallinghurst Capital Partners, a private equity company that will manage Pallinghurst’s exit from Sedibelo, a platinum mine north of the Pilanesberg nature reserve. He will be replaced by Gilbertson’s son Sean. The diverse nature of the investments held by Pallinghurst — luxury jewellery brand Faberge; steel ingredients in manganese; and g...
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