Diversified miner Pallinghurst Resources’ share price has failed to respond to management’s assurances that it is addressing shareholder dissatisfaction about the underperformance of its assets and nonalignment of management and shareholder interests. The shares, at 250c this week, have almost halved since their January peak of 495c. The net asset value at the end of June was 436c. Pallinghurst’s chairman is well-known mining deal maker Brian Gilbertson and its CEO is former Goldman Sachs and JPMorgan investment banker Arne Frandsen. Frandsen says the recent buyout of minorities in London-listed Gemfields for shares created an overhang but it was part of the strategy to simplify Pallinghurst’s structure and become an operating company. By the end of this month Pallinghurst will be ready to explain how it intends to turn around Gemfields where, in the six weeks since taking over, it has already brought management back from London to the operations and started to review mine plans. In...

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