May 19, 2017 / 8:24 AM / 2 months ago

Pallinghurst makes unsolicited offer for remaining stake in Gemfields

2 Min Read

May 19 (Reuters) - Mining group Pallinghurst Resources Ltd , the largest shareholder of precious stones miner Gemfields Plc, on Friday offered to buy out the remaining 52.91 percent it does not already own for about 111.9 million pounds ($145.2 million).

Pallinghurst's offer values each Gemfields share at 38.5 pence, just above Gemfields' Thursday close of 38.125 pence.

The offer values the entire issued capital of Gemfields at 211.45 million pounds, Pallinghurst said in a statement.

Gemfields shareholders would receive 1.91 Pallinghurst shares for each share held, resulting in a 42.2 percent ownership of the enlarged group.

Gemfields said it was reviewing the unsolicited offer from Pallinghurst, an investment company with interests in platinum group metals and coloured gemstones. Gemfields advised its shareholders to take no action for the time being.

Gemfields shares rose as much as 4.3 percent, before paring some of the gains to trade up about 3 percent at 0821 GMT on the London Stock Exchange. ($1 = 0.7704 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)

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