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Gemfields Group Ltd.’s Mozambican ruby operation said attackers torched its vehicle, less than a month after 11 people died when parts of a mine pit they had forcefully accessed collapsed on them.
A “large group” ambushed the truck on Feb. 22 with pickaxes, injuring at least three workers and a security contractor, Montepuez Ruby Mining said in an emailed statement. This attack follows the incident at the beginning of February when more than 800 people invaded the operation, leading to almost a dozen people dying at one of the pits, according to the company.
Montepuez, the world’s richest known ruby deposit, is located in Mozambique’s northern Cabo Delgado province. It’s one of the country’s poorest regions and has many unemployed young people. The mine has faced incursions in the past, and Gemfields last year agreed to pay 5.8 million pounds ($7.5 million) to families around the operation who complained of human rights abuses by security contractors and the police.
There is “a dramatic and coordinated increase in the number of artisanal miners entering MRM’s concession,” according to the company in which Gemfields holds 75% stake. The raiders include women and children, making it difficult for the security officers to repel them, according to the company.
Cabo Delgado is also home to nearly $60 billion in liquefied natural gas projects that companies including Exxon Mobil Corp. and Total SA are developing. Hundreds of people have died in a separate wave of attacks that started over two years ago with Islamic State claiming at least a dozen raids since June. More than 100,000 have been forced to flee their homes, according to the United Nations refugee agency.
10.7 p limit lifted @ 10.6 ( D )
I web are slow to sort the relist out still not on there platform .
Not sure they are same company as before they left as part of new Gemfirlds company must of bee Palinghurst .
10.7... 10.4 to 11 .. 6% spread above ...not many deals , not able to buy @ 10.7 all week .
For those still interested an article has appeared on the Diamondworld website alleging that Gemfields was suffering financial problems. Link below. http://www.diamondworld.net/Content/Gemfields%E2%80%99-financial-crisis/15504
Gemfields..... now there is only 1 London listed coloured gemstones company RLD Farewell Gemfields, you will be missed but Richland Resources are here to fill the void lol :-)
It is the end and a very sad story as today shall be the last days trading for Gemfields as tomorrow It is anticipated that Cancellation will take effect at 7:00 a.m. (London time) on 28 July 2017. A tip for the future, If you happen to frequent a BB where ericeric is, personally speaking i would give it a rapid swerve. Good luck Gaz
Hi Chazz, Pallinghurst has a primary listing on the Johannesburg Stock Exchange (“JSE”) and a secondary listing on the Bermuda Stock Exchange (“BSX”) I don't think you can trade the shares through Shareprice however i would suggest you ping them an email and maybe a few other brokers too and just ask If they deal in those markets. Best of luck. Gaz
Gaz, Thanks for your reply. Will I be able to trade etc. through shareprice considering Pallinghurst is on a different market? Thanks Chaz
Hi Chazz, The way i see it is If you are going to be happy being a Pallinghurst shareholder then accept the offer, If not then you should sell at circa 32p. By the time you've taken commission charges into play you will come out about even/slightly ahead due to you buying in at a low price. Eric is correct that If you accepted the Pallinghurst offer (today's SP 3.02) it is worth around 34p. The Pallinghurst SP has fallen heavily from 5.04 in Nov 2015 however IMHO If i was in your shoes I would accept the offer as I am forever the optimist that says the SP will increase if you are prepared to play the long game. Good luck Gaz
Hi Gazza, Would really appreciate some advise as I'm an amateur investor. I have had an email from my share dealer stating that I have an offer accept the offer of 1.91 Pallinghurst share for each Gemfields share held. Do you have any advise on what action to take? Should I accept the offer? I am bought in Gem at 29p. Thanks in advance Chazza
.......GEM shareholders who are peeved at this shambles or I should say the future Pallinghurst shareholders. Did you see the comment on the RNS released at 17.30pm last night? here is an extract from paragraph 2 that sums it up really. Any remaining Gemfields Shareholders that have not accepted the Offer will in that event become minority shareholders in a private majority controlled company and they may be unable to sell their Gemfields Shares. There can be no certainty that Gemfields Shareholders will be offered a subsequent opportunity to sell their Gemfields Shares on terms which are equivalent to or no worse than those comprised in the Offer. Thought GEM shareholders if you wish to share?
Lol! That guy lost people a lot of money advising them to sell SOLG & buy GEM! The former has boomed, the latter has obviously collapsed, supposedly Pallinghurst want to float on the LSE......
I did see him at a train station on Friday reading a book named 'I must hide from GEM holders who followed my sound advice to buy' .......the book he finished before this one was named 'I best not show my face over on the SOLG BB again due to getting that one a little bit wrong!!!'
The whole fake Fosun offer to create a bit of hype and allow Ian to dispose of his shares among other holders..... Absolutely shocking!!!! I did tell you guys to sell up and join RLD which has a bright future, its funny because what goes round comes around, Pallinghurst tried to buy Tanzaniteone (now RLD - Richland Resources) with another pathetic offer for only HALF the shares at this time, it does show how disingenuous the team at Pallinghurst are.
Anyone seen ericeric?
Even Ian Harebottle the CEO dumped 2.9M shares, says it all really.
At 40p ish that you should look at transferring to RLD where the future is very bright, as apposed to stying in here with that appalling offer from Pallinghurst!
Once takem over Pallinghurst can sell to Fosun for a nice profit.
Bye Bye Gemfields to me. It is anticipated that Cancellation will take effect at 7:00 a.m. (London time) on 28 July 2017.
Gemfields slumps as Pallinghurst wins bidding war: Tue, 27th Jun 2017 09:32 (ShareCast News) - Gemfields shares slumped on Tuesday as Pallinghurst Resources received overwhelming support from its shareholders to go ahead and buy up the remaining shares in the Faberge owner it doesn't already own. Late on Monday, Pallinghurst - which needed 50.1% support from its shareholders - said it had received 96% shareholder support for the Gemfields acquisition, making its offer wholly unconditional. Chief executive Arne H. Frandsen said: "Shareholders today approved the restructuring of Pallinghurst Resources and the acquisition of Gemfields. With more than 96% of the voting shares in favour of the Gemfields acquisition, Pallinghurst's management has been given a clear and emphatic mandate. "As management, we value and respect this vote of confidence from our shareholders, and will carry out this mandate without delay. We intend to do so as outlined in the prospectus and circular. We especially look forward to refocus and develop the operations of Gemfields for the benefit of all existing and new shareholders." China's Fosun Gold, which had also put in a bid for Gemfields, said its offer had lapsed. Last week, Gemfields had said it was recommending that its shareholders accept Fosun's offer, despite branding it as "not fair and reasonable", as the other offer from Pallinghurst was deemed "derisory". At 0943 BST, Gemfields shares were down 12% to 31.50p.
Time for Gemfield holders to join RLD where the future is bright :-)
So, as a relative newbie to the stock market, can anyone tell me in the simplest terms (i.e. How much I'll be left with) if the takeover bid is a success? Thanks
Why is no-one talking about this with the new cash offer. If I buy today will I get 45p after takeover by fosun, is this actually going to happen, keep getting it offered at .421699 seems an easy, safe if smallish profit? Newbie here, please advise!
They cant be serious are they having a larf ??? Theyre not getting mine I dont care if Pallinghurst is SA listed Im not selling at this price another better offer will come through if we all hold our nerve
Tell Pallinghurst to do one...