IN BRIEF: Gemfields shareholders approve USD30 million rights issue

Gemfields Group Ltd - London-based miner and marketer of coloured gemstones - Says shareholders have endorsed its plan to raise about USD30 million through the rights issue by offering 556.2 million new shares. Shareholders held an extraordinary general meeting on Monday. Gemfields expects the proposed rights issue to open on May 29 and close on June 12. The rights issue aims to address a near-term working capital shortfall. The company has said the proposed rights issue would be fully underwritten by its two largest shareholders, Assore International Holdings Ltd and Rational Expectations (Pty) Ltd. The company will offer 10 new shares for every 21 existing shares held at 4.22 pence and ZAR1.06860 per new share.

Current stock price in Johannesburg: 99 rand cents, down 9.2% on Monday

12-month change: down 61%

Current stock price in London: 4.24 pence, up 1.1%

12-month change: down 64%

By Artwell Dlamini, Alliance News reporter

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Gemfields Grou.