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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
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
.......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?
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!!!'
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.
Ericeric, I think you owe the GEM shareholders this at the very least for your constant ramping of this stock and many are now selling at a loss as the share price is showing. BTW you still owe the SOLG BB & the SOLG shareholders that you convinced to sell (not me btw ) before it went BOOM, are you man enough? I think i know the answer to this to be fair.
quindell, I personally think that selling up here and buying into RLD is not such a bad idea, the problem you have is a large proportion of GEM investors are in the red and of course nobody likes to sell at a loss. The future here does looks extremely bleak.
Chaz, although off topic, IMHO i have got into XTR for 82 mil shares currently with an average of 0.0211, down a bit on current SP i agree however I think it was worth selling a few SOLG shares because of the potential there. Extremely high risk but so was REM and SOLG. Good luck, Gaz.
for the remaining Gemfields shares...... http://www.lse.co.uk/share-sharecast-news.asp?shareprice=GEM&ArticleCode=25957976&ArticleHeadline=Pallinghurst_makes_unsolicited_bid_for_remaining_Gemfields_shares
Stag, If you truly believe its a steal at this price I'm confident you will announce you have made a sizeable purchase to verify your statement. Pallinghurst are clearly trying to steal the remaining shares it doesn't own at this price.
That's correct Monte, the offer is only 38.5p. For the shareholders sake lets hope this triggers one or two other parties becoming Interested because I suspect they must be extremely disappointment with this offer.
Macquarie lowers Gemfields target price 90.0p to 80.0p. I think ericeric forgot to tell us of this. Macquarie on 6th Feb 2017 stated Gemfields would outperform .......their target price was 110p (Anybody notice a trend here?)