22 Jan Gemfields pencils in Valentine’s Day return to London market
Ruby and emerald miner Gemfields Group will rejoin London’s alternative investment market (AIM) on February 14th, three years after a hostile takeover deal took the company private.
Gemfields was acquired by major shareholder Pallinghurst for US$212 million in 2017 but is now poised to return to London after receiving a muted response on the Johannesburg Stock Exchange.
Chief executive Sean Gilbertson said the AIM listing would provide Gemfields with access to much greater market liquidity, as well as a widening of the current investor base.
“The company’s auctions in both rubies and emeralds during 2019 have clearly demonstrated robust demand and pricing and we continue to see increasing numbers of participating customers, further validating our pioneering auction and grading platform.”
Gemfields operates and has controlling 75% stakes in the Kagem emerald mine in Zambia and Montepuez ruby mine in Mozambique, and it also owns the famous Faberge jewellery brand.
The company said it is not seeking to raise capital as part of admission to the junior London market.