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Gemfields PLC (GEM.L)

GEM.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Pallinghurst updates on irrevocable undertakings for Gemfields buyout offer
6:46am EDT 

May 25 (Reuters) - Pallinghurst Resources Ltd ::Announcement further to offer for Gemfields Plc.Announcement in relation to offer for Gemfields Plc by Pallinghurst Resources Limited.Received irrevocable undertakings in respect of about 28.18 pct of existing issued share capital of Gemfields as at May 17, 2017.Together irrevocable undertakings, current holding constitute 75.27 pct of total issued share capital of Gemfields.  Full Article

Gemfields responds to offer by Pallinghurst Resources
Friday, 19 May 2017 02:55am EDT 

May 19 (Reuters) - Gemfields Plc :Notes announcement issued earlier today by Pallinghurst.Pallinghurst has not engaged with company with respect to unsolicited offer and as such independent board is reviewing unsolicited offer with its advisers.Independent board strongly advises its shareholders to take no action at this time.Refers to announcement on pallinghurst unsolicited firm offer for entire issued and to be issued share capital of co not already held by Pallinghurst.  Full Article

Investor Pallinghurst Resources makes buyout offer for Gemfields
Friday, 19 May 2017 02:30am EDT 

May 19 (Reuters) - Pallinghurst Resources Ltd ::Offer for Gemfields Plc.Offer to be made by Pallinghurst for whole of issued and to be issued share capital of Gemfields not already held by it.Under terms of offer, each Gemfields shareholder will be entitled to receive 1.91 Pallinghurst shares for each Gemfields share.Offer values each Gemfields share at 38.5 pence.Offer values entire issued and to be issued ordinary share capital of Gemfields at approximately 211,450,623 stg.Offer will result in Gemfields investors (other than Pallinghurst) owning approximately 42.2 pct of enlarged group as at May 17.Irrevocable undertakings and Pallinghurst's current holding in Gemfields constitute 75.27 pct of Gemfields' total issued share capital.As at date of this announcement, offer has become unconditional as to acceptances.  Full Article

Gemfields says total debt outstanding of USD60.1 mln at 31 March 2017
Friday, 12 May 2017 02:00am EDT 

May 12 (Reuters) - Gemfields Plc :Says production of 4.5 million carats of emerald and beryl with an average grade of 193 carats per tonne for quarter ending march 31 2017.Says production of 1.2 million carats of ruby and corundum with an average grade of 7.0 carats per tonne for quarter ending march 2017.Says cash and cash equivalents of usd4.6 million at 31 march 2017.Says total debt outstanding of USD 60.1 million at 31 march 2017.  Full Article

Gemfields half-year revenue falls
Monday, 20 Feb 2017 02:17am EST 

Gemfields Plc : Half year revenue 51 million usd versus 94 million usd year ago . H1 revenue $51 million versus $94 million year ago . H1 EBITDA loss of $ 4.3 million versus profit of $35.6 million year ago . H1 loss after tax $13.6 million versus $8.2 million year ago . Says emeralds - kagem production of 10.7 million carats of rough emerald and beryl (2015: 15.7 million carats) . Says emeralds - kagem average grade, inclusive of ore from bulk sampling pits, of 166 carats per tonne (2015: 254 carats per tonne) . Says rubies - montepuez growth in rough ruby and corundum production to 5.6 million carats (2015: 2.1 million carats) . Says rubies - montepuez higher grade achieved at 29 carats per tonne (2015: 15 carats per tonne) . Says rubies - montepuez 52 pct increase in premium quality rough rubies recovered . Says due to impact of demonetisation programme in India, Gemfields has decided to remove one of scheduled higher quality emerald auction from current financial year . Says removal of this auction will result in a material reduction in revenue and EBITDA for financial year ending June 30, 2017 . Low H1 production at Kagem mine seen to reduce targeted total production of rough emerald and beryl to 25 to 30 million carats for 2017 (previous guidance 30 - 35 million carats).  Full Article

Gemfields says 84 pct of emeralds sold at Lusaka auction for $22.3 mln
Monday, 20 Feb 2017 02:00am EST 

Gemfields Plc : Lusaka emerald auction results . Proceeds of this auction will be fully repatriated to Kagem Mining Ltd in Zambia . Auction revenues of $22.3 million; . Average per carat sales value of $63.61 - third highest to date; . 349,935 carats were sold (84 pct by weight and 95 pct by value) out of 417,060 carats offered .24 Kagem auctions held since July 2009 have generated $459 million in total revenues..  Full Article

Miner Gemfields reports fall in Q2 emerald and ruby production
Monday, 6 Feb 2017 02:00am EST 

Gemfields Plc : Emeralds- Production summary for 75 pct-owned Kagem mining limited in Zambia for quarter ending 31 December 2016 . Production of 4.7 million carats of Emerald and Beryl with an average grade of 156 carats per tonne .Production of 1.1 million carats of Ruby and Corundum with an average grade of 12 carats per tonne.  Full Article

Gemfields says FY EBITDA rises to $69.4 mln
Monday, 26 Sep 2016 02:00am EDT 

Gemfields Plc : FY revenue $193.1 mln versus 171.4 mln year ago . Says FY EBITDA of $69.4 mln (2015: $64.4 mln); . Says FY revenue of $193.1 million (2015: $171.4 mln) . Says FY profit after tax of $23.5 million (2015: $12.3 million) . Says cash at bank of $41.5 million as at June 30 2016 (2015: $28.0 mln) .Sees demand for its rubies and emeralds to continue to rise in coming year driven and supported by company's global marketing initiatives.  Full Article

Gemfields annual gemstone production of 30 mln carats of emerald and beryl
Monday, 1 Aug 2016 02:16am EDT 

Gemfields Plc : Says production of 7.2 million carats of emerald and beryl (versus 8.1 million carats in quarter ending 30 june 2015) . Says annual gemstone production of 30.0 million carats of emerald and beryl is in line with guidance (versus 30.1 million carats in fy 2015 . Says in fy 16 gemfields had two rough ruby and corundum auctions for usd 73.1 million in auction revenues at average value of usd 45.50 per carat .Says production summary for 75%-owned kagem mining limited in zambia for quarter ending 30 june 2016.  Full Article

Gemfields says finalises four debt financing facilities worth $65 mln
Monday, 4 Jul 2016 02:00am EDT 

Gemfields Plc : Announced finalisation of four debt financing facilities . $20 mln financing facility with Macquarie Bank Limited agreed in May 2016 . $45 mln facility for ruby operations, Montepuez Ruby Mining Lda, 75% owned by Gemfields Plc .Loan with Macquarie replaces $25 mln debt facility entered into in April 2015 and is used for general corporate purposes.  Full Article

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BRIEF-Pallinghurst updates on irrevocable undertakings for Gemfields buyout offer

* Announcement in relation to offer for Gemfields Plc by Pallinghurst Resources Limited