Gemfields Plc Announces Proposed Acquisition of Fabergé

Gemfields Plc announced its proposed acquisition (the Proposed Acquisition) of a 100% interest in Fabergé Limited (Fabergé) with a view to creating a globally recognised coloured gemstone champion. Fabergé will provide Gemfields with direct control over a high-end luxury goods platform and a global brand with an exceptional heritage. The Proposed Acquisition consideration will be satisfied by the issue of up to 214 million new Ordinary Shares representing approximately 39.6% of the Enlarged Issued Share Capital (assuming no shareholder in Fabergé dissents) following Completion. It values Fabergé at approximately USD142 million (GBP89 million), on the basis of a 30 day volume weighted share price as at November 20, 2012 and at approximately USD133 million (GBP83 million), on the basis of the price of Ordinary Shares as at November 20, 2012.