Ripley94
06 Jul 2017
Re: How to trade on JSE? ( w ) by 13 July 2017.could transfer.
oilovlam
06 Jul 2017
Re: stitch up or what? ELS, seems like an odd argument for accepting the offer. There was a higher cash offer on the table....wouldn't ordinary shareholders have preferred that option. Now they are being forced into owning Pallinhurst shares (less shares than they should have btw) on the vague assumption that Pallinhurst share price will be boosted by buying Gemfields cheaply.I think I would want to know how easily I can cash in those Pallinhurst shares and how trustworthy are the Pallinhurst management. The trust issue would be influenced by the way Pallinhurst have 'bought' gemfields. I suppose if one likes that sort of behaviour then owning Pallinhurst shares wouldn't be an issue. But if you get into the water with sharks, then prepare to be bitten.I wish all Gemfield shareholders the best of luck. I hope your unwilling (for some) ownership in Pallinhurst proves immensely profitable.PS. I sold up my holding in GEM some years ago. I thought they were doing very good business and the Pallinhurst move (when I heard about it) was a bit of a shock.
evenlongershot
04 Jul 2017
Re: stitch up or what? So if people think Palinghurst have got a bargain, then doesn't it make sense to accept the offer? It may be a paltry offer but if as many people think Gemfields has an attractive future, then why not be on board for that? If Gemfields does well as part of the Pallinghurst company then Pallinghurst shares will increase too. I'm going to accept on that basis and see what unfolds in years ahead. I do have faith in Gemfields, my hope is that it gets realised, only in a different way to how I originally envisaged.
oilovlam
01 Jul 2017
Re: stitch up or what? I wouldn't say valueless....the only problem is that it may be difficult & quite expensive to get to that money.Obviously Pallinhurst know they have got a bargain. They weren't interested in the Chinese cash (someone on another board thought they might be holding out from a higher cash offer from them). So it looks like shareholders get a bad deal and there seems to be nothing to stop them doing it. Problem it sends a message to other people that UK AIM companies are 'fair game'.
The original Oggy
30 Jun 2017
Re: stitch up or what? I was given some shares and have very little experience of trading but it does seem hard that shares traded in UK could become completely valueless since trying to sell a small number of shares on JSE would not be an option. Or have I misunderstood?.
oilovlam
29 Jun 2017
stitch up or what? I'm not a shareholder but I held shares in the past. I cannot understand how Pallinhurst can do an all share offer at a seeming discount to current value. Then a higher cash offer (unwillingly supported by the BOD) gets ignored.What was the problem with GEM? They seemed to be making lots of cash in their auctions. Are the mines running dry of gemstones or is this a major shareholder who saw an opportunity to force through a hostile offer at a fraction of what they are worth?Feel sorry for investors. I hope things work out OK.
TalygarnTom
29 Jun 2017
Re: AIM Share Price following offer? My basic understanding is that Pallinghurst have enough support to take control of the company and to follow through with their intention to de-list it from AIM. You now have a decisionto make whether to accept the offer or not. If you accept the offer you shares will be converted to Pallinghurst shares on JSE and I am assuming that you will receive some form of shares certificate for your Pallinghurst shares denominated in SA Rand. I did read that if you do not accept the offer it may take longer to receive your Pallingurst shares but I don't understand the process that so I don't know if this is accurate. You will then have to find a broker to trade these shares if you want to sell them. I did read somewhere that Pallinghurst were considering a secondary placing on the LSE at some point in the future but this is not confirmed and may never happen.
Cransy
28 Jun 2017
AIM Share Price following offer? From offer document."it is Pallinghurst’s intention to apply for the de-listing of Gemfields from the AIM market of the LSE (assuming that the Offer becomes unconditional) and, subject to reaching at least 90% of the Gemfields shares to which the Offer relates, compulsorily acquiring all of the remaining Gemfields shares."So does this mean if there is less than 90% acceptance they don't delist from AIM? Also if 75% switch to new shares. What does that do for the other 25% who would hold the AIM shares. How is the share price going forward determined?Does anyone with past experience of this sort of situation have any advice?
Cransy
28 Jun 2017
Re: risky buy? If the pallinghurst shareprice goes up so does the gemfields one. As the pallinghurst shareprice is less than what it was when they made the offer. This must be the major reason why the Gemfield shares aren't worth as much as when the offer is confirmed you are getting shares that are worth less than they were when they made the offer. They are now 290 rather than 345. Also the exchange rate has moved. Not sure if that is in our favour or not? If you transfer money back to the UK just now you get more for your money."Pallinghurst intends to make an offer which, if approved and implemented, will result in Pallinghurst acquiring the entire issued and to be issued share capital of Gemfields not already owned by the Pallinghurst group. Under the terms of the Offer, Gemfields shareholders will be entitled to receive for each Gemfields share: 1.91 new Pallinghurst ordinary shares in respect of which valid acceptances are received. The exchange ratio of the Offer has been determined using the 30 day volume weighted average price for both Pallinghurst and Gemfields as well as the spot ZAR/GBP exchange rate as on 17 May 2017. Based on the closing exchange rate of ZAR17.14=£1.00 (source: Reuters) and the closing price of the Pallinghurst ordinary shares of ZAR3.45 on 17 May 2017, being the Latest Practicable Date before the Offer announcement, the Offer values each Gemfields share at 38.5 pence and values the entire issued and to be issued ordinary share capital of Gemfields at approximately £211.5 million."
Cransy
28 Jun 2017
iii told me this. I'm still confused. With regards to the corporate action for your Gemfields Plc shares, if you do not accept the offer you will still retain your holding in this stock. You just reject the offer that has been made from Pallinghurst. The company will then look at how many shareholders have accepted the offer and then decide to make the offer wholly unconditional or not. This means that the takeover will go ahead if it becomes wholly unconditional. Normally there would be another offer from the company if this was the case. If this occurs and you do not take up the offer then you may be left with your stock which will have no value. If the stock is added to the South African exchange we do not trade on this exchange so we could not hold the stock on our platform.My further questions will need to be. If I accept will it transfer? How do I manage the share if I can't do it on iii? What will I need to do? As a novice this is really over my head. I read that two of the independent directors plan to take the deal as it is the reluctant option. Refusing the offer leaves you with shares not on a regulated market? Could I be left with nothing if I don't accept? TImes ticking. Worrying.
evenlongershot
28 Jun 2017
Re: How to trade on JSE? The RNS is called 'Response to circular' if this link doesnt work[link]
evenlongershot
28 Jun 2017
Re: How to trade on JSE? There was an RNS yesterday where the board reluctantly succumb to accepting the offer as the lesser of 2 evils. otherwise you risk holding shares in gemfields as an unquoted company. They dont support the offer but see no alternative and will be accepting it themselves
Ripley94
28 Jun 2017
Re: How to trade on JSE? I have read they have not got enough shares to enable them to delist and the board has recommend you do not accept offer.
evenlongershot
28 Jun 2017
How to trade on JSE? does anyone know any brokers who will allow UK residents to trade on JSE? My current broker TD Direct doesn't support this so need someone who does.Thanks
evenlongershot
28 Jun 2017
Re: risky buy? I see the confusion...what I should have said was "massive falls today on the grim news that Pallinghurst will delist Gemfields from AIM"...
