Fabergé shareholders approve merger with Gemfields subsidiary Runway SPV

published 20 December 2012

AIM-listed mining company Gemfields has announced an update on the proposed acquisition of high-end jewellery firm Faberg.

At Faberg's general meeting on December 17th, Faberg shareholders approved the merger of Faberg with Runway SPV, a wholly owned subsidiary of Gemfields.

Gemfields reported that there had been no dissenting shareholders and stated that as a result, the aggregate interest of the Pallinghurst Group in Gemfields immediately following admission would be 49.5% of the enlarged issued share capital.

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Similarly, the aggregate interest of the Concert Party in Gemfields immediately following Admission and prior to the Unbundling will be 75.6% of the enlarged issued share capital.

These are the maximum holdings of the Pallinghurst Group and the Concert Party following ddmission respectively.

After the unbundling and following admission, the single largest shareholder in Gemfields will be Pallinghurst at 48.0%.

Gemfields' principle asset is the 75%-owned Kagem Emerald Mine in Zambia, the world's single largest emerald mine. The company has a further 50% stake in the Kariba Amethyst Mine in Zambia and a controlling stake in the Montepuez Ruby Deposit in Mozambique.