Gemfields - Re: GEM Stream Log - Gemfields To Float On London's...

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08:25 17/01/2020

Gemfields To Float On London's AIM Market On Valentines Day Fri, 17th Jan 2020 088Alliance News (Alliance News) - Gemfields Group Ltd on Friday said in intends to seek admission of its shares on London's junior AIM market. The Johannesburg-listed gemstones supplier said it is not seeking to raise capital as part of admission, which is expected to become effective on February 14. Gemfields said the AIM listing will allow it to access to greater liquidity and international investors. "We are looking forward to this next phase in the company's development and to delivering value for all our shareholders," said Chief Executive Sean Gilbertson. Gemfields left AIM in July 2017 after takeover by Pallinghurst Resources Ltd. However, in March 2019, the company decided to return to AIM amid "lack of broker research and share trading liquidity, as well as feedback from shareholders". In November, Gemfields replaced its chair as the process to gain AIM stock market listing highlighted that the father and son relationship between Chair Brian Gilbertson and Chief Executive Officer Sean Gilbertson would potentially pose an impediment to corporate governance. As a result, Brian Gilbertson stepped down as a director of Gemfields after 12 years on the board. He was replaced by Martin Tolcher. Gemfields shares were untraded in Johannesburg on Friday morning, last closing at ZAR1.87 each. By Evelina Grecenko; Copyright 2020 Alliance News Limited. All Rights Reserved.