Pallinghurst succeeds in Gemfields takeover

Gemfields has succumbed to a takeover by South African fund Pallinghurst Resources, which owns a 47pc stake, and said it expects its shares to be cancelled from AIM this month.

Pallinghurst shareholders earlier this week voted through the £211m bid, which now has the backing of shareholders equal to a 75pc stake. Gemfields board said it maintains the offer “significantly undervalues” it.