Gemfields yields to Pallinghurst

South Africa-listed fund Pallinghurst has confirmed it has taken effective control of emerald and ruby miner Gemfields, revealing it now owns around 95pc of the shares. Pallinghurst had a 47pc stake in the Fabergé brand owner prior to launching a nil-premium bid for the company in May. The remaining minority shareholders have until Aug 1 to tender their shares to Pallinghurst.