All Jupiter shareholders are to be made an equal offer to have 5.82% of their Jupiter shares repurchased, at a price of US$0.35 per Jupiter share. Pallinghurst owns approximately 18.4% of Jupiter and stands to receive almost US$8 million (ZAR94 million) in March 2018. Ripley is it all still going ok at Pallinghurst? My iii held shares in this are nearly back to the offer price? What will happen if they try and pay us a dividend? Will iii give us it? Fingers crossed.
Pallinghust high 320..... 29/01/18
Perseus high 0.45.......... 29/01 /18
.........................0.345...........06/02/18..... Big Fall Day world markets.
Apologies to the two other posters for going off topic with other none London shares.
Please ignore this tread.
Noticed today i held on to some KBR ( W )
They hit a 3 year high of $20.88 on 4th November 17..... had these 10 years next July.
I note Pallinghurst has promised (I know!) a London listing late in 2018 - and their shares have finally stopped falling and turned up on their 6 New Year resolutions. Here's hoping for a happy ending to what had seemed a very sorry saga. I'll keep holding (as can't work out how to sell the bloody things now anyway!!
Hello Ripley - my apologies, I fell off this board out of boredom (!!) - i.e. I got the Pallinghurst share certificate and put it away and forgot about the whole sorry saga. But thank you for your info on the brokers, for now im going to hold and hope Gemfields success pulls up Pallinghurst but useful to know in case I need to trade in the future. Many thanks. Also - I dip in and out of boards so apologies if I didnt join up the dots re another board and this one.
So as in last thread post July 2008 it was 0.50... by Sept 2010 0.63 & Jan 2011 0.63 ( had been 0.73 Jan 2009 )... the profit was all in that.
The ten year high was 16 Jan 2017 @ 0.83 ( $1000 = £830 )
Something that makes the holding of non Uk stock more complex.
Sorry Cransy just noticed your Question ( thought i had this bb to myself .. hence reference to other non London stocks i have ended up with )
Not with ii .. my brokers do not show either ( i find the wall street journal site is good for all world shares )
I would hope brokers would inform some better then others .
But its an extra risk as they would put the responsibility on client .
Just noticed i sold KBR Sept 2010 and Jan 2011. @ $24 and $32
Seeing that i purchased in July 2008 @ .......................$28 and $ 30 .
Was surprised at profit this must of been down to the exchange rate the £ must have weakened against the $ from 2008 to 2011.
Forgot to list the biggest one GWPH.
Now 113.12 usd .. Two years ago was 133 usd has been below this level coming back a little.
Pallinghust .. 240 zac .. - 51 from September.
Medusa ........0.4 adu ....+ 0.095
Regent ........0.41 hkd....+0.045
Perseus......0.32 adu.....-0.03..... ( Warrants to 2019 )
Looks like it would of been wiser not to hang on when they left London .
Forgot what i looked at this site for answering evenlonger .
I looked up Palington share price and its improved a little from take over to 300 , i see it was 450 in mach this year.
This is also an exchange rate play now ? have not looked how rand is doing against UK pound ?
SVS is another i know who will hold and do a phone deal. ( another i know wanted to charge for holding so wont bother mentioning them )
Sorry evenlonger just seen this.
Did you find one ? De-Giro can hold them but its an exchange they don't have a platform on.
They will deal for you via an e-mail instruction. ( maybe a little more expensive )
Hi Ripley - I've tried TD Direct and The Share Centre. Both say they are unable to hold or trade JSE listed shares. Could you offer a name or two on the brokers you think might be able to please? Sharing of useful info on this public chat forum is exactly why it's here! Thank you...
Still trading and looks like i have until August with one broker.( Who stated they would take them up in any case if it went unconditional, to prevent being left with shares you could not trade )
Id imagine might of been same with all as offer is remaining open.
If true that's annoying as would of wanted the option.
Sells @ 32.25 p ( that's 25% up on Monday ... brokers/MM what are they ? )
The broker who was voted best execution only stockbroker of the year ( F.T ) , deals in 60 markets and has no problem holding these . ( although they don't have JSE platform , but will hold / deal by phone )
Your not alone evenlong..
I topped up over last month with a broker who can hold and deal.
The idea was to sell with ones who couldn't .. they do offer free transfer out.
so at present have twice as many then at start of the mess.
I'm not to concerned.
Pressure on sellers.
Absolutely I would have preferred the other offer, but that offer lapsed so the options for me were to sell at a loss, or keep hold and accept the offer and hope that Gemfields future returns boosts palinghurst and I benefit that way down the line. I don't like what Palinghurst did, I don't want to be involved with them, but I think Gemfields as a company is going to have a strong future so I'm taking the risk of staying on board albeit via Palinghurst.
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.
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.
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'.
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?.
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.
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.
"it is Pallinghursts 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?
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."
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.
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