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PGL
PGL
PGL - Pallinghurst Resources (Guernsey) - Gemfields Resources Plc announces a
proposed offer for Tanzanite One Limited
Pallinghurst Resources (Guernsey) Limited
Registration Number: 47656
(Incorporated in Guernsey)
ISIN: GG00B27Y8Z93
BSX share code: PALLRES
JSE share code: PGL
("Pallinghurst" or "the Company")
GEMFIELDS RESOURCES PLC ANNOUNCES A PROPOSED OFFER FOR TANZANITE ONE LIMITED
Shareholders in Pallinghurst are referred to the announcement made by Gemfields
Resources plc ("Gemfields") today regarding a proposed offer ("the Proposed
Offer") for Tanzanite One Limited ("T1") of 45 pence for each T1 ordinary share
("T1 Share").
The Proposed Offer would entitle T1 shareholders to elect to receive as
consideration for their T1 Shares either cash or ordinary shares in the issue
share capital of Gemfields, or any combination thereof.
The Proposed Offer values the entire issued share capital of T1 at approximately
GBP 33 million representing a premium of approximately 76.5%. over the middle-
market quotation of a T1 Share of 25.5 pence at the close of business on 29
August 2008, the last trading day prior to Gemfields` recent acquisition of T1
Shares on the open market.
Arne H Frandsen CEO of Pallinghurst commented: "Gemfields` proposed offer for
Tanzanite One is the logical next step to broaden Pallinghurst`s coloured
gemstone platform and the range of exceptional stones that may be marketed using
the Faberge brand."
The full text of the Gemfields Proposed Offer for Tanzanite One Limited is
available from www.gemfields.co.uk
12 September 2008
Investment bank and sponsor
Investec Bank Limited
Enquiries
Pallinghurst Resources (Guernsey)
Arne H. Frandsen, CEO +44 (0) 20 751 83399
College Hill +27 (0) 11 447 3030
Johannes van Niekerk +27 (0) 82 921 9110
Background notes
Pallinghurst Resources (Guernsey) Limited
Pallinghurst is a specialist equity investment vehicle with an objective to
invest in the natural resources sector globally across the commodities spectrum
with a primary focus on underperforming assets. The company targets investments
in businesses that hold mines, smelters, refineries and processing plants.
Pallinghurst owns 47.5% in Faberge and an effective 28% interest in Gemfields
through portfolio company Rox Limited.
Pallinghurst has secured a manganese investment in the Kalahari Basin in South
Africa to develop a platform to source and supply raw materials to the steel
industry and in addition secured two PGM investments on the western limb of the
Bushveld Igneous Complex in partnership with the Bakgatla-Ba-Kgafela Tribe.
Date: 12/09/2008 15:49:02 Produced by the JSE SENS Department.
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