Gemfields hereby provides an update on the proposed sale of its interest in Sedibelo Platinum Mines Limited (“SPM”). At the time of the Company’s announcement on 13 November 2020, Gemfields held its stake in SPM via an interposed vehicle named Pallinghurst Ivy Lane Capital S.àr.l. (“Ivy Lane”), a company incorporated in Luxembourg, which in turn had an interest in 27.64% of SPM.
Gemfields is pleased to confirm that Ivy Lane has now been “unbundled” such that Ivy Lane’s 27.64% shareholding in SPM, as well as Ivy Lane’s surplus net assets, have been transferred to Ivy Lane’s shareholders in accordance with their respective equity holdings in Ivy Lane. Gemfields therefore now holds its 6.54% stake in SPM directly.
SPM is a public (unlisted) company incorporated in Guernsey and owns and operates the Pilanesburg Platinum Mines located in South Africa’s Bushveld Igneous Complex. SPM dispatched and sold approximately 128,800 4E PGM ounces (comprising platinum, palladium, rhodium and gold) and generated EBITDA of approximately US$113 million in its financial year ending 31 December 2020 (nine months to September 2021: approximately 68,800 4E PGM ounces and EBITDA of approximately US$45 million). Gemfields understands that SPM is planning an IPO in 2022.
As previously announced, SPM is not considered a core part of Gemfields’ strategy. Gemfields invites interested parties to contact Liberum Capital Limited, who have been appointed by Gemfields to manage an orderly disposal of Gemfields’ SPM shares.