EU and US could reach trade deal this weekend - Reuters
LONDON - Gemfields Group Limited, a company incorporated in Guernsey and listed on the Johannesburg Stock Exchange (JSE:GML) and AIM (AIM:GEM), has announced the launch of a fully underwritten Rights Issue to raise approximately $30 million. The Rights Issue will offer 10 new shares for every 21 existing shares at a price of 4.22 pence or ZAR1.06860 per new share.
The company received regulatory approval from the JSE and the UK Financial Conduct Authority (FCA) for the publication of its Prospectus, which follows shareholder approval obtained at an Extraordinary General Meeting held on Monday. The Prospectus will be made available on the company’s website and will be sent to all qualifying shareholders on May 28, 2025.
The Rights Issue aims to issue 556,203,396 new shares and is expected to open on May 29, 2025, with various key dates outlined for shareholders in the UK and South Africa to participate. The Rights Issue is subject to certain restrictions, particularly for shareholders with registered addresses in excluded territories, which will be detailed in the Prospectus.
New shares will be admitted to trading on AIM on June 13, 2025, with results of the Rights Issue to be announced on the same date. Shareholders will not have the right to apply for any excess new shares beyond their entitlement, as no excess applications are permitted. Any new shares not taken up will be subscribed for by the underwriters as per the Rights Issue and Underwriting Agreement terms.
The Rights Issue is part of Gemfields’ capital raising efforts and is intended to provide the company with additional funds. The announcement is based on a press release statement from Gemfields Group Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.