Gemfield in £33m bid for Tanzanite

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Gemfields, which aims to use the Faberge brand to market gemstones, has been snapping up Tanzanite shares in recent weeks and already holds 13.7% of the company. Tanzanite shares rose ½p to 44 ¼p.

Gemfields said the takeover would create the world's leading miner of coloured gemstones with expertise in both open-cast and underground mining.

It wants to exploit the Faberge brand through Tanzanite's sales office in Dubai.
Gemfields bought 7.5million Tanzanite shares at 30p each on 1 September and 500,000 shares at 37p the following day — an outlay of about £2.7million. It also has an interest in Tanzanite through Pallinghurst Resources.

Gemfield said today's bid represented a 77% premium to Tanzanite's share price of 25 ½p at the close of play the day before it started stake-building.

The offer has the backing of shareholders accounting for 19% of Tanzanite.