LONDON (ShareCast) - (Sharecast News) - Gemfields updated the market on the proposed sale of its interest in Sedibelo Platinum Mines (SPM) on Friday, confirming the 'unbundling' of Ivy Lane's shareholding.
The AIM-traded firm held its stake in SPM through the Luxembourg-domiciled interposed vehicle Pallinghurst Ivy Lane Capital (Ivy Lane) when it announced the proposed sale in November, which in turn had an interest in 27.64% of SPM.

On Friday, it confirmed that Ivy Lane had now been 'unbundled', so that its 27.64% shareholding in SPM, as well as Ivy Lane's surplus net assets, were transferred to Ivy Lane's shareholders in accordance with their equity holdings.

Gemfields, therefore, now held its 6.54% stake in SPM directly.

SPM is an unlisted Guernsey-domiciled public company, which owns and operates the Pilanesberg Platinum Mines in South Africa's Bushveld Igneous Complex.

It dispatched and sold around 128,800 4E platinum group metals ounces, comprising platinum, palladium, rhodium and gold, and generated EBITDA of about $113m in its financial year ended 31 December 2020.

Gemfields said it understood SPM was planning an initial public offering in 2022.

"As previously announced, SPM is not considered a core part of Gemfields' strategy," the board said in its statement.

"Gemfields invites interested parties to contact Liberum Capital, who have been appointed by Gemfields to manage an orderly disposal of Gemfields' SPM shares."

At 1308 GMT, shares in Gemfields Group were up 3.7% at 14p.

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