Gemfields announces trading update, rights issue to shore up finances

Gemfields Group Limited [JSE:GMLE] announced its trading statement for the year ended 31 December 2024, revealing that shareholders are advised that the Company is reasonably certain of its expected financial results for the year ended 31 December 2024. The announcement includes a proposed rights issue to address a near-term working capital shortfall of approximately USD 30 million. The Company seeks shareholder approval to issue 556,203,396 new shares, offered at a UK Issue Price of 4.22 pence per New Share and a SA Issue Price of ZAR 1.06860 per New Share, on a 10 New Shares for every 21 Existing Shares basis.