Pallinghurst targets London, okays share buyback, halves executive pay

Diversified mining and marketing company Pallinghurst, which has moved fast to stabilise the now-integrated coloured gemstone acquisition, is initiating a listing on the main board of the London Stock Exchange, going ahead immediately with a share buyback programme and progressing the executive headcount and remuneration cutbacks that will halve executive compensation. “It’s been a very busy four months,” Pallinghurst CE Arne Frandsen told shareholders in Thursday’s stock exchange news service announcement, which highlighted the reining in of Gemfields’ five-fold debt jump, the taking of firm steps to lift revenue on upped premium emerald production in Zambia, the expansion of ruby production in Mozambique, the bolstering of manganese output in South Africa, the reviewing of the historic Fabergé jewellery business, the deleveraging the company balance sheet and the targeting of improved share demand by listing in London.