Pallinghurst is a private equity company with investments in the mining sector. Its primary focus is on underperforming assets and businesses that lack direction, are poorly managed, stranded or distressed.
Pallinghurst has a primary listing on the Johannesburg Stock Exchange (“JSE”) and a secondary listing on the Bermuda Stock Exchange (“BSX”).
The Group is considered by the Directors to be a private equity or venture capital organisation. The Directors have considered the following key factors in making this determination:
The Directors have considered and determined that the Company meets the following criteria which defines an investment entity under IFRS10 Consolidated Financial Statements:
In addition, the Company holds a number of investments and has a large number of shareholders, both of which are considered typical characteristics of an investment entity.
Where an entity meets the definition of an investment entity the Directors have opted to account for investments in joint ventures, associates and certain controlled entities at fair value through profit or loss. The Investment Entities Amendments became effective from 1 January 2014.