Company Profile

Structure

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”).

Private Equity Status

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 stakes taken in the Group’s investments are usually significant, although not controlling.
  • The Executive Directors and/or representatives of the Investment Manager usually participate in the executive leadership/management of each investment.
  • The investments are generally innovative in nature.
  • The investments typically have defined exit strategies.

The Company is an Investment Entity

In October 2012, the IASB issued “Investment Entities (Amendments to IFRS10, IFRS12 and IAS27) (the “Investment Entities Amendments”)”. As the entity meets the definition of an investment entity under IFRS10, the Directors have accounted 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.

The Directors have considered and determined that the Company meets the following criteria which define an investment entity:

  • The Company invests solely to provide returns from capital appreciation, investment income or both.
  • The Company obtains funds from a large number of shareholders and invests through the advice of the Investment Manager.
  • The Company measures the performance of substantially all its investments on a fair value basis.
  • The Company does not plan to hold its investments indefinitely and has an exit strategy for each investment.

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.

ZAR5.03 billion
Net Asset Value at 31 December 2016
4.2 Million
Sedibelo Platinum Mines Fatality Free Shifts
2.3 Million
Tonnes of manganese ore sold by Tshipi in its financial year ended 28 February 2017
US$685.2 Million
Gemfields' aggregate consolidated revenues from all rough gemstone auctions