In a recent statement issued by GEMFIELDS & FABERGÉ summarizes the new structure of the company as follows:
a. PRL will own 100% of Gemfields plc;
b. Gemfields plc will continue to own 100% of Fabergé;
a. PRL, previously a 10 year “closed-end investment fund” and which was due to reach maturity in September 2017, is converting from its prior limited-life fund structure into a long-life operating company with its own board and management team working on behalf of shareholders; and
b. the long-held vision for both Gemfields and Fabergé remain unchanged and we very much expect it to be business as usual.
In summary therefore, the transaction greatly simplifies the ownership of both Gemfields and Fabergé, and also converts PRL from a limited-life investment fund into a long-life operating company. PRL remains listed on the Johannesburg Stock Exchange.
Management changes at Fabergé
Sean Gilbertson will remain CEO of Fabergé. For the day-to-day running of the business, the following Fabergé veterans will henceforth constitute the Fabergé Executive Committee:
1. Antony Lindsay (who will lead the ExCo and has been appointed Managing Director of Fabergé);
2. Aurelie Picaud (Timepieces Director);
3. Chris Jones (now Finance Director);
4. Josina von dem Bussche Kessell (Business Development Director); and
5. Meredeth Moss (Global Retail Director).
Fabergé will continue to pursue the vision established in 2007 and remains committed to excellence across three key product categories: jewellery, timepieces and objects.
Fabergé mono-brand stores will open in Houston and Dubai in September and November of 2017 respectively.