Gemfields’ (LON:GEM) largest investor Pallinghurst said Monday it has received support from 96% of its shareholders to buy remaining interest in the world’s top coloured gems producer.

Gemfields says Pallinghurst’s offer undervalues the company and its prospects as a leading player in the sector.

The London-listed miner told investors it still believes Pallinghurst’s bid “undervalues Gemfields and its prospects as a leading player in the coloured gemstone sector,” and call shareholders to take no action on the offer, which remains open until July 18.

Read more : mining.com