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WAD West African

3.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
West African LSE:WAD London Ordinary Share GB00B1CQN147 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 3.50 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 3.50 GBX

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Date Time Title Posts
16/3/201010:07West African Diamonds plc3,008
22/2/201016:32FANCY A WAD ?!?!?51

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Posted at 15/3/2010 13:28 by jibbajabba
JOHANNESBURG (miningweekly.com) – Aim-listed Stellar Diamonds was acquiring additional mining equipment to further boost the production and processing capacity at its Mandala and Bomboko diamond mines, in Guinea, the company reported on Monday.

Among other equipment, it would install a 16-foot pan plant and a Flow Sort X-Ray machine at the Bomboko mine by the second quarter of this year.

The implementation of additional equipment would enable the diamond miner to reach its near-term forecasts of producing 2 000 ct/m at the Bomboko mine and 12 500 ct/m at the Mandala mine.

Stellar CEO Karl Smithson noted in a statement to shareholders that, since the reverse takeover of West African Diamonds (WAD), in February, the miner has moved quickly to restructure its operations and fast-track production.

"We are in the process of boosting the capital at Mandala and Bomboko, which will positively impact on our revenue generating capabilities in the near term," he commented.

Smithson added that the company was confident that the strong recovery in the rough diamond market would continue.

Meanwhile, output at the Mandala mine had amounted to 16 400 ct in January and February, while the mine has produced a total of 64 800 ct since mining started in mid-2009.

In February, Stellar had recovered its largest-ever diamond at the Mandala mine. The 37ct fancy yellow stone has, since, been exported to Antwerp for valuation and sale.

The total sales at the mine, to date, amounted to about $1,7-million.

Further, the diamond miner noted that it had recovered 2 562 ct at the Bomboko mine since trial mining started at the end of last year.

Production at the mine had significantly improved in grade since improved mining and grade control measures were implemented, stated Stellar.

The enlarged Stellar Diamonds, which included the merged WAD, relisted on the Aim in February.

The two diamond companies had announced in October that Stellar, which is 58,5% owned by Aim- and TSX Venture Exchange-listed African Aura Mining, had signed a heads of agreement to undertake a combination of business interests that would constitute a reverse takeover of WAD on the London bourse.
Posted at 19/2/2010 12:39 by currypasty
19th February 2010

WEST AFRICAN DIAMONDS PLC


Result of General Meeting

Highlights:

· General Meeting approves reverse takeover of Stellar Diamonds
Limited ("Stellar")
· GBP5 million new funds raised
· Name change from West African Diamonds plc ("WAD") to Stellar
Diamonds plc
· 5 for 1 share consolidation
· New board to take control
· Re-admission and new shares to commence trading on AIM at 8.00 a.m.
on Monday, 22nd February 2010

At a General Meeting of WAD, all resolutions to effect the acquisition of
Stellar and associated fundraising of GBP5 million (gross) were passed,
conditional only on Admission.

WAD will also change its name to Stellar Diamonds plc as from Admission.
Existing WAD shares will be consolidated on a 5:1 basis.

A new board of directors has been appointed, and John Teeling, James Finn, Paul
Nel and Alex van Zyl will resign, as of 22nd February 2010. James Campbell
remains on the board.

Stellar will have the following activities:

· Two producing alluvial diamond mines in Guinea; Bomboko and Mandala
· Four kimberlite projects at various stages of development; Tongo and
Kono in Sierra Leone, and Droujba and Bouro in Guinea
· A strengthened balance sheet


John Teeling, Chairman, who is stepping down, commented:

"I wish the new board and management every success. They have a good platform
on which to build a serious African based diamond mining company. There is
further potential in the two producing mines, while the four kimberlite
prospects are exciting. Diamond prices have shown a rapid recovery, which will
help cash flow. This, plus the GBP5 million cash raised, will offer
opportunities for organic and acquisitive growth".
Existing shares in WAD will be cancelled from admission to trading on AIM with
effect from 8.00 a.m. Monday, 22nd February 2010.

Copies of the Admission Document are available on the Company's website
(www.westafdiamonds.com) or from RBC Capital Markets, 71 Queen Victoria Street,
London EC4V 4DE.
Posted at 19/2/2010 09:14 by filletafish
Oh dear..... rats deserting a sinking ship


Teeling to resign from diamonds board as reverse takeover approved
19/02/2010 - 08:59:37

John Teeling will resign his position as Chairman of West African Diamonds (WAD) on February 22 as shareholders approve the reverse takeover by Stellar Diamonds.

Teeling formed WAD from West African assets of AIM-listed African Diamonds in October 2006.

Since the demerger from African Diamonds, WAD has added further licences to its existing Guinea portfolio as well as developing projects in Sierra Leone.

Teeling said: "I wish the new board and management every success. They have a good platform on which to build a serious African based diamond mining company.

"There is further potential in the two producing mines, while the four kimberlite prospects are exciting. Diamond prices have shown a rapid recovery, which will help cash flow. This, plus the £5m cash raised, will offer opportunities for organic and acquisitive growth."

WAD and Stellar Diamonds have merged into a new entity to be called Stellar Diamonds.

Existing WAD shares are being consolidated into Stellar Diamonds shares on a 5:1 basis. The merger was accompanied by a fresh fundraising of GBP£5m.

Trading in Stellar will begin on AIM on Monday, February 22, 2010.

A new board of directors will be appointed, while John Teeling, James Finn, Paul Nel and Alex van Zyl resign as of February 22, 2010.
Posted at 27/1/2010 12:38 by leapinn
KAJ -

No there will be a 5 for 1 consolidation.....


"a proposed 5
for 1 consolidation of the existing ordinary share capital"



The WAD / Stellar split is used to calculate how many shares WAD need to issue to Stellar for their shares.


90m shares now in issue - 18m after consolidation - then Wad issue 54m to Stellar shareholders (ie three times as many a WAD shareholders will have.)

Then they will issue 25m shares in the placing to raise funds so in total the new company will have 18 + 54 + 25m shares in issue = 97m at approx 20p each hopefully.


(All figure rounded)
Posted at 27/1/2010 07:46 by bobbieblock
What did you expect. Until the company starts making money or has a big proved up asset then it will go nowhere. Is stellar's mine is doing well then the share price will climb. Still only worth 15 million, so valuing WAD assets at 5mil. The directors and instituitions will want to get in low and exit high. So far all wad has done ahs lost money. We'll know in a year if its all smoke and mirrors of they have pulled their thumbs out their backsides and can make these mines work.
Posted at 27/1/2010 07:34 by pamelling
27th January 2010
West African Diamonds plc
("WAD" or the "Company")

Proposed Acquisition of Stellar Diamonds Limited
Placing to raise GBP5.0 million
Posting of Admission Document
Notice of General Meeting

Further to the announcement made on 26 October 2009, the Directors of WAD
announce that an AIM Admission Document in relation to the proposed acquisition
of Stellar Diamonds Limited ("Stellar") (the "Acquisition") is being posted to
shareholders today. It is expected that WAD shares will be restored to trading
from 7.00am today.

The Acquisition will constitute a reverse takeover of the Company under the AIM
Rules and requires the prior approval of the Company's existing shareholders. If
the resolutions are passed, it is expected that readmission of the Company (as
enlarged by the Acquisition) to AIM will take place and that trading in its
shares will commence on 22 February 2010.

RBC Capital Markets and Astaire Securities have completed a successful placing
for the Company to raise gross proceeds of GBP5.0 million (the "Placing"),
conditional on completion of the Acquisition and the readmission. The Placing
was led by RBC Capital Markets and included Astaire Securities as joint Broker.
The Company has appointed RBC Capital Markets as its Nominated Adviser and Joint
Broker with effect from today and Astaire Securities shall continue to act as
Joint Broker.

The Placing will comprise an offer of new ordinary shares of 5p each ("the
Placing Shares") to institutional and other investors. A total of 25,000,000
Placing Shares will be issued at 20p per share (taking into account a proposed 5
for 1 consolidation of the existing ordinary share capital).

A circular and notice convening a general meeting of the Company to be held at
midday on 19 February 2010 at 71 Queen Victoria Street, London EC4V 4DE is
included in the Admission Document.

Rationale for the Acquisition
- Corporate and Operational Synergies: The Company will have a number of
opportunities to harness corporate and operational synergies, thus allowing the
operational cost base per carat to be reduced.
- Accelerated Growth Strategy: Revenue streams from two producing alluvial mines
will reduce financial risk, increase cashflow and will enhance growth
possibilities.
- Strong Project Pipeline: The Company will have four high grade kimberlite
projects at various stages of development.
- Strong Management Team: the Proposed Board has significant experience in the
West African mining industry and a proven track record of developing mines.

Use of Proceeds

The proceeds from the Placing will be utilised to capitalise existing producing
mines, accelerate its production ramp up, and advance key kimberlite development
and exploration projects.

Principal terms of the Acquisition

Under the terms of the Acquisition Agreement, the Company has agreed to acquire
the entire issued and to be issued share capital of Stellar for a consideration
equating to approximately three times the value of WAD, represented by an
approximate 75:25 split of the share capital in the enlarged group prior to the
issue of Placing Shares - 75 per cent. being attributable to consideration
shares to be allotted to Stellar shareholders and 25 per cent. being
attributable to ordinary shares currently held by WAD shareholders.

Prior to the Placing but assuming the share consolidation has taken place, a
total of 53,598,496 consideration shares will be issued and allotted to the
shareholders of Stellar on the basis of 1.005 new ordinary shares in the Company
for each Stellar share.

Based on the number of Existing Ordinary Shares in issue as at the date of this
announcement (being 89,947,519) and the mid-market price of 3.875p per Existing
Ordinary Share on 26 October 2009 (the date that trading on AIM in such shares
was suspended), the total consideration for the Acquisition is therefore
approximately GBP10.4 million of consideration shares.

Completion of the Acquisition Agreement is conditional, inter alia, upon
approval of the Acquisition and certain other matters by WAD shareholders and
the Placing Agreement becoming unconditional (save as for admission).

John Teeling, Chairman, commented:

"This is a good deal for WAD shareholders and the board is pleased to support
it. The enlarged group will be on a stronger financial footing due the placing
and the cashflow from two producing mines. The West African diamond mining
industry is underdeveloped and fragmented. Stellar Diamonds will be well
positioned to exploit opportunities in the area".

Karl Smithson, Proposed CEO of the enlarged group, commented:

"We are extremely pleased to have progressed with the Acquisition and Placing
and look forward to working together with the WAD team to create value for all
shareholders."
Posted at 02/12/2009 18:47 by jungle jim
Thanks for pointing out the bleeding obvious. It's the WAD agm statement. And if you go onto the AAAM forum you will find a very similar link to their RNS's. I probably didn't make my point clearly before. The AAAM statement is slightly different in phraseology from the WAD one. The point I was trying to make by pasting the AAAM phrase on the WAD forum is that you COULD read them to have different timescales.

If you have invested in any Teeling companies in the past, you would know that his timescales tend to be on the optimistic side, to say the least. Read the PRE forum for a few choice comments on that.

But if you have no experience of other Teeling companies you may think that early February is cast in stone because there it is in black and white in the WAD agm statement. It aint necessarily so. I feel the timescale may slip based on my interpretation of the AAAM. Just my view, but not perceivable just by reading the WAD agm statement in isolation.
Posted at 27/10/2009 19:16 by jungle jim
Thoughts of Chairman Jim as posted on the AAAM thread:

As an existing holder of both AAAM and WAD I've down a bit of research to see what this is likely to mean to me, the metaphorical bloke on the Clapham omnibus.

I think that AAAM will hold shares in the new Stellar Diamonds. I believe the investors in AAAM will not see much difference (see MIO and their similar holding of Xtierra shares, makes zippo difference to Minco share price).

WAD holders will see their shares change into Stellar shares, but should be at approximately the same value afterwards as before (similar to Mano converting into AAAM). That is unless the joint entity is raising some working capital during the merger/takeover, in which case WAD holders will get diluted. As Stellar is cash-generative I can't see what they would need to raise cash for, unless there is a big pospect ready to come into production that I haven't noticed. If you want to directly own shares in Stellar, I would say you would need to hold WAD shares or buy in the market post-merger.

In Sierra Leone, Stellar and WAD appear to be next door neighbours, both evaluating different bits of the same Kimberlite, so makes great sense to combine resources there. I haven't the foggiest about the rest of their projects, it's taken me long enough to get this far.

Overall I see it as positive for both WAD and AAAM. WAD's Teeling stated he wanted to grow the business, something that this achieves. My WAD shares convert to Stellar, with more opportunities in more projects, and Teelings management and 'blarney' should be slightly tempered by the existing Stellar management (all of whom I would expect to survive). I'm happy to hold AAAM as I bought them as Mano with good future prospects, which their recent merger has increased in a similar fashion to that which the WAD/Stellar deal should.

Just my thoughts, no investment advice intended.
Posted at 26/10/2009 07:50 by redleafboy
Diamond firm near €16m merger

By Geoff Percival

Monday, October 26, 2009



WEST African Diamonds (WAD) – the John Teeling-chaired mining company – is close to finalising a merger deal, which would grow its market value from £3m (€3.3m) to £15m (€16.3m) and increase its annual production rate by 400%.



The deal – understood to be with an unnamed privately-owned diamond company based in western Africa – virtually amounts to a majority takeover of the company. WAD's existing management will retain 25% of the enlarged company, but would remain as managers of the on-the-ground production, while the new investors would take over the corporate management of the enlarged entity.

Last week, WAD – which has its shares listed on London's AIM market – reported a slight widening of its full year losses – for the 12 months to the end of April – £246,465 compared to £220,066 from the previous year. Then, Mr Teeling said that the company would grow through mergers and acquisitions, while continuing to develop its own reserves. He added that earlier discussions, with a number of companies, had come to nothing.

However, a new deal is believed to be about 85% close to completion. WAD ultimately wants to increase its market capitalisation to nearer £50m to attract more institutional investors and will look to continue to expand its assets in the region around Guinea and Sierra Leone, through acquisition.

WAD has also recently expanded capacity at its Bomboko diamond mine in Guinea. It is understood that WAD's prospective new partner operates a diamond mine four times the size of the Bomboko asset.



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Posted at 18/9/2009 20:08 by moosh2
fot.....

i have a feeling that share price might waiver a bit for couple of weeks while the adx/dmi indicator is getting into position. ideally, the best uptrends happen when adx starts from below 20 and it's on its way. in order to get there, MMs have to keep upping and downing the price to confuse the adx (it's an indicator that decides if something is trending). let's see. given recent and upcoming news, if this is wot is going to happen to the share price and if adx gets to below 20, then hold tight. other shares that have gone into trend with adx starting below 20 include EME and CLF and CHL. PNG actually looks close to it too, if only there was volume to confirm which way the share price was going to go.
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