Bluerock Diamonds (LSE:BRD)
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RNS Number : 6424X

BlueRock Diamonds PLC

23 February 2017

BlueRock Diamonds plc

("BlueRock" or "the Company")

23 February 2017

Claims by a former director to the Company

The Company's former CEO, Riaan Visser, left the Company and its operating subsidiary, Kareevlei Mining Limited ("KML") in September 2016.

In November 2016, the Company contacted Mr Visser in connection with two creditor balances and he responded by claiming that, whilst not in his name, these were amounts due to him. He alleges that he is owed ZAR 3,783,486 (c. GBP232,000 based on current exchange rates) largely in relation to advances made by him to KML between February 2015 and January 2016, and ZAR 987,525 (c. GBP60,500) for KML's use of a generator owned by a company controlled by him.

The Company has investigated these claims and while advances appear to have been received by KML, the Company has requested further information from Mr. Visser but received no response or legal claim from him.

The creditor balances in relation to the alleged advances were included in the relevant accounts of the Company but largely classified as accrued expenses related to uninvoiced third party plant development expenditure.

The Company has taken South African legal advice and has been advised that based on currently available information the claims are without merit.

Further updates will be provided as appropriate.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 
 Enquiries: 
 BlueRock Diamonds                    SP Angel Corporate 
  plc                                 Finance LLP 
  Adam Waugh, CEO                     Nominated Adviser & 
  awaugh@bluerockdiamonds.co.uk       Broker 
                                      Stuart Gledhill / Lindsay 
                                      Mair 
                                      +44 (0) 20 3470 0470 
 
 

About BlueRock Diamonds plc (AIM: BRD)

BlueRock is a diamond mining company with activities in the Kimberley region of South Africa. BlueRock owns a diamond processing plant and the mining right over the Kareevlei Tenements in South Africa.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 23, 2017 03:02 ET (08:02 GMT)