African Diamonds Share Discussion Threads

[chapchip] 05/10/2010 10:21

undecided...you may well be right but its still highly possible we could see someone else come in.........AFD's 40% of AK6 is no longer risky, its a potential cash cow.......

for someone who is sitting on a massively pile of cash, it would potentially make a tasty investment.

I think cash to proceed was ultimately AFD's problem.......the offer was probably there but the terms not conducive.

[rainfall] 05/10/2010 10:20

i have sent a few e mails to a few bots people asking them why they allow companys to take away there childrens future wealth why do you not fight for your kids future .when these companys have taken it all they will just go .waiting on replys

[undecided] 05/10/2010 10:16

Reality. The directors of both AFD and Lucara have sat down and agreed a deal for the paper transfer of AFD into Lucara. There is no reason to suspect that there was any animosity in these negotiations. We have to assume therefore that JT was more then happy with the deal and therefore 0.445p was a fair value for AFD. As a sweetener to Teeling and co they have been allowed control of Botswana Exploration which no doubt over the forthcoming years he will do what he initially is very good at which is talking a company up, releasing unsupported claims indirectly and putting spin on press releases. Whether the market is supportive of more JT spin is debateable. From my end however unsavoury I find Teeling's approach I will hold my potential holding in the new company but get out as soon as the first piece of spin has had its effect as I no longer have mid to long term belief in him as a person. As for any futher offers coming in for AFD don't hold your breath the offer of Botswana Exploration has put paid to that thought process and us as afd pi's at the same time. Luds we expected more of the person.

[chapchip] 05/10/2010 10:14

with JC indicating he may not come across to the new Botswana Exploration, thats a bit of a blow.

£51m is too cheap...........someone else must be monitoring the situation with a view..............LUC are not going to want another party so lets hope they are bumped along by a counter bid

[rainfall] 05/10/2010 10:04

not at all better to make the cash back now before the market jumps . i will get it back in 6 months at most . any one investing in a TEELING company must be MAD he has now showed he is useless .nine years for nothing only the management have won.

[mclellan] 05/10/2010 10:00

rainfall- a bit too soon to sell, surely?

[rainfall] 05/10/2010 09:49

cc nine years down the road and back to the bottom rung .
i have sold most of my shares now my broker as had a bit of a game to get rid of them
i lost over 50k . but i can afford that with out any bother but some can not for sods .i have allready made up 4k of that cash buy buying aip and bought lloys this morning just under 73p . teeling ?

[chapchip] 05/10/2010 09:35

as we have seen since day 1, rainfall knows jack

[rainfall] 05/10/2010 09:34

yes i do there will be no more bids .dream on .you have been stuffed good and proper more dilution to come in luc look at wad holders i sold them at 28p

[yarisverso] 05/10/2010 09:31

rainfall, you know that for a fact do you? The fat lady hasn't sung yet.

[rainfall] 05/10/2010 09:25

mc they will be no more bids the deal is done
we have been stuffed by a fairy

[rainfall] 05/10/2010 09:23

will luc now have to pay lundin in 200m shares in luc for funding more dilution

[mclellan] 05/10/2010 09:21

richvandam- perhaps GEM might make a counter offer.
Let's hope so...make it much more interesting!

[rainfall] 05/10/2010 09:14

we now no why ireland is the land of fairys and liars

[yarisverso] 05/10/2010 09:06

or Incompetent.

[arf dysg] 05/10/2010 08:51

Presumably Mentally Incomplete

etc.

[richvandam] 05/10/2010 08:50

Sold AK6, we still got our piece of the puzzle, and we still got invested in another company essentially AFD without AK6. We have assets and 2.3m in the bank cash at 7p per share. I think we've got a decent deal, and if the e-mail from JC proves correct, we have other interested parties on the table, so i wouldn't rule out another bid soon!

[yarisverso] 05/10/2010 08:43

Arf Dysg

It is permanently a Pre Menstrual Idiot.

[arf dysg] 05/10/2010 08:33

PMI, the dangers of early-morning drinking !

[pat mustard irl] 05/10/2010 08:30

Pure naked greed is the disease that has brought Ireland to her knees once again.

Can't blame colonialism for it this time, they have managed to do it all on their ownio!!

[yarisverso] 05/10/2010 08:23

Can't understand why this didn't go up 7p yesterday, after all they have only sold AK6. AFD still has a diamond exploration company, cash, and it could find another AK6.

[cocorico2009] 05/10/2010 07:48

euclid - thanx - makes for good read.


I think there could be more to be realised from the new company than people initially think.

we no longer have to worry about raising finance and if you are truely in it for the long term, we are now owned by a 'mining company' who know how to get the stuff out the ground.


And with some good results the new company could soon move up from the 7p valuation - when are the reverse drilling program results due?



extract from link - euclid - 4 Oct'10 - 23:39 - 13346 of 13348

++++++++++++++++++++++++++++++++++++++++++

The new company will be listed on AIM and the Botswana Stock Exchange and, in terms of this deal, has a directors' valuation of 7p per AFD share.

Those interests include $2.9m in cash, exploration ground in Botswana including the AK8, AK9 and BK5 kimberlite pipes, advanced stage diamond licence applications in the Marange area of Zimbabwe and licence applications in Cameroon as well as indirect exposure to diamond plays in West Africa and the Democratic Republic of Congo.

+++++++++++++++++++++++++++++++++++++++++


happy to be holding

GLA
coco

[pat mustard irl] 05/10/2010 07:35

Those guys are running rings round the mugs who buy in to their companies!
As AFD disappears, Hey Presto! Out of the smoke appears a brand new company and no need to guess who the directors are! Why its only that famous double act of Johnny and Dave hitting the boards again!!


"The two companies jointly own the highly regarded AK6 diamond mine in Botswana, in which the Irish company has been involved for some time. This deal will give Lucara virtually full control of the mine and see African Diamonds' remaining interests spun off into a new independent company, called Botswana Exploration.

That company will continue to be run by the founders of African Diamonds – including chairman John Teeling – and will seek, in the new year, a public listing in London and Botswana."



Irish Examiner


Tuesday, October 5, 2010


African Diamonds bought by Lucara

By Geoff Percival

Tuesday, October 05, 2010

IRISH mining company African Diamonds has been bought out by its Canadian counterpart, Lucara, for around €58.5 million.


The two companies jointly own the highly regarded AK6 diamond mine in Botswana, in which the Irish company has been involved for some time. This deal will give Lucara virtually full control of the mine and see African Diamonds' remaining interests spun off into a new independent company, called Botswana Exploration.

That company will continue to be run by the founders of African Diamonds – including chairman John Teeling – and will seek, in the new year, a public listing in London and Botswana.

Existing shareholders in African Diamonds will receive 0.8 of a Lucara share plus one share in Botswana Exploration, in return for their share of the existing company.

Accounting for the time it will take for regulatory and shareholder approval to be granted, it is anticipated the acquisition will be completed by the end of the year, or early January at the latest.

"Marrying African Diamonds and Lucara will create a Can$240m (€171.4m) emerging diamond producer controlling two new kimberlite diamond mines. The new company, with strong financial backing, will be perfectly poised to exploit an expected gap in diamond supply," Mr Teeling said yesterday.

Mr Teeling's new company will focus on assets in Botswana, Cameroon and Zimbabwe – where it is already working on the Marange prospect, set to be the biggest single diamond field (by size rather than value) in the world.

"We established African Diamonds in 2001 as an early stage diamond prospector and we'll return to this with the creation of Botswana Exploration. With some cash, good ground in Botswana and exciting opportunities in Zimbabwe and Cameroon, this vehicle has great potential," he said.


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