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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Diamond | LSE:AFD | London | Ordinary Share | GB0033110999 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAFD
RNS Number : 7610U
African Diamonds PLC
21 October 2010
African Diamonds PLC
("African Diamonds" or "the Company")
Legal Proceedings
African Diamonds announces that two former directors, Mr Mark Scowcroft and Mr Leon Daniels, have initiated legal proceedings in Botswana against African Diamonds. They claim that under an agreement dated July 12th 2002 relating to the sale of their private company, Kukama Mining & Exploration Proprietary Limited, to African Diamonds they are entitled to a 3 per cent royalty on production from the AK6 diamond discovery in Botswana. The AK6 diamond discovery was made on a De Beers controlled concession joint ventured with African Diamonds in 2004. The directors of African Diamonds believe the claim is without merit. African Diamonds intends to vigorously defend the claim.
The Lucara Diamond Corp offer and negotiations, as announced on 4 October 2010, remain unaffected. The conduct of, and obligations under, the litigation will be retained by African Diamonds Plc.
Further information:
African Diamonds
John Teeling Tel: +353 1 833 2833
James AH Campbell Tel: +27 83 457 3724
finnCap
Matthew Robinson Tel: +44 207 600 1658
Henrik Persson
College Hill
Nick Elwes Tel: +44 207 457 2020
www.afdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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