Firestone Diamonds Share Discussion Threads

[earnestwipplethwaiteiii] 25/11/2013 14:44

Andy - it's not held near Tyburn these days is it?

[andy] 25/11/2013 14:38

News out!


Firestone Diamonds PLC Credit Committee Approval for Debt Facility

RNS Number : 7928T

Firestone Diamonds PLC

25 November 2013

Firestone Diamonds plc

("Firestone" or the "Company") (AIM: FDI)

Receipt of Credit Committee approval for up to US$82.4 million Project Debt
Finance

LONDON: 25 November 2013

Firestone Diamonds plc ("Firestone" or the "Company"), the AIM-quoted diamond
development company, is pleased to announce that Absa Bank Limited, acting
through its Corporate and Investment Banking division, has received approval
from its credit committee (the "Committee") to provide a project debt
finance facility of up to US$82.4 million


The pertinent bit comes at the end;


The Company is required to fund its contribution to the Project, being the
balance required to complete the Project, prior to first draw down of the
Facility.

The Facility is conditional on, inter alia:

-- approval of both commercial and political risk insurance by an
Export Credit Agency;


-- the Company successfully raising the balance of capital required to
complete the Project;

[andy] 25/11/2013 14:37

earnest,

Years ago they used to hold the AGM near Ludgate Hill, now they stay well clear!

[swong21118] 25/11/2013 14:33

good RNS and all sells?

[sg1972] 25/11/2013 12:52

ThetoomarmyWhat do you mean dilution to a company we know? Do you mean a discounted rights issue?

[earnestwipplethwaiteiii] 25/11/2013 12:45

Andy - one wonders why not. Could it have anything to do with fear of the lynch mob?

[andy] 25/11/2013 12:37

Varrirob,

You optimist!

They don't run to custard creams!

I think they all slope off to dine somewhere nice, I remember the days at the Business Exchange when they put on a good cold buffet and management were happy to stay and talk to shareholders!

Now neither event happens!

[varrirob] 25/11/2013 12:32

Andy - After your fine dining experience i'm sure you won't want to soil your pallet with a custard cream lol.

[chrcam] 25/11/2013 12:07

US$100 million still needed.

[thetoonarmy2] 25/11/2013 11:42

All ABSA want to see is FDI own $100 mill first before they put anything in! Could be a touch of dilution coming soon to a company you all know.

[swong21118] 25/11/2013 08:08

We are one step closer to one-million Carat annual producer.

[tradermel] 25/11/2013 07:35

Now that RNS sure makes things a little more interesting

[andy] 23/11/2013 18:56

Varrirob,

In the lunch now but may still be able to make the AGM if I leave by 2.10.

Perhaps we could agree to divide the biscuit?

[mach100] 23/11/2013 14:02

Vairrob be careful with the biccies at the agm, there might be a diamond inside one and you could lose a tooth! I wouldn't even trust an oreo from Kenny, the filling would already have been gouged out! Here's another shocking thought to have with yer tea and biscuit, having bought at 39p, I was actually once in profit with these!

[varrirob] 22/11/2013 12:23

Hi Andy, Ramseys would certainly go higher on my list than agm, agreed. Might see you at the agm and if not then enjoy your meal and it's one less person for me to tackle with the biccys lol.

[andy] 22/11/2013 09:09

It's called a vertically integrated business model.

This way you avoid the cost of cutting by smashing the large diamonds into much smaller pieces at the plant, therefore cutting out the need to pay people to cut them down to size!

And to add further economy, the CEO attends the AGM by way of a telephone conference call, where he simply says "hello" and states his name, then ceases to participate!

And their diamond 'expert' geologist has now become an 'expert' in rare earth metals, in another company run by the Kenny family!

This is the same guy whose interpretation of the geology at Groen River managed to find absolutely nothing! when they did a bulk sample at Groen!

Let's hope his rare earth finding skills, that were never mentioned whilst he was the diamond finding 'expert!' are better honed!

What a shambles this company (and I use the term loosely) has become.

A perfect example of reasons NOT to invest in AIM stocks.

[earnestwipplethwaiteiii] 22/11/2013 07:47

Unfortunately, due to their habit of crushing sparklers, the largest diamond you'll be able to find will be of the order of 1/2 carat.

[mach100] 22/11/2013 07:29

Or would I be losing future gains?

[mach100] 22/11/2013 07:29

Thanks Varribob. Hey, as fair exchange is no robbery they say, if i left my share certificate for 1400 shares on the seat at the agm and took their largest diamond do you think that would be ok?

[varrirob] 21/11/2013 23:21

I will make sure that I post the salient points afterwards if no-one on this board is going.

[andy] 21/11/2013 23:21

Varririob,

Hope to see you there, although I may have an invite to Gordon Ramsey, and if so I will take that in preference, having never eaten there.

Otherwise it will be luke warm coffee and everyone fighting over the solitary biscuit again!

[earnestwipplethwaiteiii] 21/11/2013 22:37

Yes, since they seem to make it up as they go along, they may spin a different yarn next week. I shalln't be going.

[varrirob] 21/11/2013 16:45

All up in the air really. Its anybodys guess although i am going to the agm next week so it will be interesting to see what gets said.