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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kimcor | LSE:KIM | London | Ordinary Share | GB00B0TNHV95 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 4997J KimCor Diamonds plc 03 December 2008 KimCor Diamonds plc ("KimCor" or the "Company") Sale of operations to Belmont Mining Limited The Board of KimCor announces that the Company has today signed an agreement ("Share Sale Agreement") with Belmont Mining Limited ("Belmont") pursuant to which KimCor has agreed, subject to shareholder approval, to sell all of its existing diamond operations to Belmont (the "Transaction") by way of a sale of all of the shares in certain KimCor subsidiaries (the "Sale Shares"). Under the terms of the Share Sale Agreement, Belmont will pay the Company £500,000 in cash and will assume all liabilities associated with KimCor's South African and Tanzanian diamond and industrial operations. KimCor retains an option to re-acquire 30 per cent. of the Sale Shares for nominal consideration should the Company's SMI4 tailings retreatment operation achieve a production target of 150,000 tonnes per month prior to 1 June 2009. The Share Sale Agreement is conditional on the Company's shareholders ("Shareholders") approving the Transaction at an extraordinary general meeting ("EGM") and any other relevant regulatory approvals being obtained in connection with the Transaction. The effect of the proposed Transaction will be to divest the Company of all of its trading activities and, as such, following completion of the Transaction the Company will become an investing company pursuant to Rule 15 of the AIM Rules. Therefore, the Company will submit to Shareholders at the EGM an ordinary resolution seeking approval of the Company's proposed investing strategy, as set out below. Following the date of the EGM, the Company will have 12 months to implement its investing strategy or complete a reverse takeover. The proposed investing strategy will be to acquire minority or controlling interests in a number of privately-held or publically listed resource projects in Africa. It is proposed that the projects in which the Company invests will not be limited to any single resource. The existing directors of the Company, all of whom have experience in operating and investing in resource projects in Africa, will evaluate the commercial merit of potential investments, utilising external advisers and experts where required. A circular, setting out full details of the proposed Transaction and the Company's investing strategy, together with a notice of EGM, will be posted to Shareholders shortly. A further announcement will be made at that time to notify shareholders that the circular has been posted. The losses before taxation of the Company's diamond operations for the year ended 30 June 2008 were approximately £10.05 million. On completion of the Transaction, the approximate cash balance of the Company will be £0.3 million, which the Directors intend to retain in the Company. Melissa Sturgess has today resigned as Chairman of the Company with immediate effect. Speaking today in relation to the signing of the Share Sale Agreement, Martyn Churchouse, the Company's CEO, said: "With zero demand at present for rough diamond production KimCor has no access to cash flow required to sustain operations. Recourse to fundraising is currently out of the question and even if possible, the Company would be unable to provide potential investors with any indication of when the market for rough diamonds is likely to improve. The agreement signed with Belmont allows KimCor to pass responsibility for all liabilities held by the operating subsidiaries to a third party with immediate effect whilst retaining an option to re-acquire an equity stake at par value assuming rough diamond sales recommence within a reasonable timeframe at price levels sufficient to maintain profitability". Enquiries: KimCor Diamonds plc Tel: 020 3178 6179 Martyn Churchouse Strand Partners Tel: 020 7409 3494 Simon Raggett Warren Pearce Victoria Milne-Taylor Bishopsgate Communications Ltd Tel: 020 7562 3350 Maxine Barnes Nick Rome This information is provided by RNS The company news service from the London Stock Exchange END MSCUOANRWKRURAA
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