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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Namakwa DI. | NAD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 1.125 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.125 | 1.125 |
| Top Posts |
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Posted at 15/2/2013 15:08 by lukeisbackontrack What's with this sell of guys. Is there hope for nad? |
Posted at 08/2/2013 17:21 by bam bam rubble Because the post-Kruger Directors appear to have been acting as potty-warmers so ensured those regulations were bypassed, perhaps in return for some incentive (i.e. backhanders).NAD is incorporated in Bermuda which has certain regulations affecting the way a takeover is conducted. Bye-law 82 1(b) under the Bermuda Companies Act offers a form of protection to ordinary shareholders as it prevents an acquirer alongside any party acting in concert from acquiring further shares whilst they are interested in 30-50% of NADs voting rights. The following paragraph describes how the directors have got around the restriction [i.e. ensuring Jarvirne is able to take the Kao Mine from under the nose of shareholders - Ed.] Namakwa Diamonds' Board of Directors had the power to decide that Jarvirne's subscription under the June 2012 excess facility, which may increase their equity ownership from 32.4% to over 75%, is a 'Permitted Acquisition' (as determined under Bye-law 82.4). As a result Namakwa shareholders will not have any ability to prevent Jarvirne acquiring more shares. Furthermore, Jarvirne would be free to acquire over 75% without having any obligation to make an offer for the 25% held by ordinary shareholders, as under the UK Takeover Code. Another form of protection for ordinary shareholders is the regulation that public equity interest in a company with a Primary LSE listing must exceed 25%. If the public hold less than 25% its a breach of Listing Rule LR 9.2.15. The Company will move its listing to AIM where no Free Float restriction applies so as to bypass the rule protecting shareholders. [i.e. ensuring Jarvirne can take the Kao Mine from under the nose of shareholders - Ed.] |
Posted at 07/2/2013 21:28 by naked trader 7 February 2013Namakwa Diamonds Limited (AIM: NAD) ("Namakwa Diamonds" or the "Company") Convening of Special General Meeting On 6 February 2013, Jarvirne Limited and Sputnick Limited (the "Majority Shareholders") (who, as far as the Company is aware, together are beneficially interested in 825,200,275 shares equivalent to 75.07% of the issued share capital of the Company) served a notice (the "Notice") on the Company requesting that a special general meeting of the Company be convened at which the sole business should be for shareholders of the Company to consider a resolution (the "Resolution") as to whether the Company's admission to trading on AIM should be cancelled. This Resolution will require the approval of 75% of those shareholders voting in person or by proxy at the special general meeting. The Majority Shareholders have confirmed in the Notice that they will vote in favour of the Resolution and, in light of their shareholdings, the Company believes that the Resolution will therefore be passed. The Company has begun to prepare a circular containing the notice convening the special general meeting for the sole purpose of considering the Resolution and this will be sent to shareholders in due course. A board committee of directors (the "Committee") (which is independent from directors nominated by the Majority Shareholders) is in discussions with the Majority Shareholders regarding the possibility of putting in place a matched trading facility for shareholders following the anticipated cancellation of the Company's AIM quotation. The Committee has also requested that the Majority Shareholders provide it with any information they are able to provide to it as to how they propose to deal with the minority shareholders when the Resolution is passed. Further announcements will be made as required. Enquiries: Namakwa Diamonds Shore Capital Theo Botoulas +27 11 334 8886 Pascal Keane +44 20 7468 4090 Tavistock Communications Simon Hudson +44 20 7920 3150 About Namakwa Diamonds Limited Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production. The Group's mining activities are focused on the Kao mine in Lesotho. Operated by Storm Mountain Diamonds, the Kao Main Pipe Complex represents a resource endowment of c.183Mt of kimberlite ore containing c.11.6M carats ("cts") (3.3Mcts Indicated and 8.3Mcts at Inferred levels of confidence), with an additional c.1.7Mcts at a Deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho (25%) and Kimberlite Investments Lesotho Limited (12.5%). The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development and exploration assets in the Northern Cape Province of South Africa and in the offshore marine environment of Namibia. These combined resources add a further c.6.9Mcts at Indicated and Inferred levels of confidence to the Group's Global Resource Inventory which stands at 18, 535, 700 carats as at 31 August 2012. Namakwa is listed on the AIM market of the London Stock Exchange under the ticker symbol NAD. |
Posted at 29/12/2012 12:52 by onceabroker It will be a old report and will have no relevance to the current NAD operations. NAD sold their DRC operations in 2011.Best regards John |
Posted at 19/10/2012 10:15 by tez123 19 October 2012Namakwa Diamonds Limited (AIM: NAD) ("Namakwa Diamonds" or the "Company") Batla Minerals Appeal Dismissed On 30 November 2011 the High Court of Lesotho dismissed an action brought by Batla Minerals SA and its subsidiary, Toro Diamonds (Pty) Limited (together "Batla Minerals"), making claim to a 50% interest in the 62.5% of Storm Mountain Diamonds (Pty) Limited held by the Company. The costs of this action were awarded to the Company. Batla Minerals subsequently appealed the decision which matter was heard by three Honourable Justices of Appeal in the Court of Appeal, Lesotho, on 12 October 2012. On 19 October 2012 the Court of Appeal delivered its judgement dismissing the appeal of Batla Minerals in this matter, with costs. Namakwa Diamonds continues to hold a 62.5% interest in Storm Mountain Diamonds (Pty) Limited. Batla Minerals has no further recourse in any court and the matter is now at an end. For further information please visit www.namakwadiamonds. Namakwa Diamonds Shore Capital Theo Botoulas +27 11 334 8886 Pascal Keane +44 20 7408 4090 Tavistock Communications Simon Hudson/Simon Compton +44 20 7920 3150 About Namakwa Diamonds Limited Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production. The Group's mining activities are focused on the Kao Mine in Lesotho. Operated by Storm Mountain Diamonds and its leading hard-rock mining team, with a proven track record in the construction and development of Lesotho's leading kimberlite pipes, the Kao Mine presents a 189Mt kimberlite resource of c.12.8m carats (c.4m indicated and c.8.8m inferred), with an additional 1.7m carats at a deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho 25% and Kimberlite Investments Lesotho Limited 12.5%. The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development properties in the Northern Cape Province of South Africa and the offshore marine environment of Namibia. -ends- |
Posted at 04/9/2012 09:54 by buywell2 NAD up 17% today but with a 20% reduction in carats ... the losses for 2012 could come in very big.More technical issues blaimed Since his appointment on 3 July 2012, the Chief Executive Officer of Namakwa Diamonds has commenced a technical review of all operations of the Company, with the primary focus on the Kao Mine in Lesotho. This review is continuing but a number of conclusions and recommendations have already emerged. The most important of these is the identification of operational inefficiencies in the current mining operation and in the metallurgical plant. In order to address these issues and to secure sustainable long term production levels, short term production will be negatively impacted. Consequently, management deems it prudent to downgrade current market guidance on production for the 2012 financial year from 150,000 carats to 120, 000 carats. |
Posted at 24/7/2012 06:56 by mirabeau Based on the last 6 months their annual revenues should come in at around $50m or around £33m which of course is 3x annual sales..In time (2-3 years) NAD can become a great cashflow generator |
Posted at 24/6/2012 01:12 by earnestwipplethwaiteiii baffinsand123asdaregbest regards, Wipplethwaite III |
Posted at 23/6/2012 13:14 by baffinsand123asdaregay earnestwipplethwaitebaffins |
Posted at 05/2/2012 21:46 by baffins With news imminent due it may be worth containing expectations with a recap of what must be considered.Firstly, the Kao tender is for 3,921 carats, predominately small diamonds with an average size of 0.21cts, sourced primarily from K-Other weathered kimberlite. The K-other produce is of significantly lower carat value than the K6 produce. In fact the K6 produce commands approx twice the price of the K-other produce. Taking this into consideration, along with the current state of the diamond market and the small stones on offer, I think reasonable carat values for the 3,921 carats from the K-other ore body should be in the region of between $120 and $160 per carat. Therefore, the total revenues (excluding WI and taxes) from the 3,921 carats on offer from Kao could be between $470,520 and $627,360. Keeping on the Kao topic, some will have noticed the repeated mention of "Capital cost of US$66m (as at 31 December 2011), 100% FUNDED BY NAMAKWA, with an additional US$8m to be spent during Q1'CY2012" The current WI structure of Kao is: NAD - 62.5% The Government of Lesotho - 25% (undilutable, free carry) Kimberlite Investments Lesotho Limited - 12.5% Kimberlite Investments Lesotho Limited are responsible for 12.5% of this CapEx due to their interested stake and although I do not expect them to cough up their share of the additional US$8m for Q1'2012 just yet I do expect them to hand over their share of the US66m already spent which will amount to US$8.25m. If they do not cough up they run the risk of losing their stake and should that be the case their 12.5% will be returned to NAD. Under the terms of the agreement set up when Kimberlite Investments Lesotho Limited took up their 12.5% stake they were obligated to pay US$1.5m to NAD in respect of its portion of the share of acquisition costs for the Kao project and fund their proportion of the Phase 1 CapEx development and operational costs (expected to be in the region of US$11m up to the commencement of commercial production in the first quarter of the 2012 calendar year). Thereafter, they are required to meet their portion of the funding requirements of the Kao Project as an ordinary shareholder of Storm Mountain Diamonds. The intention of Kimberlite Investments Lesotho Limited is to raise the necessary funds to repay these liabilities from the public market in Lesotho. As you can see, taking all into account NAD is owed approx US$10m by Kimberlite Investments Lesotho Limited. It is a significant amount and will go a long way to repaying a portion of the Jarvine debt. Back to the tender, NAD have a nice 37.46ct stone from South East Node in South Africa up for sale too. No mention of the quality though which is a little disappointing but this area does throw up quality stones. The fact that the management have stated that this stone "is expected to realise significant value" leads me to believe that the quality is good therefore I am expecting it to sell for in excess of US$0.4m alone. All in all I am expecting approx US$1m in sales revenue with a further US$10m from Kimberlite Investments Lesotho Limited to be reported sometime during Q1 2012. Lets see. |
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