Namakwa Diamonds Share Discussion Threads

[zaksab] 23/11/2011 22:59

Why an earth have jarvirne converted debt at 15p?? Previous to conversion they had much more value in debt than they did equity.

[jscapper] 16/11/2011 14:03

Sure this is no longer a buy at 5p. Come one FDI take this dog out.

[rbonnier] 16/11/2011 13:23

Then it could be 2p as I predicted months ago.

[abtwo] 16/11/2011 13:08

If the court case goes against NAD........?

[jr50] 11/11/2011 17:07

topnotch

interesting week ahead, if the court case is positive we can expect some upward movement on the sp, fingers crossed here, are you back in?

best regards

John

[andy] 11/11/2011 08:55

Exactly what do you see "interesting" out of interest?

[topnotch] 11/11/2011 08:52

JR50 >> This one is starting to look interesting again - may be an opportunity to recover some losses

GL

[alison1290] 04/11/2011 00:45

what are you on about. AGL is not a pump and dump you loser!!!! @Kinghorm23

[kinghorm23] 03/11/2011 13:39

Alison1290

Isnt that topinfo multi username he used for the AGL pump and dump ?

[topinfo] 03/11/2011 13:36

NAD look at share price

DJ Namakwa Diamonds Limited Documentation finalised with Jarvirne

TIDMNAD

RNS Number : 4584R

Namakwa Diamonds Limited

03 November 2011

3 November 2011

Namakwa Diamonds Limited (LSE: NAD)

Documentation finalised for renegotiated loan facility and recapitalisation terms with Jarvirne

Namakwa Diamonds Limited ("Namakwa" or the "Company"), today announces that the Company has entered into the waiver and amendment agreement (the "Agreement") with Jarvirne Limited ("Jarvirne") on the terms announced on 27 October 2011, in respect of both the US$40m loan facility (the "Facility") and the settlement agreement (the "Settlement Agreement") entered into with Jarvirne on 7 September 2011.

Under the terms of the Agreement, Jarvirne has agreed to: (i) waive any historic breaches of covenant by the Company under the Facility; and (ii) re-strike the levels of the financial covenants within the Facility, in exchange for the Company agreeing (subject to shareholder approval), to amend the terms of the Settlement Agreement so that the Company capitalises an outstanding trading debt of US$16.03m by way of the issue and allotment to Jarvirne of 66,791,667 new ordinary shares at a deemed offer price of 15p per share (the "Revised Capitalisation"), rather than 50,750,000 new ordinary shares at a deemed offer price of 19.5p per share, as originally agreed when the Settlement Agreement was entered into (the "Original Capitalisation").

The Revised Capitalisation remains subject to shareholder approval and represents a premium of 92.31% to the closing price on 2 November 2011 and a 42.86% premium to the closing price on the day before the announcement of the Original Capitalisation.

Jarvirne is a related party of Namakwa, controlling c.13.13% of the voting rights of the Company. As such, the approval of shareholders will be sought in respect of the Revised Capitalisation at a special general meeting of the Company, expected to be convened on or around 23 November 2011 (the "SGM").

Assuming the approval of the Revised Capitalisation by those shareholders entitled to vote on the transaction (other than Jarvirne and its associates), the Revised Capitalisation will result in a reduction of the Company's debt of approximately US$16,030,000 (net of expenses) with a corresponding increase in the assets of the Company of the same amount. The Directors believe that such a reduction in Namakwa's outstanding debt position (when combined with the working capital made available to Namakwa by the Facility, which will also be reliant upon shareholders' approval of the resolutions), will provide Namakwa with sufficient working capital to execute its stated strategy during FY2012.

If the Revised Capitalisation is approved Jarvirne will hold 98,665,158 ordinary shares, representing 32.6% of the enlarged issued share capital of the Company. This represents an additional 16,041,667 ordinary shares and c.3.5% more of the enlarged capital of the Company than under the Original Capitalisation. It will also result in Jarvirne's shareholding exceeding 30% (being the mandatory bid threshold in the bye-laws of the Company) by 2.6%. The non-conflicted Directors have agreed, therefore, as part of the Revised Capitalisation to recommend at the SGM that shareholders waive the requirement for Jarvirne to make a mandatory bid for the Company should the Revised Capitalisation complete. In addition, Jarvirne has entered into a relationship agreement with the Company, conditional upon the completion of the Revised Capitalisation and the admission of the new ordinary shares to trading.

A combined circular and prospectus setting out further details of the Revised Capitalisation and a notice convening the SGM will be despatched as soon as practicable to shareholders following the date of this announcement.

For further information please visit www.namakwadiamonds.com or contact:

Namakwa Diamonds Tavistock Communications
[phone]
Richard Collocott [phone] Simon Hudson 3150
[phone] [phone]

[jr50] 01/11/2011 13:20

topnotch

many thanks for the balanced reply, and i am very grateful for the act of good manners which is detailed within its contents

all the best

regards

John

[topnotch] 01/11/2011 13:01

JR50 >> It was not my intention to boast - my gripe was with The Merlion who constantly deluged this thread with 'facts' and threatened legal action against anyone who had a contrarion view (me especially).

The point of these boards is to give investors a balanced (and hopefully) an informative viewpoint. Untimately the decision lies with the investor to part with their hard-earned cash but if they are unable to even hear a criticism against investing then the ultimate responsibility lies with the perpertrators of the censoring actions which prevented discussion on these threads.

And no I am not a holder and I have never been a holder - this one only came to my attention because, unfortunately, it was the biggest faller of the day.

On further cursory investion I was agast at the decimation of shareholder value. I previously held stocks in the last tech boom which lost 90% of their value so I am more than experianced enuff to know they NEVER recover, however, I sold enuff on the way down to make the experiance all worth while.

All things considered please accept my sincerest appologies if I have inadvertently offended any holders of this share, and my condolances to those suffering any losses

nuff said...

[jr50] 01/11/2011 08:22

topnotch

are you a holder here?, or have you just come on here as a bitter ex holder with a axe to grind against being caught out on the highs of this share? your input previously was of course correct on hindsight, but constant boasting of this effort is quite displeasing given that some on here may be on the wrong side of the share. you may have been given more respect for duly retreating from this board with dignity, instead of what i would call a 'full on de-ramp' after the event (which is a easy action to take).

if you have a issue with a previous poster, may i conclude that you take it to a more private level, whilst you leave us wounded shareholders licking our wounds in peace.

best regards

John

[andy] 01/11/2011 00:35

topnotch,

I doubt they can afford said legal team!

An all confetti deal with FDI must be on the cards here surely?

This looks truly awful, and 0p gets closer by the day!

[topnotch] 31/10/2011 12:48

Alison1290 >>I can see this recovering well

WHATS THE MATTER WITH YOU LOT?????

This has consistently fallen from its float of 180p to its present level and every time it hits a new low we get muppets coming out of the woodwork claiming its overdone!!!!

What part of 96% loss in the share price don't you understand?

[alison1290] 31/10/2011 12:19

I can see this recovering well. Hopefully will be back on the up in the coming days! :)

[jr50] 27/10/2011 12:42

not the RNS most were expecting (except MM by the looks of the recent falls). but talk about drawing a line under all the bad new altogether, they have produced a RNS containing a good honest approach which is commendable from the new management, and hopefully they will proceed with this line of honesty. its the management that we should be investing in as well as future prospects of a company. by the looks of the RNS, all impairments have been done, and we can now look at a forward looking plan from today. a little disappointed in Jarvine's extra negotiation tactics for the headroom, but i suppose you cannot blame them given the contents of the report and the company's share price at the time of negotiations. Jarvine looks to be quite a astute operator, and i would have thought they would have studied the court case in detail prior to investing/loaning, so they must have sided with the management view on the merits of the court case.

KAO remains our turnaround, November opening and full operational ramp up by the end of the year, which is 8 weeks away!

the market reporting of confirmation of these dates, and a resolution to the court case which is approximately 2 weeks or so away, should help us climb on the share price front, but the first quarter confirmation of production targets met is the real catalysis IMHO, its a definite hold for me.

i see the share price is doing quite well considering the news, as a matter of fact the Level 2 is on the buy side? that's the first time since September this year i have seen that, so there is a possibility that the MM have called this the bottom and we are seeing a more positive approach to the buying.

any bad news that comes out for any company, always draws out the de-rampers / shorters or just plain 'hate the company and been bitten before crowd' posters, as we have already seen this morning on here.....tut tut, they will never learn that its going to take more then their comments to influence a MM.

Best regards

John

[123asd] 27/10/2011 10:09

I agree, random numbers grabbed out of the air don't impress anybody, except with their absurdity.

[onceabroker] 27/10/2011 09:25

jscapper / rbonnier

5p and 2p what fools!!! haha

check L2, .10 spread and 359k v 360k

we can all come us with silly numbers, but best to back them up with data, the share price seems to want to recover now the impairments and disposals are all out. a wonderful streamlined business remains, much more then can be said of FDI

[rbonnier] 27/10/2011 09:09

Doomed as predicted watch for 2p soon then a 5p bid .

[jscapper] 27/10/2011 09:06

Watch out for 5p then a bid from Firestone.

[123asd] 27/10/2011 07:26

Well, the news is out and it ain't pretty. However, Kao startup next month, DRC disposed of and some loss makers cut loose, impairments now on the books .



Now we know why the share price took such a tumble last month or two.

[jr50] 26/10/2011 13:42

RAPAPORT... Rio Tinto Diamonds closed its Argyle pink diamond tender this past week, reporting strong Asian demand and continued price appreciation for the rare gems.
''The collection was keenly contested by investors, collectors and luxury jewelers, with the final results demonstrating significant global reach and continued strong price appreciation,'' said Jean-Marc Lieberherr, Rio Tinto's general manager for diamond sales and marketing. ''In short, the world has developed a real passion for these natural treasures.''

The collection of 55 stones mined at the Argyle mine in Australia were cut and polished in-house by Rio Tinto's polishers in Western Australia. The collection included a record 11 heart-shaped stones, which generated strong interest, particularly from Australian and Asian bidders, according to Josephine Archer, the manager of Argyle Pink Diamonds.

The largest heart-shaped stone in the collection, a 1.31-carat fancy intense pink diamond, was sold to an unnamed buyer in China, where Archer explained Rio Tinto is investing to raise awareness and understanding about the market.

Rio Tinto reported that bidders in Japan found considerable success in the tender, including the acquisition of the Argyle Alanya, an oval-shaped, 1.06-carat, fancy vivid purplish-pink diamond. ''Japan remains the largest consumer market for pink diamonds, with all shades of pink diamonds in strong demand by Japanese jewelry designers,'' the company noted