West African Share Discussion Threads

[currypasty] 19/2/2010 12:39

19th February 2010

WEST AFRICAN DIAMONDS PLC


Result of General Meeting

Highlights:

· General Meeting approves reverse takeover of Stellar Diamonds
Limited ("Stellar")
· GBP5 million new funds raised
· Name change from West African Diamonds plc ("WAD") to Stellar
Diamonds plc
· 5 for 1 share consolidation
· New board to take control
· Re-admission and new shares to commence trading on AIM at 8.00 a.m.
on Monday, 22nd February 2010

At a General Meeting of WAD, all resolutions to effect the acquisition of
Stellar and associated fundraising of GBP5 million (gross) were passed,
conditional only on Admission.

WAD will also change its name to Stellar Diamonds plc as from Admission.
Existing WAD shares will be consolidated on a 5:1 basis.

A new board of directors has been appointed, and John Teeling, James Finn, Paul
Nel and Alex van Zyl will resign, as of 22nd February 2010. James Campbell
remains on the board.

Stellar will have the following activities:

· Two producing alluvial diamond mines in Guinea; Bomboko and Mandala
· Four kimberlite projects at various stages of development; Tongo and
Kono in Sierra Leone, and Droujba and Bouro in Guinea
· A strengthened balance sheet


John Teeling, Chairman, who is stepping down, commented:

"I wish the new board and management every success. They have a good platform
on which to build a serious African based diamond mining company. There is
further potential in the two producing mines, while the four kimberlite
prospects are exciting. Diamond prices have shown a rapid recovery, which will
help cash flow. This, plus the GBP5 million cash raised, will offer
opportunities for organic and acquisitive growth".
Existing shares in WAD will be cancelled from admission to trading on AIM with
effect from 8.00 a.m. Monday, 22nd February 2010.

Copies of the Admission Document are available on the Company's website
(www.westafdiamonds.com) or from RBC Capital Markets, 71 Queen Victoria Street,
London EC4V 4DE.

[currypasty] 19/2/2010 09:52

EGM in london today to vote on resolutions

[currypasty] 19/2/2010 09:44

EGM in london today to vote on resolutions

[devil20] 19/2/2010 09:42

Not rats deserting a sinking ship. Its all part of the bigger picture with AFD. Teeling will retain a % holding in Stellar.

[filletafish] 19/2/2010 09:14

Oh dear..... rats deserting a sinking ship


Teeling to resign from diamonds board as reverse takeover approved
19/02/2010 - 08:59:37

John Teeling will resign his position as Chairman of West African Diamonds (WAD) on February 22 as shareholders approve the reverse takeover by Stellar Diamonds.

Teeling formed WAD from West African assets of AIM-listed African Diamonds in October 2006.

Since the demerger from African Diamonds, WAD has added further licences to its existing Guinea portfolio as well as developing projects in Sierra Leone.

Teeling said: "I wish the new board and management every success. They have a good platform on which to build a serious African based diamond mining company.

"There is further potential in the two producing mines, while the four kimberlite prospects are exciting. Diamond prices have shown a rapid recovery, which will help cash flow. This, plus the £5m cash raised, will offer opportunities for organic and acquisitive growth."

WAD and Stellar Diamonds have merged into a new entity to be called Stellar Diamonds.

Existing WAD shares are being consolidated into Stellar Diamonds shares on a 5:1 basis. The merger was accompanied by a fresh fundraising of GBP£5m.

Trading in Stellar will begin on AIM on Monday, February 22, 2010.

A new board of directors will be appointed, while John Teeling, James Finn, Paul Nel and Alex van Zyl resign as of February 22, 2010.

[fiachra] 17/2/2010 16:08

Sh4reCrazy

What thread did he write that on?
If he did wtite it....

[father o toole] 10/2/2010 21:52

Another mavalious day on the exchanges for teeling fans :))

[devil20] 10/2/2010 21:35

Hey vindaloo...you're sharp tonight! I was going to say to him...considering all the sells over the last couple of weeks its holding up well. Only another 12 days to go.

[someuwin] 08/2/2010 22:19

...This document presumably -

[peterz] 08/2/2010 22:02

peterz - 1 Feb'10 - 22:25 - 2978 of 2986 edit


Acquisition proposal paperwork through today! Must have cost loads-a-money in postage and printing. Almost 300 blinking pages - am I going to read it?

[arf dysg] 08/2/2010 17:17

...a very large WHAT?

[currypasty] 08/2/2010 16:23

2981, a very large document (just short of 300 pages) should now have been sent to all wad shareholders. This may answer the shareholding question.

EGM is on 19th Feb to vote on the proposal

[fiachra] 08/2/2010 16:19

Great news-spoke to him -he s alive.

He knows nothing though

[fiachra] 08/2/2010 16:19

Great news-spoke to him -he s alive.

He knows nothing though

[fiachra] 04/2/2010 09:20

CURRYPASTY

Can you tell us the individual shareholdings direct or indirect of each of the seven proposed directors in the new company?

[kajshares] 02/2/2010 15:20

Timms at Indiaba? The answer could be interesting.

[peterz] 01/2/2010 22:25

Acquisition proposal paperwork through today! Must have cost loads-a-money in postage and printing. Almost 300 blinking pages - am I going to read it?

[currypasty] 29/1/2010 15:33

online price moving up slightly