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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
West African | LSE:WAD | London | Ordinary Share | GB00B1CQN147 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSTEL RNS Number : 4331H Stellar Diamonds PLC 22 February 2010 22 February 2010 Stellar Diamonds plc ("Stellar" or the "Company") Admission to AIM - First Day of Dealings Stellar, a focused diamond exploration, production and development company with a portfolio of properties in West Africa is pleased to announce its admission to the AIM market of the London Stock Exchange and the first day of dealings in its ordinary shares under ticker symbol STEL at 8.00 a.m. today, following the completion of the reverse acquisition of Stellar Diamonds Limited by West African Diamonds plc ("WAD") and a GBP5 million placing (before expenses). On Admission, the Company will have 96,581,432 ordinary shares in issue and will have a market capitalisation of approximately GBP19 million. Highlights · Stellar is focused on building a leading diamond explorer and producer in West Africa · The Company will have a number of opportunities to harness corporate and operational synergies, thus allowing the operational cost base per carat to be reduced · Revenue from the two producing alluvial mines, Bomboko and Mandala, will reduce financial risk, increase cashflow and enhance growth possibilities · Stellar will have four high grade kimberlite projects at various stages of development - Tongo and Kono (in Sierra Leone) and Droujba and Bouro (in Guinea) · The strengthened balance sheet and two producing projects provide a good platform for the Company to seek further growth by acquisition · The board has significant experience in the West African mining industry and a proven track record of developing mines RBC Capital Markets is the nominated adviser and broker to the Company. Commenting on Admission, Karl Smithson, Chief Executive Officer, said: "We look forward to executing the Company's growth strategy in an improving diamond sector. Stellar has a good balance of portfolio projects that bring a combination of immediate cash flow and excellent exploration and development upside. I look forward to updating our shareholders on progress in due course." Copies of the Admission Document are available on the Company's website (www.stellar-diamonds.com) or from RBC Capital Markets, 71 Queen Victoria Street, London EC4V 4DE. Enquiries: Stellar Diamonds plc Karl Smithson Tel: +44 (0) 7783 707971 RBC Capital Markets Martin Eales / Daniel Conti Tel: +44 (0) 20 7653 4000 Astaire Securities Jerry Keen / Charles Vaughan Tel: +44 (0) 20 7448 4400 Pelham Bell Pottinger Charles Vivian / James MacFarlane Tel: +44 (0) 20 7337 1500 Information on Stellar Stellar is focused on building a leading diamond explorer and producer in West Africa. The key short term strategy of the Company will be to focus on production and cash flow from its two producing mines at Mandala and Bomboko. However, the longer term strategy will involve the development of its advanced, high-grade kimberlite exploration projects at Tongo and Kono (in Sierra Leone) and Droujba and Bouro (in Guinea). Each of these projects demonstrates economic potential and work programmes are planned in order to define this potential. Background On 27 January 2010 it was announced that the Admission Document and Notice of General Meeting in relation to the acquisition of Stellar Diamonds Limited by WAD (the "Acquisition") was posted to shareholders and that WAD was successful in raising gross proceeds of GBP5 million (the "Placing"), conditional on completion of the Acquisition and readmission. The proceeds from the Placing will be utilised to capitalise existing producing mines, accelerate the Company's production ramp up, and advance key kimberlite development and exploration projects. On 19 February 2010 all resolutions at WAD's General Meeting were duly passed by shareholders and subsequently the acquisition of Stellar Diamonds Limited and the Placing was completed, conditional only on admission. The name of the company has been changed from West African Diamonds plc to Stellar Diamonds plc. Key Statistics +------------------------------+------------------------------+ | Placing price per Placing | 20p | | share | | +------------------------------+------------------------------+ | Number of Placing shares | 25,000,000 | | being issued pursuant to the | | | Placing | | +------------------------------+------------------------------+ | Placing shares as a | 26 per cent. | | percentage of the enlarged | | | share capital | | +------------------------------+------------------------------+ | Number of ordinary shares in | 96,581,432 | | issue immediately following | | | Admission | | +------------------------------+------------------------------+ | Gross proceeds of the | GBP5,000,000 | | Placing | | +------------------------------+------------------------------+ | Estimated net proceeds of | GBP4,300,000 | | the Placing receivable by | | | the Company | | +------------------------------+------------------------------+ | Market capitalisation of the | GBP19,386,332 | | Enlarged Group at the | | | Placing price following | | | completion of the | | | Acquisition | | +------------------------------+------------------------------+ | ISIN number | GB00B5V61531 | +------------------------------+------------------------------+ | Ticker | STEL | +------------------------------+------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END MSCMMGMZVLLGGZM
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