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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 |
TIDMWAD RNS Number : 4144H West African Diamonds PLC 19 February 2010 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. Enquiries: West African Diamonds plc James Campbell Tel: +27 83 457 3724 Stellar Diamonds Limited 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 College Hill Nick Elwes Tel: +44 (0) 20 7457 2020 This information is provided by RNS The company news service from the London Stock Exchange END ROMLKLFFBLFXBBX
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