DMC - DiamondCorp Plc - New substantial shareholder
Thu, 13 Nov 2008
DMC
DMC
DMC - DiamondCorp Plc - New substantial shareholder
DiamondCorp Plc
(JSE share code: DMC & AIM share code: DCP)
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
(`DiamondCorp` or `the Company`)
New Substantial Shareholder
* European Islamic Investment Bank plc (`EIIB`) increases holding from 9.37%
to 26.7% to become largest shareholder.
* Confidence in long
term strength of diamond sector and the continued
development of the Lace diamond mine.
* Follows the recently announced Private Placing to EIIB for general working
capital purposes
DiamondCorp plc, the South African diamond mining company, announces that the
European Islamic Investment Bank plc (`EIIB`) has advised it has increased its
shareholding from 9.37% to 26.09% through the acquisition of 6,720,555 shares.
The shares were acquired on market from a number of institutions and
shareholders. This purchase follows EIIB`s initial investment into DiamondCorp
plc on Wednesday, 5 November 2008, through a private placement of 4,000,000
shares.
The Managing Director and CEO of DiamondCorp, Mr Paul Loudon said: "I welcome
EIIB onto our register as our largest shareholder.
"This investment demonstrates EIIB`s confidence in the underlying fundamentals
of the diamond market, including the long-term supply shortage which should lead
to a strengthening in diamond prices.
"DiamondCorp`s plan to grow as a mid-tier diamond producer in the years ahead
has the potential to benefit from EIIB`s access to capital and backing by very
large Middle Eastern investors," he said.
Mr Robin Henshall, Head of Private Equity and Corporate Advisory at EIIB, said:
"EIIB is delighted to have invested in DiamondCorp. We are impressed by the
experienced management team and have confidence in the continuing development at
DiamondCorp`s Lace kimberlite pipe, which is more than a year ahead of schedule.
We look forward to underground mining commencing by the end of this year."
13 November 2008
London
Sponsor:
Investec Bank Limited
For further information, please contact:
Paul Loudon
DiamondCorp plc
+44 20 7256 2651
www.diamondcorp.plc.uk
Joe Nally/Liz Bowman
Cenkos Securities plc
+44 20 7397 8900
Robert Smith/Tanis Crosby
Investec Bank Limited
+27 11 286 7662
Charmane Russell
Russell & Associates
+27 11 880 3924
Gareth Tredway/Jos Simson/Jane Stacey
Conduit PR
+44 20 7429 6612/+44 7785 974 264
NOTES TO EDITORS
DiamondCorp plc
DiamondCorp is listed on the main board of the JSE Limited and the AIM Market of
the London Stock Exchange. The Company is developing the Lace kimberlite mine in
the Free State Province of South Africa.
Phase One of the Lace mine was commissioned a year ago, and recovers diamonds
from tailings re-treatment. Phase Two involves re-opening the underground
workings to access more than 38 million tonnes of kimberlite containing an
estimated 14 million carats.
Phase Two, which is more than 12 months ahead of schedule, will see the
commencement of kimberlite mining before the end of this year. At peak
production, Lace is expected to produce more than 500,000 carats of gem diamonds
per year.
European Islamic Investment Bank plc
EIIB was incorporated in January 2005 and received authorisation by the FSA in
March 2006. In April 2006, EIIB opened for business, and in May 2006 completed
its IPO and was admitted to London`s AIM market. In November 2006 EIIB opened a
representative office in Bahrain.
EIIB`s mission is to achieve excellence in the provision of Sharia`a compliant
investment banking products and services.
Headquartered in London, EIIB`s range of products and services include the
following Sharia`a compliant investment banking activities:
- Islamic Treasury and Capital Markets
- Asset Management, including Private Banking
- Structured Trade Finance
- Private Equity and Corporate Advisory
- Sharia`a Advisory.
EIIB aims to deliver a full choice of alternative investment opportunities,
enabling Islamic investors to construct balanced and sophisticated portfolios
which can access a full
range of asset classes internationally.
EIIB seeks to service a market for Sharia`a compliant investment banking
services in Europe, the Middle East and Asia, that it believes has been under-
exploited by conventional and Islamic banks, and by non-banking institutions.
EIIB intends to become a major participant in the market for Islamic securities,
treasury and investment products.
The founding shareholders of EIIB include Gulf based individuals and
institutions, including a number of Islamic banks, as well as individuals and
companies based in Europe.
Date: 13/11/2008 10:00:01 Produced by the JSE SENS Department.
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