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FINALLY: BlueRock Diamonds PLC ('BlueRock' or the 'Company')
Board Changes
BlueRock Diamonds PLC, the AIM listed diamond producer, which owns and operates the Kareevlei Diamond Mine ('Kareevlei') in the Kimberley region of South Africa, announces that Mike Houston has stepped down from his Board position with immediate effect and it is anticipated that David Facey will step down from the Board later this week. Additionally, Victor Dingle has joined the Board as Chief Executive Officer ('CEO') and Rob Croll has become the new Non-executive Chairman with immediate effect.
Victor is an experienced executive having served as Chief Financial Officer ('CFO') of a number of public and private companies in sub-Saharan Africa. Victor is currently CEO and CFO of the Teichmann Group, a diverse group of companies with expertise in multi-disciplined construction services, mining, and agriculture and the Company's largest shareholder. Victor has previously served as CFO of MTO Forestry Proprietary Limited, Dangote Cement Limited and Lafarge Cement.
Rob, who joined the board in June 2021 as an Independent Non-executive Director, is an experienced mining engineer. Based in South Africa, he is has held various senior executive and consulting positions and gained significant exposure to the financial markets. He was previously the Lead Independent Non-Executive Director of Resource Generation Limited and brings with him a strong independent technical and commercial perspective to BlueRock's current operation at Kareevlei and future investments.
Rob Croll, Non-executive Chairman said, "This is an exciting new phase for the Company having endured several difficult years as a result of the Covid-19 pandemic and extreme weather conditions that delayed the commissioning of the new transformational 1Mtpa plant and the opening up of the Main Pit to optimise its economic depth potential. The high-level review completed in June/July this year has provided a clear but challenging path to optimising production, which in turn will enable us to take advantage of the robust diamond market dynamics. I look forward to updating shareholders of progress on these developments.
"I would like to thank Mike for his time and vision and wish him every success for the future. I look forward to working closely with our major shareholder, Teichmann, as well as our new CEO, Victor, as we focus on building value for stakeholders and shareholders alike."
Finally, from the recent RNS: As explained in the Circular, as the resolutions have been passed, it is the intention of Michael Houston, David Facey and Tim Leslie to resign as directors, subject to suitable replacements being identified. A further announcement regarding progress in respect of these board changes will be made in due course.
Waiting for the drop to 7p...
I’ve been a shareholder since 2013 and all I’ve done is throw money into a deep hole. Sure, we’ve got great quality diamonds but the problem has always been with the management of the mine. It’s gone from bad to real bad and now doesn’t exist in any recognisable form. Remember, a fish rots from the head down. Our only hope is the present cash raising exercise is successful even though it leaves small shareholders like me severely diluted. I’ve forgotten how many rights issues we’ve had since being on the Plus market but it certainly doesn’t show up the board and particularly the FD in a good light. Personally I think that at 7p it’s a good punt but only if Teichmann is more involved in everyday decision making. We can only hope.
Disruptor
You been hear for some time is the company producing diamonds on a regular basis ?
I am in with a small punt, not real put much time in to researching the potential that bluerocks mine have to offer,
Its a big drop over the last few mths,
If ever there was a meme stock………..
The sanctions imposed on the Russian diamond producer Alrosa have exacerbated a shortage of rough diamonds in the market, supporting continued strong demand