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Don't have an account? Click here to register.Diamondcorp cancels sale offer after disappointing bids
Mon, 07th Nov 2016 11:49
(ShareCast News) - South African diamond miner Diamondcorp has taken itself off the market as it felt bids were "significantly" undervaluing the company.On 18 October 2016 the group announced it was going to explore merger and sale opportunities of the group's businesses as well as looking to secure additional funding.However after consideration of the bids received from third parties the board found they were too "opportunistic in nature" and "significantly undervalues the company as well as unable to be completed in a sufficient period of time in light of the company's financing objectives".According to the board, its Lace mine still contains an estimated 9.39m carats of diamonds with in-ground value in excess of €15bn despite start-up delays. The board expects the Lace mine to reach commercial production in early 2017.As a result the group has decided to terminate the formal sale process with immediate effect. The board will continue to look at alternative means of enhancing shareholder value.The share price rose 9.44% to 2.43p at 1219 GMT on Monday.
More News
14 Nov 2016 14:13
Lace Mine flood plunges Diamondcorp back into uncertainty
(ShareCast News) - Southern Africa-focused diamond mining, development and exploration company DiamondCorp was facing some serious issues with its Lace Mine again, it announced on Monday. The AIM-traded company said in the late afternoon on 11 November, two extreme thunderstorms passed over the mine
Read more9 Nov 2016 11:56
Diamondcorp financing and production on track
(ShareCast News) - South African diamond miner DiamondCorp announced that the second tranche of financing facility from Rasmala amounting to £300,000 is in the process of being drawn down by the company. The facility is collateralised against 5,000 carats of diamond inventory, which the group's lace
Read more18 Oct 2016 11:46
DiamondCorp seeking suitor amid viability concerns
(ShareCast News) - Beleaguered mining company DiamondCorp updated the market on Tuesday, confirming it was actively seeking a suitor with which to combine. The AIM-traded firm had announced on 14 October announced that it was in accelerated discussions with some shareholders and other third parties
Read more14 Oct 2016 11:38
DiamondCorp issues dire warning over its solvency
(ShareCast News) - Further to the announcements of 12 and 13 October, in which described production issues and a shutdown notice, DiamondCorp announced on Friday that the third party it was in advanced discussions with for the provision of a convertible debt facility, has withdrawn due to the advers
Read more13 Oct 2016 11:45
DiamondCorp suspends underground operations at Lace Mine due to fire
(ShareCast News) - Miner DiamondCorp has been struck by yet another incident at its Lace mine in South Africa, which was shut down by authorities after a fire broke out on a dump truck. Thursday's incident comes on top of drilling difficulties in recent weeks from fallen pieces of kimberlite blockin
Read more12 Oct 2016 09:59
DiamondCorp faces further setbacks with Lace mine
(ShareCast News) - DiamondCorp, the AIM-listed diamond miner, has arranged to defer debt payments and is looking at raising new funds after new problems with its Lace diamond mine in South Africa led to further scaling back of production targets. Mining has been constrained by large fallen pieces of
Read more13 Sep 2016 10:39
Diamondcorp reschedules sale to 17 September, pre-tax loss narrows
(ShareCast News) - Diamondcorp reduced the size of a scheduled sale of its diamonds due to operational setbacks as it moved to ramp-up production at its main asset, the Lace mine in South Africa, even as it managed to stem the red ink. Its net loss for the six months to June narrowed to £247,000, co
Read more9 Aug 2016 13:34
Diamondcorp's South African Lace diamond mine re-opens
(ShareCast News) - Miner Diamondcorp's Lace diamond mine in the Free State Province in South Africa successfully restarted in July and is producing 30,000 tonnes per month. The AIM-listed company said August was the first month of commercial production and processing of kimberlite for the month aver
Read more