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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.
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24 Oct 2014 12:14

S.Africa police fire rubber bullets at Diamondcorp strikers

JOHANNESBURG, Oct 24 (Reuters) - South African police used rubber bullets on Friday to disperse strikers from the Association of Mineworkers and Construction Union (AMCU) who were blocking the entrance to a mine operated by London-listed Diamondcorp, a police spokesman said. Police spokesma

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24 Oct 2014 10:11

Friday broker round-up UPDATE

Advanced Medical Solutions: Oriel initiates with a target price of 135p and a buy recommendation. African Barrick Gold: JP Morgan moves target price from 300p to 310p maintaining its overweight rating. Canaccord Genuity reduces target price from 330p to 275p keeping a buy recommendation. Numis moves

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23 Oct 2014 11:45

Members Of Union Strike At DiamondCorp's Lace Project In South Africa

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28 Aug 2014 12:25

DiamondCorp Moves Closer To Kimberlite Mining At Lace In Half-Year

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31 Jul 2014 11:39

Diamondcorp Moves Ahead On Lace Mine Development

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16 Jun 2014 09:51

Monday broker round-up UPDATE

Allocate Software: N+1 Singer upgrades to buy with a target price of 133p. Croda International: Numis cuts target price from 2575p to 2554p and maintains its hold recommendation. Diamondcorp: Northland Capital shifts target price from 9.9p to 11p and keeps a buy recommendation. Fenner: Credit Su

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9 Jun 2014 15:46

UK Mail Finance and Operations Directors build stakes

The Group Finance Director and Group Operations Director of UK Mail have both upped their company holdings with the purchase of 4,000 shares each. Both Steven Glew and Carl Moore spent 627p a share, giving each of the deals a trade value of £25,080. The transactions come just a few weeks after t

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9 Jun 2014 10:00

DIRECTOR DEALINGS: DiamondCorp Managers, Non-Exec Buy 758,000 Shares

LONDON (Alliance News) - Diamond mining company DiamondCorp PLC Monday said a group of executives and a non-executive director have purchased a total of 758,000 shares. Chairman Euan Worthington bought 213,000 shares at a price of 7.50 pence per share, the company said. Following this trans

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3 Jun 2014 14:54

Diamondcorp Narrows Annual Loss On Lower Costs

LONDON (Alliance News) - Diamondcorp PLC Tuesday said it narrowed its losses in 2013 due to further cuts in overhead costs and general and administrative expenses. The diamond producer reported a pretax loss of GBP2.6 million in 2013, compared with a loss of GBP3.5 million in 2012. Th

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30 Apr 2014 15:08

DiamondCorp Says Lace Diamond Mine Development On Track

LONDON (Alliance News) - DiamondCorp PLC said Wednesday that it remains on track for commercial production ramp up from underground kimberlite mining to begin in the second half of 2015 at its Lace Diamond mine in South Africa. The company said that underground development at the mine, via

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28 Mar 2014 13:25

UK MIDDAY BRIEFING: FCA To Review Pensions, Life Insurance Policies

LONDON (Alliance News) - The life insurance sector was dragging down UK stock indices again Friday after the UK Financial Conduct Authority said it is set to begin an inquiry into up to 30 million policies sold from in the years prior to 2000.

The FTSE 350 sector is down 5.0% in rea

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28 Mar 2014 11:33

UK WINNERS & LOSERS: Strategic Natural Rebounds; Life Insurers Fall

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Friday.

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FTSE 100 - WINNERS

Glencore Xstrata, up 1.9%, Anglo American, up 1.6%, and Rio Tinto, up 1.4

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28 Mar 2014 11:30

DiamondCorp raises funds for corporate overheads

DiamondCorp, the Southern African diamond development, exploration and mining company, has placed 41.5m shares with new and existing investors. The £2m proceeds will be used to fund corporate overheads over the next two years and for general working capital purposes. 36.51m shares were placed in t

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28 Mar 2014 10:45

DiamondCorp Announces Placing To Raise GBP2.1 Million

LONDON (Alliance News) - DiamondCorp PLC Friday announced that it has placed 41.5 million shares in the company at a price in order to raise gross proceeds of roughly GBP2.1 million. The Southern African diamond development, exploration and mining company said the placing comprises of 36.5

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30 Jan 2014 13:54

UK MIDDAY BRIEFING: Equity Markets Turn Lower Again

LONDON (Alliance News) - Global equity markets have turned lower once again Thursday after the Federal Reserve cut its massive monthly bond-buying by a further USD10 billion late Wednesday, taking it down to USD65 billion, from USD85 billion in November.

Equity markets had risen in

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