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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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30 Jan 2014 11:41

UK WINNERS & LOSERS: Serco Plummets On Profit Warning

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

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FTSE 100 - WINNERS

British Sky Broadcasting Group, up 3.1%. BSkyB has raised its dividend

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30 Jan 2014 11:25

Diamondcorp's Underground Development At Lace Diamond Mine Is On Time, Under Budget

LONDON (Alliance News) - Diamondcorp PLC Thursday said underground development at its 74%-owned Lace diamond mine in the Free State province of South Africa, remains close to schedule and under budget. The Southern African diamond development and exploration company said steel sets are now

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30 Jan 2014 09:06

Thursday broker round-up UPDATE

Amedeo Resources: Daniel Stewart initiates with a target price of 2p and a buy recommendation. Anglo American: Credit Suisse ups target price from 1600p to 1650p and leaves its neutral rating unchanged. Antofagasta: Citi takes target price from 270p to 290p, but still recommends selling. JP Morgan

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9 Dec 2013 16:18

Entertainment One exec sells 1.8m pounds of shares

Patrice Theroux, President of the Film division of Entertainment One has sold nearly 1.8m pounds-worth of shares in the company via two separate transactions, it announced on Monday. Theroux disposed of 665,462 at a price of 240.1p on December 5th and offloaded a further 75,000 at 240p the followin

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3 Dec 2013 12:10

STOCKS NEWS EUROPE-FTSE AIM index down as Diamond Corp fall

Junior-listed shares in the FTSE AIM index fall 0.7 percent, broadly in line in mid-caps and blue chips, but underperforming the FTSE small cap index, down 0.2 percent. Shares in AIM-listed Diamond Corp fall 3.9 percent as the diamond miner's November sales update, which shows proceeds of $

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31 Oct 2013 14:23

Diamondcorp Develops Towards First Diamond Sales From Tailings Re-Treatment Facility

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4 Sep 2013 10:08

DIRECTOR DEALINGS - Diamondcorp Director Buys Shares

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10 Jan 2013 15:58

Dillistone Chairman boosts stake by 178,485 shares

The Chairman of Dillistone, an AIM-quoted supplier of software for the international recruitment industry, has added to 178,485 shares to his stake in the company, it was announced Thursday. Mike Love, purchased the shares at 178,485 at 81.5p each, costing him £145,465. The transaction takes his s

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24 Oct 2012 09:25

Wednesday broker round-up

African Barrick Gold: Investec raises target from 485p to 530p, hold rating kept. Aggreko: Seymour Pierce maintains buy rating and 2,500p target. AstraZeneca: Panmure Gordon keeps hold rating and 3,000p target. British American Tobacco: Jefferies keeps buy rating and 3,730p target; Panmure Gordon

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21 Sep 2012 10:29

Resources round-up: Diamondcorp, Empyrean, African Eagle

Shares in Texan oil firm Empyrean Energy moved to a 52-week high on the back of a production update for new wells completed recently on the group's Sugarloaf project. The group has nine wells on the go at the project and has a 3.0% working interest in each of them. The two biggest producers - Davila

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12 Jun 2012 13:33

Resource round-up: ZincOx, DiamondCorp, Nostra Terra

ZincOx Resources rose on Tuesday after the firm announced its Korean Recycling Plant had been commissioned and was in production and ramp-up mode. The commissioning process had been delayed after problems with gas burners. The firm said the ramp-up process was on track to take four months. Its share

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20 Mar 2012 13:40

Resources round-up: Roxi, 3Legs, Diamond Corp...

Roxi, the Central Asian oil and gas company, has announced that Bakmura, a subsidiary of the Korean National Oil Corporation, has agreed to the farm-out of the BNG Contract Area licence. The Korean firm will pay an initial cash consideration of $5m and will invest a further $25m in the BNG Contract

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22 Sep 2011 12:04

London midday: Slide continues

The FTSE 100 has continued diving and now looks in danger of dipping below the 5,000 point mark as comments from the US Federal Reserve last night continue to jangle nerves. Miners Xstrata and Kazakhmys are now posting double-digit percentage losses. Luxury fashion group Burberry is also nursing he

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22 Sep 2011 10:46

Diamondcorp sees shares drop on half year results

Shares in the southern Africa-focused mining company Diamondcorp have fallen over 6% following the release of company's half year results which show a loss of £1.17m. The bulk of the loss is a result of administrative and overhead costs which total £663,568 while depreciation and amortisation hit £

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10 May 2011 14:04

Diamondcorp's timing is good, says CEO

African diamond mine development and exploration company Diamondcorp has started extracting bulk samples from its Lace mine in Free State Province in South Africa. "It is very exciting to start hauling and processing fresh kimberlite from the Lace mine for the first time since mining ceased in 1931

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