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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 Feb 2011 16:17

Diamondcorp sparkles after tender success

Shares in Diamondcorp sparkled Thursday as the African diamond mine development and exploration company announced the sale of 1,321 carats of diamonds recovered from tailings during the re-commissioning of the company's Lace mine. The gems were sold for $94 per carat, a massive improvement on the $

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3 Feb 2011 10:47

Small caps round-up: Amur, Creston, Noventa

Shares in Amur Minerals picked up after the Far East Russia-focused gold miner said the last results from its 2010 exploration campaign were 'excellent.' Sampling was conducted between two deposits, Maly Krumkon and Ikenskoe, and showed that a nickel anomaly linking the two deposits was discovered.

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8 Nov 2010 10:34

Small caps round-up: Anite, Victoria Oil, DiamondCorp ...

Anite, the wireless equipment tester and provider of management software to the travel sector, expects its first half results to exceed expectations after some deals in its wireless division were concluded earlier than anticipated. However, given that the deals were expected to conclude in the seco

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7 Jul 2010 07:43

Diamondcorp: Size Of Geophysical Target At J-12 Rises To 45 Hectares

LONDON (Dow Jones)--DiamondCorp PLC (DCP.LN), a Southern African diamond mining and exploration company, said Wednesday reprocessing of geophysical data from PL71 in Botswana has resulted in the size of the geophysical target at J-12 increasing from 15 hectares or ha, to 45ha, and better defined a 4

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25 Jun 2010 12:12

Diamondcorp FY Pretax Losses GBP4,149,356 Vs GBP4,255,352

LONDON (Dow Jones)--DiamondCorp Plc (DCP.LN), an African diamond mining and exploration company, announced Friday it made a pretax loss of GBP4,149,356 for year ended December 31, 2009, compared with a wider loss of GBP4,255,352. MAIN FACTS: -Revenue: GBP68,863 (2008: GBP916,767) -Loss p

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14 Oct 2009 08:49

Small caps roundup: AEC Education, Cryptologic, DiamondCorp...

Asia focused teaching group, AEC Education, has paid £442,000 for the 70% of a pair of Malaysian educational institutes it doesn't already own. The company had snapped up 30% of the IMS Professional Training Services and Kasturi Management Consultancy in April last year. Online betting games and

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5 Oct 2009 08:24

FTSE 250 movers: PZ Cussons jumps after update

Soap manufacturer PZ Cussons is going well after it said it remains 'cautiously optimistic' for the full year despite uncertain economic conditions after seeing strong trading in its main market of Nigeria and in the UK. Gem Diamonds is sparkling after its smaller peers Kopane Diamond and DiamondCo

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5 Oct 2009 08:23

Sector movers: Diamond stocks sparkle

Diamond miners are sparkling after two companies in the sector said they had received expressions of interest. Kopane Diamonds, which mines for the gemstones in Lesotho and is up 11%, has entered into an exclusivity agreement with a potential investor in its Liqhobong mine. The potential investor h

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5 Oct 2009 07:37

Small caps round-up: DiamondCorp, Clean Energy Brazil, Nyota Minerals...

Diamondcorp, which is developing projects to mine the gemstone in South Africa and Botswana, said it is in discussions that may or may not lead to an offer being made for the company. Clean Energy Brazil is urging shareholders not to make a decision on last week's bid from Global Investors Acquisit

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