RE: Pink diamonds, the gift that keeps on giving1 Mar 2020 22:05
I have already covered the Interims from AIM-listed Karelian Diamonds (KDR) and the misleading statements within. But it seems I am not the only one who is concerned that investors are being led up the garden path with the acquiescence of Nomad Allenby, for an email has come into my possession which appears to question the validity of the statements offered up.
At the centre of it are those Pink Diamonds referred to in the half year report. Is this real information or just old news dressed up as progress by a company which was down to its last EUR 20,000 with a mountain of payables which it cannot meet in the hope of whipping up excitement?
The email reads:
To: Maureen Jones
Maureen
Hi
Ref the ‘new’ information in the Half yearly report today that 7% of Lahtojoki stones are coloured.
Can you please advise where and when that information has been previously disclosed to the market ?
Is it new analysis of new drilling/ tailings , or is it a rehash of old information
This is a very serious question as a Half yearly report should be a summation of whats gone before and significant new data should have been released properly
If I dont get a clear answer I will be taking this up with the Nomad and the FCA.
Many Thanks
Clearly I am not the only person who has serious doubts about what we were told yesterday. And there are minor issues such as releasing price-sensitive information in a timely manner to the market. So if Karelian has been sitting on information that 7% of the diamonds discovered at Lahtojoki are coloured and, by extension, a good portion of them are pink, that appears to me to be a slam-dunk breach of AIM Rules. Yet we have seen no release of such information via RNS during the half-year period.
On the other hand, if this is just the re-hashing of old news then what has Karelian been doing for the past six months, while spending other peoples’ money?
What I would love to know is where are those diamonds? Has the Nomad seen them? Are they being held by Karelian? Has it tried to sell them – goodness knows it could do with the cash! Or is this third-hand data with no diamonds to back it up?
I smell a rat.