Member Info for MisterPositive

We might hear something on the EOI. There was a mention in 28 Feb RNS.... "The BRP may also continue to solicit expressions of interest for a strategic investor(s) in LDM". Who knows there could be interest here, but BRP would only provide an update when they can. So yes watch that space closely.

Pretty good RNS. It's more likely now than before that..... "common sense will prevail"...... AMCU I am sure that AMCU will honour their 'AIP' first reached on 25 Jan 2017 may be with some minor amendments, given that talks are now taking place under the supervision of : "Discussions continue between AMCU and the BRP under the supervision the South African Commission for Conciliation, Mediation and Arbitration." IDC Formal agreement entered with IDC today. Very important detail was highlighted today, that might explain previous reluctance by IDC to agree the terms. "Further to the announcement of 14 February 2017, a formal agreement (the "IDC Agreement") has been entered into between the IDC, the BRP and DiamondCorp Holdings Limited ("DCH", a wholly owned subsidiary of the Company), in relation to, inter alia, the ability for DCH to advance a PCF loan or loans to the Group's operating subsidiary LDM (a "LDM PCF Loan"), with any such loan(s) secured against the assets of LDM on a basis senior to all existing indebtedness of LDM with the exception of the first c.ZAR1.2 million that will shortly be ceded by the IDC from proceeds of a recent insurance claim received by LDM." Pay attention to this line: with any such loan(s) secured against the assets of LDM on a basis senior to all existing indebtedness of LDM. My interpretation as below: DiamondCorp Holdings (DCH) PCF loan to LDM will be secured will rank SENIOR to all "existing" indebtedness of LDM. This pushes IDC loan secured on LDM down and comes after DCH loan finance. So in future IDC loan finance will rank lower than DCH PCF loan. At least that's my interpretation of that paragraph.....have read that 5 times now. So going forward IDC will have to behave. As soon as AMCU talks are agreed, BRP will then publish the 'Business Rescue Plan'.

Could not get hold of Ed Dyer as he was unavailable. May be has been in IDC meetings ?...who knows. Either way we will get another RNS probably at 07:00 notifying for another 2 week extension Or might hear of an agreement reached finally. Unfortunately we can only wait. Yes I appreciate that these delays just prolong the mine remediation work. But in the bigger scheme of things, I am happy to wait another 2 -4 weeks as long as we can secure a deal. Will try again for Ed tomorrow and ask that question: "when does it become unsustainable"?

No reply yet. Will try to follow up Monday as Thu / Fri was pretty hectic for me. Yes IDC is being a pain here 😡 Think this will again get extended till mid-March if no agreement finalised by 28 Feb....and so on....until agreement is finally reached with IDC, no matter how long it takes. imho Court can clearly see business can become quite successful and will not let it wind up just because IDC are being an A*s. No way IDC will want it to go down as the backlash will be a monster, especially SA credit ratings being downgraded last year. They want to build bridges here NOT burn them in order to attract foreign direct investment. That landmark court ruling this week might just be the very 1st step sending a message to World's Investment community that SA is....."Open for Business".......we are sorting out our mess.....so you can invest the $$$$... At least that's my view and how I read it....actually could restart the confidence in mining once again.

http://oilprice.com/Metals/Commodities/Has-South-Africa-Just-Pushed-The-Restart-Button-For-Mining.html One of the most striking stories in mining the last decade has been the decline of South Africa. With that nation going from world’s top gold producer in 2006 all the way down to 7th place globally in 2016. Part of that decline is due to geology — with deposits here being deep and expensive. But there’s another big reason for South Africa’s mining issues: labor problems that have plagued the gold and platinum sectors the last several years. But a landmark court ruling this week may change that. With South Africa’s highest court severely curtailing the ability of mine workers unions to stage crippling strikes. South Africa’s Constitutional Court delivered a verdict Tuesday in a case brought by the Associated Mineworkers and Construction Union (AMCU). Where the union was appealing a 2014 Labor Court ruling that forced it to accept collective bargaining as part of wage negotiations. The original case here stems to 2013. When AMCU’s fellow unions National Union of Mineworkers, UASA and Solidarity all accepted a pay deal with major gold mining companies — one which AMCU leaders disagreed with. AMCU refused to accept the pay agreement. And were promptly taken to court by mining firms — who argued that under an “inclusive process” of bargaining, AMCU should be forced to accept the pay deal when a majority of other unions had signed off. The Labor Court agreed, ruling that AMCU should be bound by the deal. Prompting AMCU reps to appeal to the Constitutional Court — leading up to this week’s decision, where Constitutional Court judges upheld the original decision in favor of mining companies. The result is that AMCU (and other unions) will no longer be able to single handedly go on “protected” strikes — where workers cannot be fired during labor action. Going forward, any such activist strikes would risk workers losing their jobs. That’s almost certain to reduce the incidence of strikes across South Africa. Which would be welcome news for mining companies, bringing much more certainty to operations here. The case isn’t completely finished, with AMCU lawyers saying they are examining a potential appeal of the Constitutional Court decision. Watch for next moves from the union, and for a potential improvement in the operational climate in South Africa if this week’s ruling does stand. Here’s to getting to work.

Yes...see Mon 11:48 post. Been busy all day today. Planning to call Deloitte tomorrow to speak with Edward Dyer. Let's see if I can find some clues what's going on in the background.

Thanks folks. We are all in this together. I am a fighter and will not rest until we can get a satisfactory result here. Valency, Have bookmarked both links. Might actually call Deloitte tomorrow morning and try to speak with Edward Dyer directly if he is available. Will get back later. ATB

alligin. Thanks. Yes noted. Due to the essence of time I sent the email to PL, and asked him to forward as it is to 'Deloitte' if he can. I am sure he must be busy with ongoing negotiations with IDC and any adjustments needed to the AMCU agreement in principle. Let's give it a day or so. Might get an RNS this week.....who knows. Have a good feeling though that DCP will get through the current storm to safe harbour soon. Best Wishes all.

Email sent : PrimaryBid.com was put as Top option amongst others. Lets see. Best Wishes all.

Ros19, Excellent point. Will add to the email......... send in the next hour. Ascent Resources raised £3m just last weekend, on Sunday via Primary Bid with PI' participating actively. Cheers.

tozerk, Yes. we still need IDC terms to be agreed and finalised. But the idea is with the comfort of knowing extra funds are forthcoming you get to agree terms sooner with better leverage during negotiations & can overcome small nick-nacks that might be jeopardise the final outcome. It's like you plan to buy the car you always wanted but due to not enough visibility of future funds, you refrain from going ahead. Suddenly you land a new job and that shopping list comes out again....lol

Valency, Where did you get the name "Edward Dyer" ? I thought the BRP was: Daniel Terblanche RNS: 22 Nov 2016 "Further to the announcement of 16 November 2016, DiamondCorp announces that the board of the Company's operating subsidiary, Lace Diamond Mines (Pty) Ltd ("LDM"), has resolved to appoint Daniel Terblanche of Deloitte & Touche as the business rescue practitioner in accordance with the provisions of section 129 of the Companies Act, 71 of 2008."

Banksman, sorry mate, I don't know much about PL's past thoughts on this matter. When Jaf said that: "PL has already said such an idea is impossible as the sale of rough diamonds is very closely controlled." So thought may be that it's a no go...... I can always add that as an email item just to through it out there. PL can then respond whether it's feasible in the current environment as a Yes / No answer...nothing to lose i guess, more options the better imho.

Agree......Title: "Expression of Interest"...........has a much powerful impact.

jaf.......love it......smart guy indeed. Been married myself for about 12 years, still have not bought my wife that diamond I promised her. May be just in time now once we can get Lace up and running....might even get a discount.....lol

jaf, many thanks. Yes will cross out the 1 carat comment. Banksman.......sorry mate you will have to buy that 1 carat diamond from those 'Dividends' that you will receive from DCP in coming years (hopefully) 😉

Noted there was no RNS after hours on Friday for the EOI deadline of 17 Feb.....which only means negotiations are still progressing in the background. Valency - noted your collective EOI points....adding them in the 'Draft' email that I will send on Sunday night OR Monday morning as soon as I get response from PL. Banksman - shall I add the 1 carat for every $168 investment proposal in the email (Crowdfunding)...? nothing to lose. An 'Escrow Account' can be set up for the recovery & remediation purpose. Tozerk - What is the absolute 'Drop dead' date for any decision IF receivership is announced ? Folks - just brainstorming through some ideas here as they coming to mind....while working through your feedback so far. Feel free to jump in any time. Don't know where all this energy is coming from....lol.....but job not done yet. Will head email title as - "Proposal - Rights Issue"......unless other suggestions ? Good that I did not rush an email on Friday....better to make it as effective as possible...who knows this might end up being 'THE' most single important email resulting in rescuing our company. Best Wishes always.....back bit later.

Banksman, Love that proposal for all private investors.....for every $168 invested we get 1 carat Diamond as an incentive. This will obviously be on top of the potential upside (e.g. 10x Bag) for DCP share price when Production ramp-up kicks in 2017 (hopefully).......love that idea. Might add that proposal in my email.....risks vs reward and all that.......awesome.

Valency, thanks for the clarification with respect to the PCF. Will draft an email tonight at some point.......got very busy in the afternoon. Will ask PL for Edward Dyer's email address and then send it to him Sunday night / Mon morning. Folks - Please let me know any specific points you might want me to include, otherwise will use my judgement. Cheers.

tozerk. Have not emailed yet, pretty busy afternoon, but I get the feeling DCP will end up hammering out a deal with IDC, and hopefully AMCU issues will then fall into place. End of Feb date was quoted to give market an idea and also put pressure on IDC to come to some form of agreement by 28 Feb or may be before. They can always extend the date of admission for the Placing shares. Not ideal but company has that flexibility (i think). Hence don't think the company is going down under. Just that more delays are not good as wages keep accruing etc. and lost production is not good either. That's why sooner remediation work starts at Lace the better chance we have to achieve ramp-up in Production. Best wishes all.