AMI.L Regulatory News (AMI)

27 Jun 2007 07:00

Sierra Leone Diamond Company Ld27 June 2007 For immediate release 27 June 2007 Sierra Leone Diamond Company Limited ("SLDC" or "the Company") Proposed Change of Name to "African Minerals Limited" Sierra Leone Diamond Company Limited (AIM:SLD), today announces that a SpecialGeneral Meeting ("SGM") of the Company is to be held to change the name of theCompany to "African Minerals Limited" and to set a maximum number of Directorsfor the purposes of the Company's Bye-Laws. Since its admission to AIM in 2005 the Company's activities in Sierra Leone havedeveloped beyond diamond exploration and production. In addition to the iron oreprojects at Tonkolili and Marampa, the Company has for the past two years beenundertaking a countrywide, multi element analysis of stream and till sediments,primarily to determine sources of diamonds. However, as a result of thisprogramme, the Company has located several sites which offer the potential forthe discovery of precious, base and minor metals. In recognition of this and theCompany's plans to consider further strategic acquisitions on the Africancontinent, the Directors believe that now is an appropriate time to change thename of the Company. Accordingly, the Directors are proposing a resolution atthe SGM that the Company's name be changed to "African Minerals Limited". The Bye-Laws of the Company stipulate that there must be a minimum of threeDirectors on the Board. However, no maximum number of Directors has, to date,been determined. This means that, at present, additional Directors may only beappointed by the Board, if one or more of the existing Directors were to resignor otherwise leave office, or by the shareholders at a general meeting of theCompany. The Directors believe that this unnecessarily restricts their abilityto appoint persons of the right calibre and experience to the Board during thecourse of the year. The Company has been advised that if it stipulates a maximum number ofDirectors, any unfilled positions on the Board may then, with the approval ofshareholders, be deemed "casual vacancies" which will be available for theDirectors to make additional appointments to the Board, at their discretion,during the course of the year. The Directors are proposing a resolution at the SGM to set a maximum limit often on the number of Directors and to approve the creation of "casual vacancies"on the Board. With the current Board of seven Directors this will create three"casual vacancies" which will be available for the Directors to make additionalappointments to the Board, at their discretion, during the course of the year.Any such appointments would be subject to ratification by shareholders at thenext Annual General Meeting. A circular convening the SGM to be held at Block F, Suite 5, Hirzel Court, StPeter Port, Guernsey, Channel Islands GY1 2NW at 11.00 a.m on 27 July 2007 hastoday been sent to shareholders. Enquiries: Sierra Leone Diamond Company Limited Tel: +44 (0) 20 7849 3002Frank TimisJamie Alpen Canaccord Adams Limited Tel: +44 (0) 20 7050 6500Mark AshurstMike Jones Buchanan Communications Tel: +44 (0) 20 7466 5000Bobby MorseBen Willey This information is provided by RNS The company news service from the London Stock Exchange