27 Oct 2016 07:00
27 October 2016
DiamondCorp plc
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", "the Group" or "the Company")
Board changes
DiamondCorp plc, the Southern Africa focussed diamond mine development and exploration company, announces the following changes to the Board.
Further to the announcement of 20 October 2016, that Chris Ellis, current Non-Executive Director of DiamondCorp, has been formally appointed as Independent Interim Non-Executive Chairman with immediate effect.
The Company is also pleased to announce the appointment of Neil McDougall as a Non-Executive Director with immediate effect.
Mr McDougall's appointment is pursuant to the terms of the financing facility ("Facility") with Rasmala plc ("Rasmala") as announced on 20 October 2016, and is in addition to the continued role of Michael Toxvaerd as Non-Executive Director of both DiamondCorp and Rasmala.
Neil McDougall is Chief Financial Officer of Rasmala and is an experienced professional with many years of senior management experience in international environments. Prior to joining Rasmala, Mr McDougall has served in senior finance roles in various organisations including Europe Arab Bank Plc, Commerzbank and Standard Chartered. In his previous roles, he has been responsible for all aspects of Global Finance support, from performance management and decision making through to Product Control, Valuations Control and Financial and Regulatory Reporting.
Prior to these roles Neil also covered senior roles at Bank of Nova Scotia, Dai-Ichi Kangyo (now Mizuho) and started his career at Kleinwort Benson Merchant Bank. He obtained his CIMA qualification in 1993.
The Company also announces that Mr Hulme Scholes, current Non-Executive Director, has resigned from the Board, effective immediately, but shall continue to remain a director of DiamondCorp's operating subsidiary Lace Diamond Mines (Pty) Limited.
Contact details:
DiamondCorp plc
Paul Loudon, Chief Executive
Tel: +27 56 216 1300
Chris Ellis, Interim Non-Executive Chairman
Tel: +44 (0) 20 3151 0970
UK Broker & Nomad
Panmure Gordon (UK) Limited
Adam James/ Atholl Tweedie
Tel: +44 20 7886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)Megan Young
Tel: +27 11 445 8068
SA Corporate Advisor
Qinisele Resources Proprietary Limited
Dennis Tucker/Andrew Brady
Tel: +27 11 883 6358
Appendix
Mr Neil Thomas McDougall, aged 49, is a director of Rasmala plc and European Islamic Investment Bank Limited and, within the last five years, was a director of CEBH Consultancy Limited.
In addition to the Facility, Rasmala is interested in a total of 55,761,412 ordinary shares in the Company, which represents approximately 11.6% of the issued share capital of the Company. Mr McDougall does not have a direct beneficial shareholding in the Company.
There is no further information to be disclosed under Schedule Two paragraph (g), and Rule 17 of the AIM Rules in respect of Neil McDougall's appointment as Non-Executive Director.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").