19 Feb 2014 07:00
19 February 2014
Firestone Diamonds plc
("Firestone" or the "Company") (AIM: FDI)
Firestone to delist from the Botswana Stock Exchange
Firestone Diamonds plc, the AIM-quoted diamond development company, today announces that as previously set out to shareholders in the Company's notice of annual general meeting for 2013, it is in the process of delisting from the Botswana Stock Exchange ("BSE").
Firestone's principal investment in Botswana is its BK11 mine. The mine was placed under care and maintenance on 28 February, 2012, following a strategic review, when it was decided to focus on the Company's interests in the Kingdom of Lesotho.
The Board is considering various strategic alternatives for its Botswana operation, including disposal or a joint venture, but it recognises that extracting fair value from the asset in the current investor climate could be challenging.
Since listing on the venture capital board of the BSE in June 2011, less than 0.02% of the Company's ordinary shares of 1 pence each ("Ordinary Shares") have moved onto the BSE and, since then, trading on the BSE has been negligible, with 92,828 Ordinary Shares having traded on nine days in 35 separate trades. In the six months prior to the annual general meeting, held on 29 November, 2013, in which the resolution to voluntarily delist from the BSE was proposed, only 1,107 Ordinary Shares have traded, on a single day, at a weighted average value of 0.60 Pula (approximately 4 pence) per Ordinary Share.
In light of these circumstances, the Directors formed the view that the administrative costs of maintaining the BSE listing are no longer justifiable and, accordingly, Firestone shareholders voted in favour of a delisting from the BSE at the annual general meeting of the Company, held on 29 November, 2013.
The BSE has granted the application to delist the Ordinary Shares as of Friday 28 February, 2014, which will therefore be the last day for trading Ordinary Shares of Firestone listed on the BSE (the "Delisting Date").
The Company's Ordinary Shares will continue to be quoted on the AIM market, as operated by the London Stock Exchange, under the ticker 'FDI'.
Information about the on-going business and affairs of Firestone will continue to be made available on the Company website (www.firestonediamonds.com).
In order to assist shareholders of Firestone who remain on the Botswana Share Register after the Delisting Date, such shareholders may:
(a) for the four weeks following the Delisting Date, sell all of the Ordinary Shares they own in Firestone through the Share Sale Facility described below; or
(b) continue to hold Ordinary Shares and have these transferred to Firestone's AIM share register, at no cost, at the end of the aforementioned Share Sale Facility period.
The Share Sale Facility
Firestone has engaged Imara Capital Securities to manage the Share Sale Facility and interact with Firestone shareholders on the Botswana Share Register who wish to utilise this facility.
Firestone will provide full details of this Share Sale Facility in a Circular to be mailed to shareholders of Firestone on the Botswana Share Register on or about 20 February, 2014. In addition to the terms and conditions of the use of the Share Sale Facility, the details will include information as to costs, proceeds, mechanics and timings of the sale.
Transferring to Firestone's AIM Share Register
Firestone shareholders on the Botswana Share Register who do not utilise the Share Sale Facility will have their shareholding in Firestone transferred to the AIM Share register on completion of the Share Sale Facility, at no cost.
Once the transfer to Firestone's AIM Share Register is complete, Ordinary Shares will continue to be traded on AIM under the ticker FDI, subject to the rules of AIM.
Should you require further information, please contact the Botswana Transfer Secretary, Corpserve Botswana, at Unit 206, Showgrounds Close, Plot 64516, Fairgrounds, Gaborone or, P.O. Box 1583 AAD, Gaborone or by phone at +267 39 3 22 44, fax +267 393 22 43 or, email contactus@corpservebotswana.com.
For more information contact
Firestone Diamonds plc | +44 (0)20 8741 7810 |
Stuart Brown | |
Strand Hanson Limited (Nomad) | +44 (0)20 7409 3494 |
Stuart Faulkner | |
Richard Tulloch | |
James Dance | |
GMP Securities Europe LLP (Joint Broker) | +44 (0)20 7647 2800 |
Richard Greenfield | |
Alexandra Carse | |
Mirabaud Securities LLP (Joint Broker) | |
Rory Scott | +44 (0)20 7878 3360 |
Ed Haig-Thomas | +44 (0)20 7878 3447 |
Tavistock Communications | +44 (0)20 7920 3150 |
Jos Simson | +44 (0)7788 554 035 |
Emily Fenton | |
Nuala Gallagher |
Background information on Firestone
Firestone is an international diamond development company with operations focused on Lesotho and Botswana. Firestone is currently in the process of developing the Main Treatment Plant at the Liqhobong Mine in Lesotho to become a plus-one million carat per annum producer.
Lesotho is emerging as one of Africa's significant new diamond producers, and hosts Gem Diamonds' Letseng Mine, Firestone's Liqhobong Mine, as well as Namakwa Diamonds' Kao Mine and the Mothae development project.
For more information please visit: www.firestonediamonds.com.
**ENDS**