Gem Diamonds Di Regulatory News (GEMD)

25 Oct 2007 16:56

Gem Diamonds Limited25 October 2007 25th October, 2007 GEM DIAMONDS LIMITED ("Gem Diamonds" or the "Company") Extension of Offer for Kimberley Further to the announcement by Gem Diamonds on 19 July 2007 of its proposed cashoffer for 100 per cent of the issued share capital of Kimberley Diamond CompanyNL ("Kimberley") (the "Acquisition"), the Board of Gem Diamonds has elected toextend the offer period from the previously indicated Closing Date of 2 November2007 to 16 November 2007. As at the close of business on 24 October 2007, Gem Diamonds Australia PtyLimited (a 100% held subsidiary of the Company) held a relevant interest of41.53% in Kimberley and had received acceptances in respect of a further 12.60%of Kimberley under the Company's institutional acceptance facility. Definitions used in this announcement shall have the meanings given to them inthe shareholder circular posted 28 September 2007, except where context requiresotherwise. For further information: Gem Diamonds Limited Clifford Elphick Tel: +44 203 043 0280 Gem Diamond Technical Services (Pty) Limited Stephen Wetherall Tel: +27 82 418 8735 Pelham PR Candice Sgroi Tel: +44 207 743 6376 About Gem Diamonds Gem Diamonds is a diamond mining company with a balanced portfolio of aproducing kimberlite mine, two producing alluvial mines, development projectsand long-term prospects. Established in July 2005, Gem Diamonds is pursuing anaccelerated growth strategy and aims to become one of the world's leadingdiamond companies. Gem Diamonds currently has one producing kimberlite mine, Letseng, in Lesotho, two producing alluvial mines - Cempaka in Indonesia andMbelenge in the Democratic Republic of Congo (DRC), a kimberlite developmentproject in Botswana, two development projects in the DRC, one in the CentralAfrican Republic and an option to develop the Chiri kimberlite concession inAngola. The Company recently made an offer to Kimberley Diamond Company's shareholdersto acquire their shares in this company, which owns the Ellendale Mine in northWestern Australia, and which was approved by Gem Diamonds' shareholders at anExtraordinary General Meeting on 16 October 2007. Gem Diamonds currently has a specific focus towards higher value diamonds, asegment of the market that its management believes will deliver superior longterm returns. For further information about Gem Diamonds visit www.gemdiamonds.com. This information is provided by RNS The company news service from the London Stock Exchange