26 Oct 2009 16:00
26th October 2009
Merger between West African Diamonds and Stellar Diamonds Limited
Following press speculation the Directors of West African Diamonds (WAD) the AIM listed diamond producer wish to announce that Heads of Terms have been signed to acquire Stellar Diamonds Limited, a privately held West African diamond producer, whose principal shareholder is African Aura plc (the "Acquisition").
The Acquisition, if concluded, constitutes a reverse transaction under the AIM Rules and is therefore conditional, inter alia, on the approval of WAD shareholders. WAD has requested and been granted a suspension of trading in its ordinary shares with immediate effect pending publication of an AIM Admission Document to shareholders containing details of the Acquisition. It is the intention of both boards to relist the combined venture on AIM.
Further announcements regarding the Acquisition will be made in due course and a circular sent to WAD shareholders containing details of the Acquisition and related matters as well as convening a general meeting of the Company to approve the Acquisition and associated matters as soon as possible.
Further details will be released when appropriate.
Enquiries:
| West African Diamonds plc | |||
| John Teeling, Chairman | + 353 1 833 2833 | ||
| James Campbell, Deputy Chairman | +27 83 457 3724 | ||
| Astaire Securities plc Lindsay Mair | +44 (0)20 7448 4400 | ||
| College Hill Nick Elwes | +44 (0) 20 7457 2020 | ||
www.westafdiamonds.com