| Fri 14 Dec 2007, 12:30 | | DMR - Diamond Core Resources - Posting Of Unqualified Audited Financial Results |
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DMR
DMR
DMR - Diamond Core Resources - Posting Of Unqualified Audited Financial Results
DIAMOND CORE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code: DMR & ISIN Number: ZAE000076956
("Diamond Core" or "the Company")
POSTING OF UNQUALIFIED AUDITED FINANCIAL RESULTS
Shareholders are referred to the announcement on 15 October 2007, setting out
the abridged annual results for the year ended 30 June 2007. The Company is
pleased to advise that the audited annual results have been finalised and the
auditors have issued an unqualified audit opinion thereon. The annual report
will be sent to shareholders during the coming week.
We draw your attention to the following difference between the abridged results
and the audited results:
The audited net loss has decreased to R5,444,233 from R17,338,819 as a result of
the unwinding of the transaction concluded between Samadi Resources (SA) (Pty)
Ltd and Sefalana Resources (Pty) Ltd (Sefalana).
Sefalana
Sefalana failed to meet the conditions precedent and the legal advice received
by the company confirmed that the agreement with Sefalana had thereby been
rendered void ab initio. As a consequence of the aforesaid and in terms of the
relevant provisions of the shareholders agreement Sefalana is deemed to have
offered its shares to Samadi at the par value thereof and Samadi is deemed to
have accepted such offer, serving to relieve Sefalana of its shares and
effectively restoring the parties to their respective positions immediately
prior to the conclusion of the contracts.
Sefalana has indicated that it intends disputing the action taken by the company
but has not yet done so. The group has received legal advice that the success of
any claim in this matter is remote.
Negotiations to comply with the BEE requirements are being followed in terms of
this agreement.
The loss per share has reduced from 5.78 cents to 1.82 cents. The headline loss
per share has increased from the previously reported 5.61 cents to 5.68 cents
Net asset value per share has increased to 95.67 cents from 91.72 cents. Net
tangible asset value per share has likewise increased to 62.63 cents from 58.69
cents.
Shareholders are advised that the Annual Report and AGM material will be posted
to shareholders on or about 19 December 2007.
For and on behalf of the board
AR Davids T Botoulas
Non-executive chairman Chief Executive Officer
14 December 2007
Directors: AR Davids*, T Botoulas, CI Campbell, S Nachom*(USA), MJ Prinsloo*, GD
Hunter*, JK Barker*(UK) (*non-executive)
Epsom Downs
Sandton
Sponsor: River Group
Website: www.diamondcore.co.za
Date: 14/12/2007 12:30:27 Produced by the JSE SENS Department.
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