| Fri 7 Nov 2008, 11:53 | | DMC - DiamondCorp - Issue Of Shares For Cash |
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DMC
DMC
DMC - DiamondCorp - Issue Of Shares For Cash
DiamondCorp Plc
JSE share code: DMC & AIM share code: DCP
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp" or "the Company")
ISSUE OF SHARES FOR CASH
DiamondCorp, the South African diamond mining company, is pleased to
announce that in accordance with the general authority approved by
shareholders at the annual general meeting held on 4 July 2008, the Company
has placed 4,000,000 fully paid ordinary shares (`new shares`) of 3p par
value for gross proceeds of GBP1,800,000.
The new shares represent 10.79% of the Company`s issued share capital and
will rank pari passu with all existing shares.
The Company has applied for the new shares to be listed on the JSE Limited
(`JSE`) and the AIM Market of the London Stock Exchange. The admission of
the shares to trading is expected on the JSE on Tuesday, 11 November 2008
and AIM on Wednesday, 12 November.
The shares have been placed at 45 pence per share (the equivalent of R7.49
per share) at the prevailing exchange rate of 16.6444R/GBP, being a 10%
discount to the 30-day volume weighted average price of R8.32 on the JSE as
at 29 October 2008, being the date agreement was reached to place the
shares.
The shares have been placed to the European Islamic Investment Bank plc,
which qualifies as a "public" shareholder within the meaning of paragraphs
4.25 and 4.26 of the Listings Requirements of the JSE.
The proceeds of the placing will be used for general working capital
purposes.
Financial effects
The table below reflects the pro forma financial effects of the placement.
This table has been prepared for illustrative purposes only in terms of the
Listings Requirements of the JSE and therefore, due to its nature may not
truly reflect DiamondCorp`s financial position or results. The directors of
DiamondCorp are responsible for the preparation of the pro forma financial
effects.
Before issue of After issue of % change
new shares (i) new shares (ii) (iii)
Basic loss per
share (pence) 3.78 3.39 10.32
Headline loss
per share 3.78 3.39 10.32
(pence)
Net asset value
per share 34.56 35.58 2.95
(pence)
Tangible net
asset value per 17.23 19.93 15.67
share (pence)
Number of shares
in issue 37,086,995 41,086,995 10.79
Notes
The "Before issue of new shares" figures are based on the DiamondCorp
unaudited interim results for the six months ended 30 June 2008.
The "After issue of new shares" is based on the assumption that the issue of
new shares was effective on 1 January 2008. It is assumed that the proceeds
will be utilized for working capital and will therefore not affect earnings
for the period. The proceeds have been converted at the prevailing exchange
rate as at 29 October 2008 of 16.6444R/GBP.
The percentage change has been calculated on rounded numbers.
7 November 2008
London
Sponsor:
Investec Bank Limited
For further information, please contact:
Paul Loudon
DiamondCorp plc
+44 20 7256 2651
Joe Nally/Liz Bowman
Cenkos Securities plc
+44 20 7397 8900
Robert Smith/Tanis Crosby
Investec Bank Limited
+27 11 286 7662
Charmane Russell
Russell & Associates
+27 11 880 3924
Jane Stacey/Jos Simson
Conduit PR
+44 20 7429 6606/+44 7922 923 306
Date: 07/11/2008 11:53:01 Produced by the JSE SENS Department.
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