African Diamonds issues detailed plan to shareholders

source: Sunday Standard
by Prof Malema
05-11-2010

African Diamond Plc, the diamond company involved in AK 6 resources, has issued out a scheme of arrangement to shareholders, indicating that it is planning to de-list on both the London and Botswana Stock Exchanges (BSE), before the end of the year.

The move follows what was dubbed a “compelling” offer by Lucara when it proposed to acquire all African Diamonds shares and locking its shareholders into a much bigger company with operations in the southern African region.

The total value of the proposed transaction will be $ 82 million Canadian (US $ 80 million, P 528 million ) —representing a 27 percent upside — based on Lucara price and Canadian dollar exchange rate as at the close of [continue reading]

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