Diamond Circle Capital Plc Portfolio Realisation Update (6419O)
13 10월 2012 - 12:55AM
UK Regulatory
TIDMDIAM
RNS Number : 6419O
Diamond Circle Capital Plc
12 October 2012
DIAMOND CIRCLE CAPITAL PLC
12 October 2012
Portfolio realisation update
The Board of Diamond Circle Capital plc is pleased to announce
that, in accordance with its newly revised investment objective and
policy, it has sold a further three diamonds out of the company's
remaining portfolio of six diamonds for an aggregate gross
consideration of $20.8million which compares to the carrying value
as at 31 August 2012 of $23.4 million. The net aggregate proceeds
after all selling commission and costs amounts to $20.8
million.
On 20 September 2012 the Board announced that it had posted a
circular to shareholders convening an Extraordinary General Meeting
of the company to be held on 15 October 2012. The purpose of the
EGM is to approve the re-registration of the Company as a company
governed by the Isle of Man Companies Act 2006 and to approve,
conditional upon the re-registration, the adoption of a new
memorandum of association new articles of association and the
process by which capital may be returned to shareholders.
It is the Board's current intention, as soon as practicable
following completion of the re-registration noted above, to make a
return of capital payment to shareholders. The timing and amount of
such return of capital will be announced in due course.
The Board continues to explore and consider all opportunities to
realise the remaining portfolio of diamonds in an orderly and
timely manner. However, shareholders should note that the market
for polished diamonds remains difficult. The Polished Prices
Overall Diamond Index has continued to decline falling 11.6 per
cent. this year and falling 21.2 per cent from the peak reached
last August.
Further information, please contact:
Philip Scales
Tel: +44 (0)1624 681250
IOMA Fund and Investment Management Limited
David Benda
Tel: +44 (0)20 7260 1000
Numis Securities Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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