DIAM Diamond Cap

TIDMDIAM

RNS Number : 9947O

Diamond Circle Capital Plc

18 October 2012

DIAMOND CIRCLE CAPITAL PLC

18 October 2012

Capital distribution

The Board of Diamond Circle Capital plc are pleased to announce that a certificate of re-registration as a company governed by the Isle of Man Companies Act 2006 has now been received and therefore the re-registration process of the Company as set out in the circular to shareholders dated 20 September 2012 has been completed.

To date the Board has announced that, in accordance with its newly revised investment objective and policy, it has sold a total of 8 diamonds for an aggregate net consideration of $30.5 million. The Board is therefore proposing to make a capital distribution amounting to $30.0 million (equivalent to $4.04 per share).

The capital distribution is being made through a cancellation of paid up share capital of the Company equal to the amount being returned to those shareholders on the register as at 26 October 2012. Shares will be marked ex entitlement on 24 October 2012 and the Board expects payments to be made in the week commencing 29 October 2012.

The Board continues to explore and consider all opportunities to realise the remaining portfolio of three diamonds in an orderly and timely manner. Taking the current carrying value of the remaining stones and adjusting for the estimated costs associated with (i) the disposal of the remaining portfolio; (ii) the ongoing operating of the company and (iii) the ultimate liquidation of the Company, the adjusted net asset value of the company, after deducting the distribution announced today, is approximately $11.5 million equivalent to $1.54 per share. It should be noted that there are a number of factors which could cause the amount of any future cash distributions to differ materially from the net asset value noted above, including: the actual price at which the Company will be able to sell its diamonds, market conditions and the disposal and liquidation costs. The Board notes the continued weakness in the Polished Prices Overall Index and the impact that this may have on any future sales of the remaining three stones.

It remains the Board's intention, as soon as practicable following future realisations, to make further returns of capital to shareholders.

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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