NAD Namakwa DI.

TIDMNAD

RNS Number : 4292X

Namakwa Diamonds Limited

07 February 2013

7 February 2013

Namakwa Diamonds Limited (AIM: NAD)

("Namakwa Diamonds" or the "Company")

Convening of Special General Meeting

On 6 February 2013, Jarvirne Limited and Sputnick Limited (the "Majority Shareholders") (who, as far as the Company is aware, together are beneficially interested in 825,200,275 shares equivalent to 75.07% of the issued share capital of the Company) served a notice (the "Notice") on the Company requesting that a special general meeting of the Company be convened at which the sole business should be for shareholders of the Company to consider a resolution (the "Resolution") as to whether the Company's admission to trading on AIM should be cancelled.

This Resolution will require the approval of 75% of those shareholders voting in person or by proxy at the special general meeting. The Majority Shareholders have confirmed in the Notice that they will vote in favour of the Resolution and, in light of their shareholdings, the Company believes that the Resolution will therefore be passed.

The Company has begun to prepare a circular containing the notice convening the special general meeting for the sole purpose of considering the Resolution and this will be sent to shareholders in due course. A board committee of directors (the "Committee") (which is independent from directors nominated by the Majority Shareholders) is in discussions with the Majority Shareholders regarding the possibility of putting in place a matched trading facility for shareholders following the anticipated cancellation of the Company's AIM quotation. The Committee has also requested that the Majority Shareholders provide it with any information they are able to provide to it as to how they propose to deal with the minority shareholders when the Resolution is passed.

Further announcements will be made as required.

Enquiries:

 
 Namakwa Diamonds                     Shore Capital 
                        +27 11 334    Pascal Keane/Anita 
 Theo Botoulas           8886          Ghanekar            +44 20 7408 4090 
 
 Tavistock Communications 
 Simon Hudson/Kelsey    +44 20 7920 
  Traynor                3150 
 

About Namakwa Diamonds Limited

Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production.

The Group's mining activities are focused on the Kao mine in Lesotho. Operated by Storm Mountain Diamonds, the Kao Main Pipe Complex represents a resource endowment of c.183Mt of kimberlite ore containing c.11.6M carats ("cts") (3.3Mcts Indicated and 8.3Mcts at Inferred levels of confidence), with an additional c.1.7Mcts at a Deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho (25%) and Kimberlite Investments Lesotho Limited (12.5%).

The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development and exploration assets in the Northern Cape Province of South Africa and in the offshore marine environment of Namibia. These combined resources add a further c.6.9Mcts at Indicated and Inferred levels of confidence to the Group's Global Resource Inventory which stands at 18, 535, 700 carats as at 31 August 2012. Namakwa is listed on the AIM market of the London Stock Exchange under the ticker symbol NAD.

-ends-

This information is provided by RNS

The company news service from the London Stock Exchange

END

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