Result of General Meeting


 

TIDMWAD 
 
RNS Number : 4144H 
West African Diamonds PLC 
19 February 2010 
 

 
 
 
 
 
 
 
 
19th February 2010 
 
                            WEST AFRICAN DIAMONDS PLC 
 
 
                            Result of General Meeting 
 
Highlights: 
 
·           General Meeting approves reverse takeover of Stellar Diamonds 
Limited ("Stellar") 
·           GBP5 million new funds raised 
·           Name change from West African Diamonds plc ("WAD") to Stellar 
Diamonds plc 
·           5 for 1 share consolidation 
·           New board to take control 
·           Re-admission and new shares to commence trading on AIM at 8.00 a.m. 
on Monday, 22nd February 2010 
 
At a General Meeting of WAD, all resolutions to effect the acquisition of 
Stellar and associated fundraising of GBP5 million (gross) were passed, 
conditional only on Admission. 
 
WAD will also change its name to Stellar Diamonds plc as from Admission. 
Existing WAD shares will be consolidated on a 5:1 basis. 
 
A new board of directors has been appointed, and John Teeling, James Finn, Paul 
Nel and Alex van Zyl will resign, as of 22nd February 2010.  James Campbell 
remains on the board. 
 
Stellar will have the following activities: 
 
·          Two producing alluvial diamond mines in Guinea; Bomboko and Mandala 
·          Four kimberlite projects at various stages of development;  Tongo and 
Kono in Sierra Leone, and Droujba and Bouro in Guinea 
·          A strengthened balance sheet 
 
 
John Teeling, Chairman, who is stepping down, commented: 
 
"I wish the new board and management every success.  They have a good platform 
on which to build a serious African based diamond mining company.  There is 
further potential in the two producing mines, while the four kimberlite 
prospects are exciting.  Diamond prices have shown a rapid recovery, which will 
help cash flow.  This, plus the GBP5 million cash raised, will offer 
opportunities for organic and acquisitive growth". 
Existing shares in WAD will be cancelled from admission to trading on AIM with 
effect from 8.00 a.m. Monday, 22nd February 2010. 
 
Copies of the Admission Document are available on the Company's website 
(www.westafdiamonds.com) or from RBC Capital Markets, 71 Queen Victoria Street, 
London EC4V 4DE. 
 
 
Enquiries: 
 
West African Diamonds plc 
James Campbell                                                        Tel: +27 
83 457 3724 
 
Stellar Diamonds Limited 
Karl Smithson  Tel: + 44 (0) 7783 707971 
 
RBC Capital Markets 
Martin Eales / Daniel Conti                                     Tel:  +44 (0) 20 
7653 4000 
 
Astaire Securities 
Jerry Keen / Charles Vaughan                                 Tel:  +44 (0) 20 
7448 4400 
 
Pelham Bell Pottinger 
Charles Vivian / James MacFarlane                         Tel: +44 (0) 20 7337 
1500 
 
College Hill 
Nick Elwes                                                                Tel: 
+44 (0) 20 7457 2020 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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