26th Apr 2018 17:51
LONDON (Alliance News) - Stellar Diamonds PLC said on Thursday the scheme for its acquisition by Newfield Resources Ltd has become effective with its sanction by the Court on Wednesday.
Asa result, Stellar shares will be suspended on AIM on Friday morning with the cancellation of shares expected next Monday.
Shares in Stellar Diamonds closed down 6.8% at 5.12 pence on Thursday.
In February Newfield made an offer to acquire Stellar Diamonds for 0.7622 Newfield shares per Stellar share, valuing the company at GBP7.7 million, based on its AUD0.29 per share closing price in Australia at the beginning of March.