15th Nov 2007 13:46
Gem Diamonds Limited15 November 2007 15th November 2007 GEM DIAMONDS LIMITED ("Gem Diamonds" or the "Company") Extension of Offer for Kimberley Further to the announcement by Gem Diamonds on 8 November 2007 of the decisionby the Company's Board to extend the Offer Period from the previously indicatedclosing date of 16 November 2007 to 23 November 2007 for the cash offer for 100per cent of the issued share capital of Kimberley Diamond Company NL ("Kimberley"), the Board of Gem Diamonds has elected to further extend the Offer Period to1 December 2007. As at the close of business on 14 November 2007, Gem Diamonds Australia PtyLimited (a 100% held subsidiary of the Company) held a relevant interest of50.52% in Kimberley and had received acceptances in respect of a further 24.28%of Kimberley under the Company's institutional acceptance facility, bringing thetotal to 74.80%. Gem Diamonds' Board remains committed to completing the Offerin the shortest possible time frame. As detailed in the announcement by Gem Diamonds on 8 November 2007, in theinterest of encouraging Kimberley shareholders to accept the Offer, Gem Diamondshas undertaken that it will waive all outstanding conditions to the Offer, tothe extent that they have not already been met, when the minimum acceptancecondition is satisfied. Definitions used in this announcement shall have the meanings given to them inthe shareholder circular posted 28 September 2007, except where context requiresotherwise. For further information: Gem Diamonds LimitedClifford ElphickTel: +44 203 043 0280 Gem Diamond Technical Services (Pty) LimitedStephen WetherallTel: +27 82 418 8735 Pelham PRCandice SgroiTel: +44 207 743 6376 About Gem Diamonds Gem Diamonds is a diamond mining company with a balanced portfolio of aproducing kimberlite mine, two producing alluvial mines, development projectsand long-term prospects. Established in July 2005, Gem Diamonds ispursuing an accelerated growth strategy and aims to become one of the world'sleading diamond companies. Gem Diamonds currently has one producingkimberlite mine, Letseng, in Lesotho, two producing alluvial mines -Cempaka in Indonesia and Mbelenge in the Democratic Republic of Congo (DRC), akimberlite development project in Botswana, two development projects in the DRC,one in the Central African Republic and an option to develop the Chirikimberlite concession in Angola. The Company recently made an offer to Kimberley Diamond Company's shareholdersto acquire their shares in this company, which owns the Ellendale Mine in northWestern Australia, and which was approved by Gem Diamonds' shareholders at anExtraordinary General Meeting on 16 October 2007. Gem Diamonds currently has a specific focus towards higher value diamonds, asegment of the market that its management believes will deliver superior longterm returns. For further information about Gem Diamonds visit www.gemdiamonds.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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