3rd Dec 2007 15:31
Gem Diamonds Limited03 December 2007 3rd December 2007 GEM DIAMONDS LIMITED ("Gem Diamonds" or the "Company") GEM DIAMONDS AUSTRALIA PTY LIMITED TAKEOVER BID FOR KIMBERLEY REACHES 90% Further to the announcement by Gem Diamonds on 26 November 2007 of the decisionto declare Gem Diamond Australia's takeover Offer for Kimberley Diamond CompanyNL ("Kimberley") to be unconditional, Gem Diamonds confirms that as at 3December 2007 Gem Diamond Australia, a wholly owned subsidiary of Gem Diamonds,has a relevant interest in 93.03% of Kimberley's issued ordinary share capital.In line with the Company's plans outlined to shareholders in the circular posted28 September 2007, it intends to proceed with the compulsory acquisition of theoutstanding shares in Kimberley. Gem Diamonds Australia also intends to proceed with the delisting of Kimberley'sshares from the ASX and the cancellation of Kimberley's admission to AIM. Thelast day of trading in the Kimberley's shares on ASX will be determined shortlyand on AIM is expected to be 21 December 2007. As detailed to Kimberley shareholders on 30 November 2007, Gem DiamondsAustralia elected to extend the Offer Period from the previously indicatedclosing date of 1 December 2007 to 17 December 2007. 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 Limited Clifford Elphick Tel: +44 203 043 0280 Gem Diamond Technical Services (Pty) Limited Stephen Wetherall Tel: +27 82 418 8735 Pelham PR Candice Sgroi Tel: +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's leading 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. 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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