27th Jun 2008 07:00
The following announcement is being made further to the Operational Update released on 25/06/08 at 07:00 under RNS no. 4418X in which, inter alia, West African Diamonds plc ("West African Diamonds" or the "Company")confirmed it had received a third party approach which, if discussions are completed successfully, might lead to an offer being made for the Company.
Prior to the release of the announcement, West African Diamonds' advisers had sought guidance and received confirmation from the UK Takeover Panel that the Takeover Code (the 'Code') would not apply to an offer for the Company as the place of central management and control is outside the United Kingdom, the Channel Islands or the Isle of Man. As such, the information included in the announcement in relation to the Dealing Disclosure Requirements under the provisions of the Code should not have been included and should therefore be disregarded.
The company has also been advised that the Irish Takeover Code does not apply because the registered office is in the UK.
The Panel has requested the Company to clarify the position and the Company is happy to do so.
Enquiries:
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West African Diamonds |
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John Teeling, Chairman |
+ 353 1 8332833 |
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James Campbell, Deputy Chairman |
+27 83 457 3724 |
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Blue Oar Securities Plc John Wakefield |
+44 (0) 117 933 0020 |
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Stellar Diamonds