JOHANNESBURG (miningweekly.com) – The appointment of Cork Gully’s Stephen Cork and Jo Milner as joint administrators for embattled diamond development company DiamondCorp became effective on Wednesday.
Late in April, the company had filed notice of its intention to appoint the administrators after the board had determined that the company was no longer able to continue trading as a going concern.
Further, Panmure Gordon resigned with immediate effect as DiamondCorp’s nominated adviser and broker, with the admission of the company’s securities on Aim now scheduled to be cancelled on May 15, as DiamondCorp will not select a replacement.
“The directors intend to continue to work with both the joint administrators of DiamondCorp and the joint business rescue practitioners of the company’s operating subsidiary Lace Diamond Mines (LDM) in order to try and preserve any remaining stakeholder value,” DiamondCorp said in an update to shareholders on Wednesday.
In November, DiamondCorp appointed Deloitte & Touche’s Daniel Terblanche and Independent Advisory’s Lebogang Mpakati as business rescue practitioners for LDM after a flood halted all operations.
The group maintained its Aim and AltX trading suspension, with an update on the status of the admission to trading on AltX to be advised in due course.