Namakwa Diamonds likely to delist from the Aim
JOHANNESBURG (miningweekly.com) – Majority shareholders of Aim-listed Namakwa Diamonds have requested that a special general meeting of the company be convened to allow shareholders to consider a resolution as to whether the company's admission to trading on the Aim should be cancelled.
The resolution would require the approval of 75% of those shareholders voting in person or by proxy at the special general meeting.
Jarvirne Limited and Sputnick Limited, which together hold about 75.07% of the issued share capital of Namakwa, have confirmed they would vote in favour of the resolution.
As a result, Namakwa Diamonds believed the resolution would be passed.
A board committee of directors – which was independent from directors nominated by the majority shareholders – was in discussions with the majority shareholders regarding the possibility of putting in place a matched trading facility for shareholders, following the expected cancellation of the company's Aim quotation.
The committee had also requested that the majority shareholders provide it with any information regarding the proposed manner in which to deal with the minority shareholders once the resolution was passed.
The company said it had started to prepare a circular containing the notice convening the special general meeting, which would be sent to shareholders in due course.
The group's mining activities were focused on the Kao mine, in Lesotho, which represented a resource endowment of 183-million tons of kimberlite ore containing 11.6-million carats.
The group also maintained alluvial mining operations in South Africa’s North West province and resource-development and exploration assets in the Northern Cape and in the offshore marine environment of Namibia.
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