https://www.miningweekly.com

Tychean makes a play for Blom Diamonds

2nd June 2017

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

     

Font size: - +

JOHANNESBURG (miningweekly.com) – ASX-listed Tychean Resources has inked a binding agreement to acquire a 74% interest in South Africa-based diamond company Blom Diamonds, from Ernest Blom.

The deal, which includes Blom Diamond Cutting Works and Mons Montis Diamonds, will transform Tychean into a vertically integrated diamond-focused company.

Tychean proposes to acquire a 74% equity interest in Blom Diamonds through the issue of 68.45-million Tychean shares to Blom, who was proposed to potentially step in as CEO of Tychean.

Some 433.5-million performance shares will be issued for each of three earnings before interest, taxes, depreciation and amortisation (Ebitda) milestones to be reached over the next three years, including Ebitda of R19.6-million for the financial year ended June 30, 2018; R22.1-million in the 2019 financial year and R25.5-million in 2020.

The transaction remained subject to final due diligence, regulatory approvals and approval by Tychean shareholders.

Edited by Creamer Media Reporter

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.059 0.09s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: