Tychean makes a play for Blom Diamonds
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.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation