April 16, 2014 3:26 PM ET

Metals and Mining

Company Overview of Namakwa Diamonds Ltd

Company Overview

Namakwa Diamonds Limited engages in the exploration for and mining of diamonds. The company primarily focuses on the Kao mine located in Lesotho. It also maintains alluvial mining operations and resource-development properties in the North West Province of South Africa; resource-development properties in the Northern Cape Province of South Africa; and the offshore marine environment of Namibia. In addition, the company is involved in trading and beneficiation activities. Namakwa Diamonds Limited was founded in 1979 and is based in Gauteng, South Africa.

Longpoint Office Park

4th Floor, West Wing

Cnr Monte Casino Boulevard & Witkoppen Road

Fourways

Gauteng,  

South Africa

Founded in 1979

324 Employees

Phone:

27 11 465 4505

Key Executives for Namakwa Diamonds Ltd

Chief Executive Officer
Chief Financial Officer and Director
Age: 43
Chief Operating Officer
Age: 69
Executive Director of Trading & Beneficiation and Head of Trading & Beneficiation
Age: 45
Chief Metallugist
Age: 52
Compensation as of Fiscal Year 2013.

Namakwa Diamonds Ltd Key Developments

Namakwa Diamonds Ltd, Special/Extraordinary Shareholders Meeting, Mar 12, 2013

Namakwa Diamonds Ltd, Special/Extraordinary Shareholders Meeting, Mar 12, 2013., at 10:30 GMT Standard Time. Location: The offices of Taylor Wessing LLP. Agenda: To approve the cancellation of admission of the ordinary shares to trading on AIM.

Namakwa Diamonds Proposes Cancellation Of Admission Of Ordinary Shares To Trading On AIM

Namakwa Diamonds Ltd announced that it has posted a circular to shareholders and convened a special general meeting to be held on March 12, 2013 to propose a special resolution to approve the cancellation of admission of the ordinary shares to trading on AIM. Last day for trading of the ordinary shares on AIM is expected to be March 22, 2013 and date for cancellation of admission to trading of ordinary shares on AIM is expected to be from 7:00 a.m. on March 25, 2013. The principal effects of the cancellation, if approved, would be: there would no longer be a formal market mechanism enabling shareholders to trade their ordinary shares and no price will be publicly quoted for the ordinary shares. As such, holdings of ordinary shares would be unlikely to be easily capable of sale and would be difficult to value; the company would not be bound to announce material events, nor to announce interim results. Further, the company will not be bound by the AIM Rules; and the Bermuda Monetary Authority exemption applicable to the company (permitting transfers of ordinary shares without being subject to the Bermuda corporate service provider’s know your client (KYC) processes) would no longer apply to the issue or transfers of ordinary shares. Accordingly, shareholders would, subject to certain exemptions, be likely to be required to follow certain additional procedures in respect of the transfer or issue of ordinary shares by or to them. Notwithstanding the cancellation, the company would continue to be obliged to publish annual reports and accounts and hold annual general meetings and other special general meetings in accordance with Bermuda law and its existing Bye-laws. The Independent Committee is aware that, following the proposed cancellation, shareholders may still wish to dispose of their ordinary shares and understands that the majority shareholders may seek to enter into discussions with third party providers in connection with the potential to establish and maintain a matched bargain settlement facility. Further information regarding any such matched bargain settlement facility, once available to the Board, will be made available to shareholders on the company's website. Under the AIM Rules, it is a requirement that any cancellation of shares to trading on AIM must be approved by not less than 75% of votes cast by shareholders at a general meeting. Accordingly, the resolution is proposed as a special resolution of the company and, as such, it requires the approval of not less than 75% of the votes cast by shareholders (being entitled to do so) voting in person or by proxy at the special general meeting. The majority shareholders (who are understood to hold between them, in aggregate, over 75% of the ordinary shares) have indicated to the company that they intend to vote in favor of the resolution. The company has notified the London Stock Exchange of the proposed cancellation and, subject to shareholder approval, it is expected that the cancellation of the admission of the company's shares to trading on AIM will be effective from 7:00 a.m. on March 25, 2013.

Namakwa Diamonds Ltd, Annual General Meeting, Feb 04, 2013

Namakwa Diamonds Ltd, Annual General Meeting, Feb 04, 2013., at 17:00 South Africa Standard Time. Location: Protea Hotel Victoria Junction.

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