RESULT OF PLACINGBack
01 Apr 2009
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART INTO OR FROM THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MAY CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTIONS.
On 1 April 2009, the Board of Directors of Gem Diamonds Limited (LSE:GEMD) announced details of a proposed Placing to raise gross proceeds of up to £75 million (U.S.$107 million) through the issue of up to 75 million New Shares at an Issue Price of 100 pence per New Share. At the time of announcement, 68 million New Shares had been firmly placed with existing Shareholders and new investors. A further 7 million New Shares remained available for firm placing with existing Shareholders as invited to participate in the Placing by J.P. Morgan Cazenove during the course of today, 1 April 2009.
Gem Diamonds is pleased to announce that the remaining 7 million New Shares have now been successfully placed with existing Shareholders at an Issue Price of 100 pence per New Share. Accordingly, the Placing has now closed in accordance with its terms.
The Placing is conditional upon, amongst other things, the approval of Shareholders at a General Meeting scheduled for 10.30 a.m. on 20 April 2009 at the offices of J.P. Morgan Cazenove, 20 Moorgate, London EC2R 6DA and upon Admission. The 75 million New Shares are expected to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's Main Market at 8.00 a.m. on 22 April 2009.
Set out below is an expected timetable of principal events in relation the Placing.
|Latest time and date for receipt of Forms of Direction (for use by Depository Interest Holders)||10.30 a.m. on 17 April 2009|
|Latest time and date for receipt of Forms of Proxy (for use by Shareholders)||10.30 a.m. on 18 April 2009|
|General Meeting||10.30 a.m. on 20 April 2009|
|Admission and commencement of dealings in New Shares on the London Stock Exchange||8.00 a.m. on 22 April 2009|
|New Depositary Interests credited to CREST stock accounts||8.00 a.m. on 22 April 2009|
|Despatch of definitive share certificates for the New Shares in certificated form||on or around 29 April 2009|
This announcement should be read in conjunction with the full text of the Prospectus to be published by Gem Diamonds on or around 3 April 2009.
A copy of the Prospectus will be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. In addition, copies of the Prospectus will be made available for inspection during normal business hours on Monday to Friday of each week (public holidays excepted) at the Company's principal place of business in the UK, being 2 Eaton Gate, London SW1W 9BJ. A circular including a notice of the General Meeting will also be published on or around 3 April 2009 and will be made available at the same venues.
Capitalised terms used, but not defined, in this announcement have the same meanings as given to them in the Capital Raising announcement dated 1 April 2009.
For further information, please contact:
Gem Diamonds Limited
Clifford Elphick, Chief Executive Officer
Glenn Turner, Chief Legal and Commercial Officer
Tel: +44 (0) 203 043 0280
Investor Relations Enquiries
Richard Chetwode, Investor Relations Manager
Mob: +44 (0) 759 0064 883
Angela Parr, Corporate Affairs Manager
Mob: +27 (0) 83 578 3885
J.P. Morgan Cazenove
Tel: +44 (0) 20 7588 2828
Tel: +44 (0) 20 7337 1533
This announcement has been issued by, and is the sole responsibility of, Gem Diamonds.
J.P. Morgan Cazenove is authorised and regulated by the Financial Services Authority in the UK and is acting for Gem Diamonds and no one else in connection with the Placing. J.P. Morgan Cazenove will not be responsible to anyone (including Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Placing or any other matters referred to in this announcement.
The information in this press release is not for release, publication or distribution, directly or indirectly, in or into the United States, Canada, Japan, Australia, the Republic of South Africa or Switzerland or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.
The information in this press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would require preparation of further prospectuses or other offer documentation, or be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
The information in this press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act"). The securities mentioned herein may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.
The information in this press release may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.