Business
Extension of Offer period
Extension of Offer period.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n Gem Diamonds Limited\n15 November 2007\n\n15th November 2007\n\n GEM DIAMONDS LIMITED\n\n ('Gem Diamonds' or the 'Company')\n\n Extension of Offer for Kimberley\n\n\n\n\n\nFurther to the announcement by Gem Diamonds on 8 November 2007 of the decision\nby the Company's Board to extend the Offer Period from the previously indicated\nclosing date of 16 November 2007 to 23 November 2007 for the cash offer for 100\nper cent of the issued share capital of Kimberley Diamond Company NL ('Kimberley\n'), the Board of Gem Diamonds has elected to further extend the Offer Period to\n1 December 2007.\n\n\n\nAs at the close of business on 14 November 2007, Gem Diamonds Australia Pty\nLimited (a 100% held subsidiary of the Company) held a relevant interest of\n50.52% in Kimberley and had received acceptances in respect of a further 24.28%\nof Kimberley under the Company's institutional acceptance facility, bringing the\ntotal to 74.80%. Gem Diamonds' Board remains committed to completing the Offer\nin the shortest possible time frame.\n\n\n\nAs detailed in the announcement by Gem Diamonds on 8 November 2007, in the\ninterest of encouraging Kimberley shareholders to accept the Offer, Gem Diamonds\nhas undertaken that it will waive all outstanding conditions to the Offer, to\nthe extent that they have not already been met, when the minimum acceptance\ncondition is satisfied.\n\n\n\nDefinitions used in this announcement shall have the meanings given to them in\nthe shareholder circular posted 28 September 2007, except where context requires\notherwise.\n\n\n\nFor further information:\n\n\n\nGem Diamonds Limited\nClifford Elphick\nTel: +44 203 043 0280\n\nGem Diamond Technical Services (Pty) Limited\nStephen Wetherall\nTel: +27 82 418 8735\n\nPelham PR\nCandice Sgroi\nTel: +44 207 743 6376\n\n\n\n\n\n\n\nAbout Gem Diamonds\n\n\n\nGem Diamonds is a diamond mining company with a balanced portfolio of a\nproducing kimberlite mine, two producing alluvial mines, development projects\nand long-term prospects. Established in July 2005, Gem Diamonds is\npursuing an accelerated growth strategy and aims to become one of the world's\nleading diamond companies. Gem Diamonds currently has one producing\nkimberlite mine, Letseng, in Lesotho, two producing alluvial mines -\nCempaka in Indonesia and Mbelenge in the Democratic Republic of Congo (DRC), a\nkimberl...