Business
Kimberley Offer Update
Kimberley Offer Update.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n Gem Diamonds Limited\n25 October 2007\n\n25th October, 2007\n\n\n\n GEM DIAMONDS LIMITED\n\n ('Gem Diamonds' or the 'Company')\n\n\n\n Extension of Offer for Kimberley\n\n\n\nFurther to the announcement by Gem Diamonds on 19 July 2007 of its proposed cash\noffer for 100 per cent of the issued share capital of Kimberley Diamond Company\nNL ('Kimberley') (the 'Acquisition'), the Board of Gem Diamonds has elected to\nextend the offer period from the previously indicated Closing Date of 2 November\n2007 to 16 November 2007.\n\n\n\nAs at the close of business on 24 October 2007, Gem Diamonds Australia Pty\nLimited (a 100% held subsidiary of the Company) held a relevant interest of\n41.53% in Kimberley and had received acceptances in respect of a further 12.60%\nof Kimberley under the Company's institutional acceptance facility.\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\n\nClifford Elphick\n\nTel: +44 203 043 0280\n\n\n\nGem Diamond Technical Services (Pty) Limited\n\nStephen Wetherall\n\nTel: +27 82 418 8735\n\n\n\nPelham PR\n\nCandice Sgroi\n\nTel: +44 207 743 6376\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 pursuing an\naccelerated growth strategy and aims to become one of the world's leading\ndiamond companies. Gem Diamonds currently has one producing kimberlite mine, Let\nseng, in Lesotho, two producing alluvial mines - Cempaka in Indonesia and\nMbelenge in the Democratic Republic of Congo (DRC), a kimberlite development\nproject in Botswana, two development projects in the DRC, one in the Central\nAfrican Republic and an option to develop the Chiri kimberlite concession in\nAngola.\n\n\n\nThe Company recently made an offer to Kimberley Diamond Company's shareholders\nto acquire their shares in this company, which owns the Ellendale Mine in north\nWestern Australia, and which was approved by Gem Diamonds' shareholders at an\nExtraordinary General Meeting on 16 October 2007.\n\n\n\nGem Diamonds currently has a specific focus towa...