Business
Offer Declared Unconditional
Offer Declared Unconditional.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n Gem Diamonds Limited\n22 May 2007\n\n\n Not for release, publication or distribution, in whole or in part, in, into or\n from Australia,\n New Zealand, Canada or Japan or any Restricted Jurisdiction\n\n\n22 May 2007\n\n Recommended Cash Offer\n by Gem Diamonds Limited\n\n for\n\n BDI Mining Corp\n Offer Declared Wholly Unconditional\n\nSummary\n\nOn 20 April 2007, Gem Diamonds Limited (LSE: GEMD) ('Gem Diamonds' or the\n'Group') made a recommended cash offer (the 'Offer') for the entire issued and\nto be issued share capital of BDI Mining Corp (AIM: BMG) ('BDI Mining') not\nalready owned by Gem Diamonds.\n\n•Gem Diamonds has acquired, or received valid acceptances in respect of,\n 96,982,879 BDI Mining Shares representing approximately 90.2% of the issued BDI\n Mining Shares\n\n•Accordingly, the Offer is declared unconditional in all respects\n\n•An application is being made today by BDI Mining for the cancellation of\n admission to trading of BDI Mining Shares on AIM\n\n•Gem Diamonds intends to procure that BDI Mining redeems the remaining BDI\n Mining Shares (including BDI Mining Shares represented by depository interests)\n\n•Acceptances received to date will receive settlement consideration within 14\n days from the date hereof\n\n•Offer remains open for acceptance to BDI Mining Shareholders until 6 June 2007\n\n•Gem Diamonds will shortly commence operational integration of the BDI Mining\n assets into the Group\n\n•Operations at Cempaka have been ongoing during the Offer Period\n\nCommenting on the Offer, Clifford Elphick, CEO of Gem Diamonds, said:\n\n'We are pleased that the Offer has met with this strong level of support and Gem\nDiamonds looks forward to developing the BDI Mining assets to their full\npotential.'\n\n1. Acceptances\n\nGem Diamonds announces that, as at 9.00 a.m. on 22 May 2007, valid acceptances\nof the Offer had been received in respect of 65,132,879 BDI Mining Shares,\nrepresenting approximately 60.6% of the issued BDI Mining Shares. Including the\n31,850,000 BDI Mining Shares acquired by Gem Diamonds in April and May 2007\n(including 250,000 BDI Mining Shares acquired by Gem Diamonds on 21 May 2007,\nsee Section 5 of this announcement for further details), Gem Diamonds has\nacquired, or received valid acceptances of the Offer in respect of, 96,982,879\nBDI Mining Shares in aggregate...