News today:
Diamonds Fields Puts Off NSX Listing Due To Unstable Market
The Namibian (Windhoek)
November 17, 1999
By Tabby Moyo
Windhoek - Diamond Fields International (DFI) has decided not to proceed with its proposed listing
on the Namibian Stock Exchange (NSX) citing 'adverse market conditions'.
DFI, which has made an offer for subscription of 2,5 million common shares at N$8,62 per share,
had planned to list on the NSX today.
DFI's share price in Canada came under pressure making it difficult for the diamond company to
justify the N$8,62 per share offer to the public. DFI is listed on the Toronto Stock Exchange with a
market capitalisation of approximately N$444,3 million.
Listing on the Namibian bourse is now earmarked for January 2000.
"It is still the intention of Diamond Fields to pursue a listing on the NSX once market conditions
improve and further announcements to this effect will be made in due course," DFI said in a board
notice yesterday.
DFI maintained that the postponement of the Namibian listing in no way affected its plans in terms
of exploration and development of its diamond concessions in the Luderitz Bay area.
DFI plans to join giants Namdeb, Namibian Minerals Corporation (Namco), TransHex and Ocean
Diamond Mining (ODM) in Namibia's offshore activities.
The company has its principal diamond assets and operations in southern Africa (Namibia and
South Africa) and holds undersea diamond grants near the port of Luderitz and undersea diamond
concessions off the west coast of South Africa.
DFI's offer, which was made by way of private placing of two million common shares with selected
financial institutions and investors and a public offer of 500 000 common shares, opened on
October 22 and closed on November 12.
A minimum offer of two million shares was required for Diamond Fields to go ahead with the NSX
listing.
DFI said the aim of listing on the NSX was to offer the Namibian public and selected institutions
and investors an opportunity to participate in the company's future growth and prosperity, broaden
the company's capital base in order to facilitate further growth and expansion of operations in
Namibia and to further enhance investors and the public's awareness of DFI's activities in Namibia.
Recently, Diamond Fields announced the excellent progress of its Advanced Sampling and Test
Mining Programme in its marine sea diamond concessions near Luderitz, Namibia. Diamond Fields
believes results to date further substantiate its belief that the Marshall Fork feature represents
potentially one of the most profitable sea diamond deposits known.
PHIL |
