The Australian Securities Exchange (Australian Securities Exchange, ASX) Kimberley Diamonds has approved an application for the removal of the shares from the stock exchange. This was done by the company to reduce costs and facilitate access to finance.
Exchange issued the approval on the condition of the final decision of holders of securities of the company. Kimberley will seek the approval of the shareholders of the completion trade stocks, and trade ceased a month after the decision stated in the ASX.
In November Kimberley Diamonds has applied for the removal of its shares from the stock exchange ASX, as they are trading at a price that is "significantly lower" than the cost of the company's major assets.
The company owns a diamond mine Lera (Lerala) in Botswana, where production was temporarily suspended in October last year.
The company added that the decision was also due to the low liquidity of its stock and the lack of interest in the Australian market.
The Kimberley said that further fundraising, including any necessary restructuring of existing loans, will be more successful if the company will make delisting.
http://www.feedlisting.com/rss-feed-url/898222.html
1 comment:
Diamond giant De Beers will move from its historic building at Charterhouse Street, Building 17 in London as part of a wider restructuring of the company Anglo American, which tends to get assets for $ 4 billion for the partial repayment of the debt.
The group used the building from 1930, and will begin its sale process in the coming months.
In December last year, Anglo American announced plans to deploy in a building owned by De Beers, and considered it as a new headquarters.
Rapaport quotes the head of De Beers unit communications with diamond manufacturers David Johnson (David Johnson), who said that instead of the diamond company employees will move to the headquarters of Anglo American on the street Carlton House Terrace.
"The decision was taken by a decline in costs, of which Anglo American announced last year the number of employees around the world will be reduced from 135,000 to less than 50,000." - said the Rapaport.
"The Group consolidates its portfolio from six to three, including - De Beers, non-ferrous metals and bulk commodities," - added to the Rapaport.
Meanwhile, Bloomberg reported that the building at Charterhouse Street, 17, was the center of the diamond trade for most of the 20th century, and it is in it conducted trade mostly precious stones in the world. This occurs during the De Beers monopoly in the diamond market, which ended with the advent of the new century.
In the London office of De Beers currently employs about 300 people after the transfer of the majority of personnel in Botswana in 2013 on a 10-year agreement with the Government. Botswana is the second largest diamond producer after Russia.
Post a Comment