|
|
DiamondCorp Finally Runs Out of Fuel
May 11, 2017 5:12 AM
By Rapaport News
|
|
|
RAPAPORT... DiamondCorp has officially entered administration, meaning
control of the miner is now in the hands of practitioners whose job is to try
and rescue the business or sell it off.
Stephen Cork and Jo Milner of London-based advisory firm
Cork Gully are now the rough producer’s joint administrators, DiamondCorp announced
Tuesday. The directors intend to continue working with the administrators and
the previously appointed business-rescue practitioners to preserve any
remaining stakeholder value, the company said.
DiamondCorp’s listing on the London Stock Exchange’s
Alternative Investment Market is due to end next Monday. Meanwhile, investment
bank Panmure Gordon has resigned as the company’s nominated adviser and broker,
and DiamondCorp does not plan to appoint a replacement. The miner’s listing on
the Johannesburg-based AltX bourse remains suspended.
The company has battled to remain in business since flooding
at its Lace mine in South Africa last year forced it to shut down the
operation.
|
|
|
|
|
|
|
|
|
|
Tags:
administration, Cork Gully, DiamondCorp, Lace Diamond Mine, Lace Mine, Rapaport News, South Africa
|
|
|
|
|
|
|
|
|
|
|
|
|