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Dominion Unveils Plan to Focus on Core Assets
CFO to Leave July 15
Jul 7, 2016 8:26 AM
By Rapaport News
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RAPAPORT... Dominion Diamond Corporation will sell its office in
downtown Toronto and launch a share buyback program as it aims to concentrate
on core assets and “prioritize” return of capital to investors.
The miner will dispose of its 100-percent owned office
building in the city’s center and expects the sale to occur during the third
fiscal quarter that ends October 31. The company said it decided to focus on core
resources such as the Sable and Jay projects at its Ekati mine and the A-21
pipe at Diavik.
As part of a share buyback, the miner will apply for the
right to purchase up to 7.2 percent of the currently issued and outstanding
shares and 10 percent of the current public float over a one-year period.
Dominion also said its chief financial officer, Ron Cameron (pictured),
will leave July 15, with Cara Allaway, currently vice-president group
controller, set to serve as interim CFO until a permanent replacement is found.
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Tags:
Dominion, Dominion Diamond Corporation, finance, Rapaport News, share buyback
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