Diamond company Petra approves Kalahari acquisition
27 Sep '05
3 min read
South African Diamond Company Petra Diamonds Limited (Petra) announces that at the EGM of Kalahari Diamonds Resources Plc (KDR) held earlier today the resolution approving the sale to Petra of Kalahari Diamonds Limited ('Kalahari') was passed.
Further re acquisition of Kalahari Diamonds
In consideration for the sale of Kalahari's entire issued share capital to Petra, the Company will issue 16,166,529 new ordinary shares ('the Consideration Shares') to KDR, representing 12.3% of Petra's current issued share capital.
Completion of the acquisition is conditional on the admission of the Consideration Shares, which will rank pari passu with existing ordinary shares, to trading on AIM and quotation of the Consideration Shares on the Australian Stock Exchange, which is expected to be on 30 September 2005.
Adonis Pouroulis, Chairman of Petra, commented that they are delighted with the result of EGM. This acquisition is indicative of Petra's strategy to simultaneously grow and diversify the Company, by providing key positioning in a country renowned for its prolific diamond production. They are also very pleased to be working in conjunction with BHP Billiton on this project, an invaluable partner.'
A Petra presentation, covering Petra's proposed acquisition of Kalahari and recent developments in Petra's other operations, can be viewed on the Company's website.
Kalahari is a diamond exploration company which explores for diamonds in Botswana through a strategic alliance with BHP Billiton. Kalahari's founding shareholders include BHP Billiton (20%), International Finance Corporation (9.36%), some of the world's leading diamantaires (approximately 40%) and institutional investors.
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