Directorate Change (8630D)
March 30 2011 - 2:01AM
UK Regulatory
TIDMFDI
RNS Number : 8630D
Firestone Diamonds PLC
30 March 2011
Firestone Diamonds plc
Appointment of Chairman and Chief Executive
LONDON: 30 March, 2011
Firestone Diamonds plc, ("Firestone" or "the Company"), the
AIM-quoted diamond mining and exploration company (ticker:
AIM:FDI), is pleased to announce a number of changes to its
Board.
Philip Kenny, who has been Chief Executive Officer of the
Company since it was admitted to AIM in 1998, has been appointed
Executive Chairman with immediate effect. Michael Hampton who has
been acting as Chairman on an interim basis will remain as a Non
Executive Director of the Company. Tim Wilkes, who has been Chief
Operating Officer of the Company since 2005, has been appointed to
the Board as Chief Executive Officer with immediate effect.
Welcoming Mr Wilkes to the Board, Mr Kenny commented: "Tim
Wilkes has been a key member of Firestone's senior management team
for some years and has been instrumental in developing Firestone's
mining operations in Lesotho and Botswana. We are very pleased to
recognise Tim's contribution to the Company through his appointment
as Chief Executive, and believe that he has the right skills and
experience to help lead the Company through the next stage of its
development into a significant diamond producer."
For further information, visit the Company's web site at
www.firestonediamonds.com or contact:
+44 20 8834 1028/+44 7831
324 645
Philip Kenny, Firestone Diamonds +27 78 457 6623/+267 713
Tim Wilkes, Firestone Diamonds 77686
Tim Redfern, Evolution Securities
(Joint Broker) +44 20 7071 4312
Rory Scott, Mirabaud Securities
(Joint Broker) +44 20 7878 3360
Alexander Dewar, Brewin Dolphin
(Nominated Adviser) +44 131 529 0276
Jos Simson / Emily Fenton, Tavistock +44 20 7920 3150/+44 7899
Communications 870 450
Information required to be disclosed pursuant to Rule 17 and
Schedule 2 paragraph (g) of the AIM Rules.
Mr Wilkes holds 650,000 options to purchase ordinary shares in
the Company ("Shares") at an exercise price of 20p per Share. Mr
Wilkes is the beneficiary of a Long-Term Incentive Plan under which
he can receive 3,000,000 Shares subject to the achievement of
certain performance targets. Members of Mr Wilkes' family are
beneficiaries of a trust holding 428,893 Shares.
Mr Wilkes, 52, has no current directorships nor is a
member/partner of any partnerships. In the past five years, Mr
Wilkes has not been a company director or member/partner of a
partnership.
Other than the information contained within this announcement,
there is no further information required to be disclosed by the AIM
Rules.
Background information on Firestone Diamonds:
Firestone Diamonds plc is an international diamond mining and
exploration company with operations focused on Lesotho and
Botswana. Firestone operates the Liqhobong Mine in Lesotho and the
BK11 Mine in Botswana. Firestone is also the largest holder of
mineral rights in Botswana's diamondiferous kimberlite fields,
controlling approximately 10,000 square kilometres around the major
Orapa and Jwaneng mines and the entire Tsabong kimberlite field. In
addition to Liqhobong and BK11, Firestone has 108 kimberlites in
its portfolio, of which 30 have been proven to be
diamondiferous.
Lesotho is emerging as one of Africa's significant new diamond
producers, and hosts Gem Diamonds' Letseng Mine, Firestone's
Liqhobong Mine as well as the Kao and Mothae development projects.
Botswana is the world's largest and lowest cost producer of
diamonds, with annual production worth over $2.5 billion, and is
considered to be one of the most prospective countries in the world
to explore for diamonds.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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