RNS Number : 8920K
  KimCor Diamonds plc
  30 December 2008
   

    KimCor Diamonds plc
    ("KimCor" or the "Company")


    IRREVOCABLE UNDERTAKINGS OBTAINED IN CONNECTION WITH SALE OF DIAMOND AND INDUSTRIAL ASSETS

    Further to the announcement made by the Company on 3 December 2008, KimCor (AIM: KIM), the AIM-quoted diamond mining company, today
announces that irrevocable undertakings ("Undertakings") to vote in favour of the indirect sale to Belmont Mining Limited ("Belmont") of the
Company's diamond and industrial assets ("Proposed Sale") have been obtained from KimCor shareholders collectively holding 52% of the issued
shares in the capital of the Company.

    Pursuant to the Undertakings, the signing shareholders (which include Dwyka Resources Limited, the holder of a 48.2% shareholding in the
Company) have agreed to vote in favour of the Proposed Sale at the Extraordinary General Meeting of KimCor shareholders which will take
place on Thursday, 8 January 2009 ("EGM").  The Undertakings are legally binding on the signing shareholders and only fail to apply in
circumstances where a third party makes a general offer for all of the shares in the Company.  The Sale of Shares Agreement signed between
KimCor and Belmont on 3 December 2008, which sets out the terms and conditions of the Proposed Sale, is conditional only upon the approval
of KimCor shareholders being obtained to the Proposed Sale.  Accordingly, given that only a simple majority vote is required at the EGM for
the Proposed Sale to proceed, the effect of Undertakings having been obtained from shareholders collectively holding in excess of 50% of the
shares in the Company is that (subject to a takeover offer being made for all of the shares in KimCor in the interim) the Proposed Sale will be approved at the EGM.


    Enquiries:

    KimCor Diamonds plc                              Tel: 020 3178 6179
    Martyn Churchouse

    Strand Partners                                          Tel: 020 7409 3494
    Simon Raggett
    Warren Pearce

    Victoria Milne-Taylor

    Bishopsgate Communications Ltd        Tel: 020 7562 3350
    Maxine Barnes
    Nick Rome

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCFBLFXVLBZFBV
Kimcor Diamonds (LSE:KIM)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Kimcor Diamonds Charts.
Kimcor Diamonds (LSE:KIM)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Kimcor Diamonds Charts.