Stellar Diamonds plc ("Stellar" or the "Company")
Statement re broker
The Company notes the announcement today regarding Beaufort Securities Limited ("BSL") and Beaufort Asset Clearing Services Limited ("BACSL") being placed into insolvency and that the Financial Conduct Authority (the "FCA") has imposed requirements on BSL and BACSL to cease all regulatory activity.
BSL was the joint broker to the Company pursuant to the AIM Rules for Companies (the "AIM Rules"). As a result of the requirements imposed by the FCA, BSL will no longer be able to provide broking services to the Company in accordance with the AIM Rules.
Consequently BSL is no longer joint broker to the Company.
The broker to the Company is Peterhouse Corporate Finance Limited.
For further information contact the following or visit the Company's website at www.stellar-diamonds.com
Karl Smithson, CEO
Stellar Diamonds plc
Tel: +44 (0) 20 7010 7686
Cairn Financial Advisers (Nominated Adviser)
Tel: +44 (0) 20 7213 0880
Peterhouse Corporate Finance (Broker)
Tel: +44 (0) 20 7469 0930
Tel: +44 (0) 20 7138 3204
About Stellar Diamonds plc
Stellar is an AIM listed (AIM: STEL) diamond development company focused on the 4.5 million carat high-grade and high value Tongo-Tonguma kimberlite diamond project in the world famous diamond fields of eastern Sierra Leone. An independently generated mine plan, based on over 66,000m of drilling that has been completed to date, envisages the production of over 4 million carats, generating gross revenues of more than US$1.2 billion, over a 21 year life of mine. Initial production at Tongo-Tonguma is scheduled to occur in the first year of development, building up to over 200,000 carats per annum, with a weighted average modelled diamond value of $229 per carat. The Tongo-Tonguma mine is currently estimated to give Stellar an attributable a Post-tax NPV(8) of US$112 million and IRR of 31%.
This information is provided by RNS