Kopane Diamond Developments (AIM: KDD) jumped 50% higher after announcing that it had rejeccted an indicative offer pitched at 17p in cash. Kopane said it rejected the offer as it did not "adequately reflect the future prospects" of the company, and in particular its Liqhobong project.
Tim Read, Executive Chairman commented:
"For the past year Kopane has been completely focused on the Main Pipe project at Liqhobong and the production results announced today surpass predictions made in the original PFS. These recent operating results help to confirm the quality of the Liqhobong resource and provides considerable support to the Board's unanimous view of the undervalued nature of Kopane's assets."