Legal proceedings (7610U)
21 Oktober 2010 - 9:20AM
UK Regulatory
TIDMAFD
RNS Number : 7610U
African Diamonds PLC
21 October 2010
African Diamonds PLC
("African Diamonds" or "the Company")
Legal Proceedings
African Diamonds announces that two former directors, Mr Mark
Scowcroft and Mr Leon Daniels, have initiated legal proceedings in
Botswana against African Diamonds. They claim that under an
agreement dated July 12th 2002 relating to the sale of their
private company, Kukama Mining & Exploration Proprietary
Limited, to African Diamonds they are entitled to a 3 per cent
royalty on production from the AK6 diamond discovery in Botswana.
The AK6 diamond discovery was made on a De Beers controlled
concession joint ventured with African Diamonds in 2004. The
directors of African Diamonds believe the claim is without merit.
African Diamonds intends to vigorously defend the claim.
The Lucara Diamond Corp offer and negotiations, as announced on
4 October 2010, remain unaffected. The conduct of, and obligations
under, the litigation will be retained by African Diamonds Plc.
Further information:
African Diamonds
John Teeling Tel: +353 1 833 2833
James AH Campbell Tel: +27 83 457 3724
finnCap
Matthew Robinson Tel: +44 207 600 1658
Henrik Persson
College Hill
Nick Elwes Tel: +44 207 457 2020
www.afdiamonds.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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