TIDMNAD

RNS Number : 7525G

Namakwa Diamonds Limited

03 July 2012

3 July 2012

Namakwa Diamonds Limited (LSE: NAD)

("Namakwa Diamonds" or the "Company")

Cancellation of listing and proposed admission to AIM

Namakwa Diamonds announces that it has requested the cancellation of its listing on the Official List of the UK Financial Services Authority. The decision follows the Company's inability to satisfy its obligations under Listing Rule 9.2.15 (the "Free Float Requirement") on admission of an additional 794,629,171 new shares to trading on the London Stock Exchange on 28 June 2012, pursuant to the Company's recent Open Offer transaction. The Company expects that the cancellation will take effect from 08.00 on 1 August 2012.

Application has been made for the Company's shares to be admitted to trading on AIM, simultaneously with the cancellation of the listing on the Official List on 1 August 2012.

On 27 June 2012, at a Special General Meeting of the Company, Shareholders voted in favour of such action, pursuant to Resolution 7, in the event that the Company was unable to satisfy the Free Float Requirement on admission of the new shares. The Company's current free float is approximately 20.9% of the issued share capital of the Company.

A Schedule One pre-admission announcement of the Company's application for admission to AIM will be issued today.

Shore Capital and Corporate Limited will act as the Company's Nominated Adviser (Nomad) pursuant to the AIM rules and Shore Capital Stockbrokers Limited will act as broker to the Company.

For further information please visit www.namakwadiamonds.com or contact:

 
 Namakwa Diamonds                        Tavistock Communications 
 Richard Collocott    +27 11 334 8886    Simon Hudson    +44 20 7920 3150 
                      +44 7974 453 
 Ryan Barrow           954               Simon Compton   +44 20 7920 3150 
 
 Shore Capital 
 Pascal Keane         +44 20 7468 4090 
 Anita Ghanekar       +44 20 7468 4090 
 Edward Mansfield     +44 20 7468 4090

Notes to Editors:

About Namakwa Diamonds Limited

Namakwa is a diamond resource group, which seeks to extract maximum value from the marketing and sale of Group mined and contracted production.

The Group's mining activities are focused on the Kao Mine in Lesotho. Operated by Storm Mountain Diamonds and its leading hard-rock mining team, with a proven track record in the construction and development of Lesotho's leading kimberlite pipes, the Kao Mine presents a 189Mt kimberlite resource of c.12.8m carats (c.4m indicated and c.8.8m inferred), with an additional 1.7m carats at a deposit level of confidence, in which Namakwa holds a 62.5% interest. The other shareholders are the Government of Lesotho 25% and Kimberlite Investments Lesotho Limited 12.5%.

The Group also maintains alluvial mining operations in the North West Province of South Africa and resource-development properties in the Northern Cape Province of South Africa and the offshore marine environment of Namibia.

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This information is provided by RNS

The company news service from the London Stock Exchange

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