July 30 (Reuters) – Gem Diamonds Ltd said
production rose for the first half on higher output from its
Ellendale mine in Australia, but said average diamond prices
fell during the period.
The company also said it suspended the formal process of
exploring options for its Ellendale mine, which produces an
estimated 50 percent of the world’s supply of yellow diamonds,
after receiving offers that were not “at a sufficiently high
July 25 (Reuters) – Debt-laden phone directory publisher
Yell Group Plc said it was considering options that may
result in a dilution of shareholders’ interests, as part of a
capital structure review, sending its shares down by more than
Yell would likely look at a debt-for-equity swap, analysts
said. “They don’t explicitly mention debt for equity, but that’s
what it means,” Panmure Gordon & Co analyst Alex Degroote said.
July 19 (Reuters) – West Africa-focused Avocet Mining Plc
has named engineering veteran David Cather as its new
chief executive, as it seeks to reassure the market on its
operations and boost shares battered by reduced output outlook
and worries over expansion plans.
The miner said on Thursday it had accepted Brett Richards’
resignation, appointing mining engineer Cather, who joined the
company in May 2012 as chief operating officer, in his place.
(Reuters) – West Africa focused-gold miner Avocet Mining Plc (AVM.L: Quote, Profile, Research, Stock Buzz) expects to cut spending on exploration projects in Guinea and might even sell its assets in the country to preserve cash, its chief executive said.
Shares of Avocet have more than halved in value in the past two weeks after the company cut production outlook on lower recoveries and processing rates at its sole producing mine.
(Reuters) – China-based Kada Technology Holdings Ltd, which applied on Monday to trade on London’s junior market, said it hoped an overseas listing will bring it prestige and more profitable ties with lenders and suppliers.
The tech component distributor expects to be valued at about 100 million pounds ($156.85 million) once it starts trading.
(Reuters) – British homebuilder Berkeley Group Holdings Plc (BKGH.L: Quote, Profile, Research, Stock Buzz) reported a higher full-year profit and said demand in London and south-east England would remain strong, echoing other real estate developers that are also underpinning their growth on the two areas in 2012.
The residential property market in London and south-east England has remained robust. But conditions in the rest of the country remain challenging, largely due to tight mortgage financing amid a tough economic environment.
June 25 (Reuters) – Essar Energy Plc said it
received provisional approval to clear forests at its Mahan coal
block in India’s Madhya Pradesh state, but its shares fell as
the news highlighted regulatory hurdles delaying its power
projects in the country.
The company is facing twin setbacks in its key market for
oil products and electricity due to delays in government
approvals to mine coal to supply its power projects, and a
ruling that ended a major tax break for an oil subsidiary.
(Reuters) – A weakening Indian rupee is likely to contribute to volatility in rough diamond prices for the rest of the year, but longer-term price prospects are bright, the chief executive of London-listed miner Gem Diamonds Ltd (GEMD.L: Quote, Profile, Research, Stock Buzz) said.
Clifford Elphick, who formed Gem Diamonds in 2005, said prices would eventually resume their upward trend because of the simple fact that demand will continue to exceed supply.
May 22 (Reuters) – Phone directories company Yell Group
acknowledged the depth of its financial distress on
Tuesday as it struggles with a dying core business and over 2
billion pounds worth of debt, much of which it must repay in two
The company, which publishes paper phone books around the
world, said it would try to address its troubles with a
corporate restructuring, and increased focus on becoming a
predominantly digital business under a new name, hibu Plc.
May 17 (Reuters) – Cookson Group Plc may break up
into its two major divisions in an effort to improve shareholder
returns and is to admit a partner from activist shareholder
Cevian to its board, the British industrial materials supplier
said on Thursday.
Christer Gardell, managing partner of Sweden-based Cevian
Capital, which owns about a fifth of Cookson shares and has been
building its stake since last year, will join its board as a
non-executive director, Cookson said.