West Africa-focused Stellar Diamonds' (LON:STEL) shares rose after it confirmed further high diamond grades had been returned from the bulk sampling programme under way at its 1.1 million carat Tongo dyke kimberlite project in Sierra Leone.

Highlights included:

- Initial sample processing yielded 151 carats from 141t of kimberlite for a grade of 107cpht with further results expected approximately every four weeks

- Anticipated that diamond grade will increase as further diamonds are recovered following re-processing

- Outstanding quality of diamonds classified as 86% gem quality with several stones greater than 1 carat in size

- Bulk sampling on-going with 772 tonnes collected to date as part of the Dyke-1 mining DFS

- Objective to recover a minimum 1,000 carat parcel for diamond grade and value confirmation

- Previous results established a grade of 120cpht at US$248 per carat from a 1,050 carat parcel

- Definitive Feasibility Study ("DFS") expected to be completed in 2014, culminating in a production decision at Tongo Dyke-1

I'm in ..worth a punt... let's see what happens!

Worth highlighting that not all brokers trade on ASX


STELLAR DIAMONDS - Important Information
Proposed Acquisition by Newfield Resources (NWF).


0.7622 of a New NWF share for each Stellar Diamonds Ordinary share held.

Please note that all trading in the New NWF shares will be undertaken on the Australian Stock Exchange (ASX).

The Boards of Stellar and NWF have announced that they have reached an agreement on the terms of a Recommended All-Share Offer by NWF for the entire issued and to be issued share capital of Stellar to be effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006.

Based on a NWF share price of AUS0.24 per share and an exchange rate of AUD1.83 to GBP1.00, the Acquisition values the share capital of Stellar at approximately GBP6.2 million and represents a value of approximately 10 pence per Stellar Share.


The Scheme is subject to shareholder approval at a General Meeting and Court approval at a Court Meeting both to be held on 19th April 2018. The Scheme will then be subject to Court sanctioning at a Court Hearing to be held on 25th April 2018. Subject to acquiring the necessary approval, the Scheme is expected to become effective on 26th April 2018.

Prior to the Scheme becoming effective, an application will be made to the London Stock Exchange for the cancellation of listing of Stellar shares. The cancellation of admission to trading is expected to become effective on 30th April 2018 with the last day in dealings in Stellar shares expected to be on 26th April 2018.

The New NWF shares are expected to be issued to shareholders on or around 3rd May 2018 with dealings expected to commence on the ASX on 4th May 2018. We will endeavour to credit your account shortly after 4th May 2018 once we have received confirmation of the new NWF holdings. As trading in NWF shares will be concentrated to the ASX we will be unable to facilitate trading in NWF shares via our sharedealing facility.

If you wish to trade your NWF shares on the ASX you will need to establish an arrangement with an alternative broker. Should you wish to do this, please contact our call centre with the details of your chosen alternative broker and we will facilitate the transfer of your shares to them at no cost to yourself. Please be aware that you will need to have contacted your chosen broker in order to complete their necessary transfer process prior to contacting our call centre.

25 April 2018
Stellar Diamonds plc ("Stellar")


Recommended Offer by Newfield Resources Limited ("NWF")

SCHEME SANCTIONED BY COURT

The Board of Stellar is pleased to announce that the Court has today sanctioned the Scheme to effect the acquisition by NWF of the entire issued and to be issued share capital of Stellar.

All Conditions of the Scheme and the Combination have now been satisfied or waived other than delivery to Companies House of a copy of the Court Order, which is expected to take place tomorrow, 26 April 2018, at which point the Scheme will become effective.

It is expected that trading in Stellar Shares on AIM will be suspended with effect from 7.30 a.m. on 27 April 2018 and the admission of Stellar Shares to trading on AIM will be cancelled with effect from 7:00 a.m. on 30 April 2018. The last day of dealings in Stellar Shares will therefore be 26 April 2018.

Capitalised terms used but not defined in this announcement have the same meaning as in the scheme circular sent to Stellar Shareholders on 26 March 2018. All references to times in this announcement are to London time.

http://www.moneyam.com/action/news/showArticle?id=5947040