Namakwa Diamonds, whose portfolio includes the Kao mine in Lesotho as well as alluvial assets in South Africa and marine assets in Namibia, announced a restructuring of its Board of Directors, with immediate effect.
Melissa Sturgess, previously Senior Independent Non-Executive Director of the company, has replaced Edward Haslam as Non-Executive Chairman upon his resignation.
Additionally, Richard Collocott has resigned as Chief Executive Officer and a Director of the company, and has been replaced by Theo Botoulas. According to the diamond resource group, Botoulas has more than 20 years of experience in mining operations, asset management and the establishment of projects based junior mining companies. He was previously Chief Executive Officer of Diamond Core Resources Limited from 2003 to 2008 and Acting Chief Operations Officer of Namakwa Diamonds Limited from 2008 until his resignation in 2010.
Morever, Allen Gessen has resigned as one of two Non-Executive Directors of Namakwa shareholder and investor Jarvirne Limited, and has been replaced by Vladimir Kravets, currently the Chairman of Consortium Industrial Group, a Ukrainian asset management company and has significant experience in the steel and construction industries.
The Board of Namakwa Diamonds is now constituted as follows: Melissa Sturgess (Non-Executive Chairman); Theo Botoulas (Chief Executive Officer); Martiens Mulder (Independent Non-Executive Director); Robert Reid (Independent Non-Executive Director); Gerard Holden (Non-Executive Director) and; Vladimir Kravets (Non-Executive Director).
In other company news, Namakwa 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 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," says a Namawka statement. The company expects that the cancellation will take effect from 8:00 am on August 1, 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 August 1, 2012.