European Islamic Inv Bnk Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9664429
JSE share code: DMC
AIM share code: DCP
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
('DiamondCorp' or 'the Company')



Loan Funding Term Sheet with IDC





DiamondCorp plc, the African diamond mine development and exploration company, is pleased to announce that it's 74%-owned subsidiary, Lace Diamond Mines (Proprietary) Limited has entered into a loan funding term sheet with the Industrial Development Corporation of South Africa Limited ("IDC"). Under the terms of the loan funding term sheet, IDC has agreed to make a loan available to Lace Diamond Mines (Proprietary) Limited to the value of R280 million (approximately $33.6 million), subject to the satisfactory conclusion of due diligence and certain other conditions precedent.



Commenting on the loan funding term sheet, DiamondCorp CEO, Paul Loudon said: "The key driver for management in seeking funding for the Lace mine development has been to find the optimum financing method which is the least dilutive for shareholders of the Company. Therefore, we are delighted that we and our Black Economic Empowerment ("BEE") partners have been able to agree in principle a debt financing proposal from the IDC to provide over 98% of the estimated capital required to establish a block cave development on the 47 level at the Lace mine. This is a significant milestone in DiamondCorp's transition from developer to producer and we welcome the support of the IDC in funding this potentially long-life diamond mine in the Free State Province."



On 18th May, DiamondCorp's 74%-owned subsidiary, Lace Diamond Mines (Proprietary) Limited (the "Borrower") entered into a detailed loan funding term sheet, pursuant to which the main terms of the proposed loan funding were agreed in principle. It is intended that the loan funding term sheet will form the basis of the final loan financing agreement. Under the terms of the loan funding term sheet, IDC (the "Lender") has agreed to provide a loan facility to the Borrower to the value of R280 million (approximately $33.6 million) for the purpose of underground development and purchase of mining equipment at the Lace mine.



The loan will be secured over the assets of the Borrower and will be guaranteed by the Company. The term of the loan is expected to be 7 years. It is anticipated that the loan will attract an interest rate of 2% over the South African Prime Rate (which is currently 9%), such interest to be capitalised for the first two years from the draw down date and payable semi-annually in arrears thereafter. There will also be a two year moratorium on loan repayments. The provision of the loan is subject to certain conditions precedent, including the completion of satisfactory due diligence by the Lender and unconditional approval by the Lender's executive committee and/or board of directors. Subject to satisfactory completion of due diligence and satisfaction of the conditions precedent, including approval for the upgrade of the electricity supply to the mine by Eskom, DiamondCorp anticipates that the loan financing agreement will be finalised by the end of July 2012. The loan financing agreement will include representations and warranties from the Borrower that are usual for transactions of this nature.



Management's latest estimate for the total cost of development at Lace is R384 million but with revenue expected from diamond sales after 18 months, the peak funding requirement is forecast to be R285 million.









BACKGROUND - LACE MINE, FREE STATE PROVINCE, SOUTH AFRICA



The Lace diamond mine is located 25km northwest of the town of Kroonstad in the Free State Province of South Africa. The mine operated from 1896 to 1931, and according to mine records produced approximately 700,000 carats of diamonds from 4.5 million tonnes of kimberlite at a recovered grade of 16 car By euroboy1 ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9664429&action=detail Mon, 21 May 2012 08:52:00 GMT euroboy1 tag:iii.co.uk,2003:tst.9654379 http://www.rasmala.com/presentations/Rasmala_Sukuk_presentation.pdf By euroboy1 ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9654379&action=detail Thu, 17 May 2012 16:28:00 GMT euroboy1 tag:iii.co.uk,2003:tst.9596450
DiamondCorp plc



Directorate Change



The Board of Directors of DiamondCorp plc ("DiamondCorp" or "the Company") is pleased to announce the appointment of Michael Toxvaerd to the Board as Non-executive Director with immediate effect.



Mr Toxvaerd is Chief Investment Officer of HBG Management Partners, a leading UK private equity firm serving high net worth private and institutional clients in the Arabian Gulf. He has more than 15 years of experience founding, operating, acquiring, integrating and leading a variety of businesses in private equity and public markets at board and senior management level. Mr Toxvaerd was most recently Founder, CEO and Deputy Chairman of NeutraHealth plc, an AIM listed company. He holds an MBA from Cranfield School of Management.



Mr Toxvaerd is also a non-executive Director of European Islamic Investment Bank plc ("EIIB"), an AIM listed company and significant shareholder of DiamondCorp. EIIB is interested in a total of 55,761,412 ordinary shares in the Company, which represents approximately 23.02% of the issued share capital of the Company.



HBG Management Partners, via its wholly owned subsidiaries, is interested in 274,633,802 ordinary shares of EIIB, which represents approximately 15.55% of the issued share capital of EIIB.



Euan Worthington, Chairman commented:



"We are very pleased to welcome Michael on to the Board and believe that his financial background will help to finalise the financing for Lace while his entrepreneurial experience will help us evaluate other opportunities in the diamond sector".



Please see the Appendix below for further disclosure with regard to Michael Toxvaerd in accordance with the AIM Rules for Companies.
By euroboy1 ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9596450&action=detail Tue, 01 May 2012 14:33:00 GMT euroboy1 tag:iii.co.uk,2003:tst.9524753
http://wexboy.wordpress.com/2012/04/11/eiib-so-you-want-to-run-a-marathon/

Cheers,

Wexboy By Wexboy ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9524753&action=detail Wed, 11 Apr 2012 01:59:00 GMT Wexboy tag:iii.co.uk,2003:tst.9524661 http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9524661&action=detail Tue, 10 Apr 2012 22:31:00 GMT nicoforever tag:iii.co.uk,2003:tst.9523533
Nico, EIIB is a plaything of the major shareholders. Only the chosen few know the real score as to the underlying asset values. I doubt if the auditors are even in the loop. Take it from me as one who was lucky to escape several months ago with a profit. Perhaps the only way that money might be made is if EIIB goes private - and why would that be done?
By dandigirl ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9523533&action=detail Tue, 10 Apr 2012 16:23:00 GMT dandigirl tag:iii.co.uk,2003:tst.9522739 http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9522739&action=detail Tue, 10 Apr 2012 13:27:00 GMT nicoforever tag:iii.co.uk,2003:tst.9513458 http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9513458&action=detail Thu, 05 Apr 2012 17:33:00 GMT dandigirl tag:iii.co.uk,2003:tst.9512898
http://www.cpifinancial.net/news/post/13374/eiib-to-expand-rasmalas-asset-management-business By rpol ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9512898&action=detail Thu, 05 Apr 2012 15:18:00 GMT rpol tag:iii.co.uk,2003:tst.9510642 http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9510642&action=detail Thu, 05 Apr 2012 08:55:00 GMT euroboy1 tag:iii.co.uk,2003:tst.9434911 http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9434911&action=detail Thu, 15 Mar 2012 11:21:00 GMT euroboy1 tag:iii.co.uk,2003:tst.9423133 http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9423133&action=detail Tue, 13 Mar 2012 11:02:00 GMT rpol tag:iii.co.uk,2003:tst.9422614 http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9422614&action=detail Tue, 13 Mar 2012 09:42:00 GMT euroboy1 tag:iii.co.uk,2003:tst.9394776
Just posted a fresh commentary on EIIB, and increased my portfolio stake:

http://wexboy.wordpress.com/2012/03/06/imho-eiib-is-vip/

Cheers,

Wexboy By Wexboy ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9394776&action=detail Wed, 07 Mar 2012 06:24:00 GMT Wexboy tag:iii.co.uk,2003:tst.9305256
I've included EIIB in my latest Catalyst article, where I look at 4 interesting companies/situations with activist investor(s) on board:

http://wexboy.wordpress.com/2012/02/16/how-about-another-catalyst-part-vii/

Cheers,

Wexboy By Wexboy ]]> http://www.iii.co.uk/investment/detail?code=cotn:EIIB.L&display=discussion&id=9305256&action=detail Fri, 17 Feb 2012 00:42:00 GMT Wexboy