Dominion Diamond logo

DDC - Dominion Diamond News Story

$14.24 -0.0  -0.1%

Last Trade - 01/11/17

Sector
Basic Materials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £497.4m
Position in Universe th / 6841

UPDATE 1-Dominion Diamond says working diligently on sales process

Tue 13th June, 2017 5:30pm
(Adds comments on CEO search, earnings, background) 
    June 13 (Reuters) - Canada's Dominion Diamond Corp  DDC.TO , 
which put itself up for sale in March, is working "diligently" 
on this process and will share news with the market when it has 
any, Chairman Jim Gowans said on Tuesday, declining to comment 
further. 
    Speaking on a conference call about the company's results, 
which were released late on Monday, Gowans said Dominion's 
search for a new chief executive continues.  
    Incumbent Brendan Bell resigned in January, saying he did 
not want to relocate to new company headquarters in Calgary. He 
steps down on June 30. 
    Dominion is the world's third largest diamond producer by 
market value. It owns the Ekati mine and a stake in the Diavik 
mine, which is majority owned by global miner Rio Tinto  RIO.L  
 RIO.AX , in Canada's Northwest Territories.  
    The company reported a loss of $7.8 million in the first 
quarter of its fiscal 2018 year, or a loss of 9 cents per share. 
    Dominion's stock was 0.2 percent firmer at C$17.39 on the 
Toronto Stock Exchange early on Tuesday afternoon. 
    Dominion launched the sales process following an unsolicited 
$1.1 billion approach from U.S. billionaire Dennis Washington. 
 urn:newsml:reuters.com:*:nL3N1H43PI  
    The Canada Pension Plan Investment Board, the country's 
biggest public pension fund, is considering a bid for Dominion 
Diamond and is studying the miner's books, people familiar with 
the process told Reuters.  urn:newsml:reuters.com:*:nL1N1ID0Z0 
    CPPIB is one of more than five parties that have signed an 
agreement with Dominion to get access to its confidential data, 
one source said. 
    Stornoway Diamond Corp  SWY.TO , a small Canadian diamond 
miner, held merger talks with Dominion earlier this year, 
Reuters reported.  urn:newsml:reuters.com:*:nL2N1GX1X2 
 
 (Reporting by Nicole Mordant in Vancouver; Editing by Chizu 
Nomiyama and Phil Berlowitz) 
 ((nicole.mordant@thomsonreuters.com; +1-778-374-3854; Reuters 
Messaging: nicole.mordant.thomsonreuters.com@reuters.net)) 
 
Keywords: DOMINIONDIAMOND M&A/
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.