SLDC STAKEHOLDER REJECTS BUYOUT

Businessman Frank Timis rejected an offer of GPB105 million for his 34 percent stake in Sierra Leone Diamond Company (SLDC.) The rebuff came as it emerged that the bidder, Audley Capital Advisors, an investment vehicle run by the activist shareholder Julian Treger, had increased its stake in SLDC from 4.2 to 6 percent. Timis had been offered 275 pence a share for his stake. SLDC shares closed at 193 pence yesterday, up 19.5 pence, valuing the company at GBP214 million. At 275 pence a share, SLDC would be worth GBP305 million. The company floated at 75 pence in February 2005. (read more)