Key points
- The Namibian stock exchange and the Bank of Namibia approved the company’s dual listing on the Namibian stock exchange.
- The Bank of Namibia noted the listing was approved on an exceptional case basis, since such dual listings have not been standard practice within the common monetary area.
- The listing is intended to be accompanied by a placement to southern African institutions and the Namibian public, with final technical terms still being agreed with the Bank of Namibia.
- The company is preparing an estimated $6 million bulk sampling program on three marine diamond concessions, Marine concession 12b at the mouth of the Olifants River in South Africa and the Hottentots Bay and Luderitz concessions in Namibia, scheduled to begin in the fourth quarter of 1994.
The company has received approval from the Namibian stock exchange and from the Bank of Namibia for its dual listing on the Namibian stock exchange.
It has not been the practice within the common monetary area to permit such dual listings and the Bank of Namibia noted the Namco listing had been approved on an exceptional case basis.
It is intended the listing will be accompanied by a placement to southern African institutions and to the Namibian public. Final agreement is being sought from the Bank of Namibia on the technical aspects of the proposed listing. The company will then ascertain with its brokers the terms and extent of the proposed placing.
The company is preparing a major bulk sampling program on its three marine diamond concessions in southern Africa: Marine concession 12b at the mouth of the Olifants River, South Africa, and the Hottentots Bay and Luderitz concessions in Namibia. The program, costing an estimated $6 million, is scheduled to begin in the fourth quarter 1994.
