Sale of Flinders Diamond shares postponed

THE Supreme Court of South Australia has ordered that the Australian Securities and Investments Commission has until six months after the expiration of the escrow period on February 20 2004 to dispose of more than 22 million Flinders Diamonds Limited shares it has vested in it.

The shares amount to about 39 per cent of the total voting share.

The order varies the original order made at the time of vesting on June 12, relating to 22,423,292 Flinders shares. ASIC had been ordered to dispose of the shares within six months or such further time as allowed by the court.

However, following the original vesting order ASIC became aware that some of the shares were subject to Australian Stock Exchange escrow agreements.

Flinders recently reached a farm-in agreement over two diamond exploration projects in the north of Western Australia.

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