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Kimberley surprise for Dwyka

WITH its top-20 shareholder list now 70 per cent occupied by UK-based institutions, Perth-based Dwyka Diamonds is also about to list on the Alternative Investment Market in London.

Dwyka executive chairman Jack Griffin said the company had almost completed due diligence for the listing, which will allow it to further take advantage of significant investor interest in South Africa and diamonds, a combination of which Dwyka Diamonds has plenty.

Dwyka, which listed on the Australian Stock Exchange just last December, has three 100 per cent owned diamond interests in South Africa and another two through its 96 per cent ownership in local company Diamix. One of these, the De Hoop operation in the Kimberley region, has recently produced diamonds of a quality and in quantities far exceeding expectations.

Diamix also produces large cash flow by turning the sand and gravel from its alluvial diamond operations into cement building products.

Dwyka consolidated its shares and options last week. The company’s first issued shares were at 10 cents each in August 2000. They reached a high of 39.5 cents earlier this year and have been recently trading in the mid-30s.

Board changes

NOT only is it the season of annual general meetings but also that of director resignations and administrator replacements.

Following his recent appointment as managing director of Insolvency Management Fund Limited, Hugh McLernon has shed his chairmanship of Westgold Resources NL and directorships of Carpenter Pacific Resources NL, Internet Solutions Australia and Saracen Mineral Holdings Limited.

Sons of Gwalia has achieved compulsory acquisition of PacMin Mining Corporation Limited and accordingly has appointed Peter Lalor, Christopher Lalor and Mark Cutifani as PacMin directors and Stephen Pearce as PacMin company secretary.

Mr Peter Lalor has been appointed Pacmin chairman, to replace Mr Cutifani as interim chairman, while Pacmin managing director Steven Chadwick, non-executive director Laurence Shervington and company secretaries Peter Kerr and Michael Klessens have resigned. These follow the resignations a few weeks back of Pacmin chairman Steven Dean and non-executive directors Norman Keevil, Michael Lipkewich and Klaus Zeitler.

As part of the process of regaining self-administration from former administrators Hall Chadwick, the Esmeralda Exploration Limited board also has undergone a transformation.

Peter Gunzburg has taken on the role of executive chairman and Dennis Franks has been appointed a director, while director Peter Cordin and company secretary David Semmens have resigned. Les Kozel has been appointed as new company secretary.

The latest of these changes and this week’s other comings and goings can be found on page 24.

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