October 3, 2017

Result of Open Offer, Issue of Equity, Director/PDMR Dealings

3 October 2017

AIM: STEL

Stellar Diamonds plc

(“Stellar” or the “Company”)

Result of Open Offer

Issue of Equity

Director/PDMR Dealings

On 14 September 2017, Stellar Diamonds plc, the London listed diamond development company focused on West Africa, announced the details of, inter alia, an Open Offer to raise up to an additional £200,000 through the issue of up to 6,153,846 new ordinary shares at a price of 3.25 pence per share.

The Open Offer closed for acceptances on 2 October 2017 and the Company announces that the open offer was oversubscribed and accordingly excess entitlements applied for under the Excess Application Facility were scaled back.

After scale back, the Company has received valid acceptances in respect of the full allocation of 6,153,846 Open Offer Shares from Qualifying Shareholders, raising £200,000 before expenses, which includes applications for 4,920,760 Open Offer Shares under the Excess Application Facility. Open Offer Shares issued under the Excess Application Facility represent approximately 80% of the Open Offer Shares offered.

Certain Directors and senior management subscribed for Open Offer Shares at the Issue Price as follows:

Director/PMDR Holding prior to the announcement of the Open Offer Number of Open Offer Shares acquired pursuant to the Open Offer Immediately following Admission of the Open Offer shares
  Number of Ordinary Shares % of issued share capital Number of Ordinary Shares % of issued share capital
Peter Daresbury 1,833,733 3.34% 202,910 2,036,643 3.34%
Karl Smithson 1,454,901 2.65% 71,585 1,526,486 2.50%
Rowan Carr 1,061,822* 1.94% 3,670 1,065,492 1.75%

*This figure replaces the figure of 1,037,404 shares held by Mr Carr and his wife following the issue of 445,657 Fee Shares which was incorrectly stated in the announcement of 11 September 2017 as a result of an error in the existing number of shares held by Mr Carr prior to the issue of the Fee Shares. For the avoidance of doubt, the number of Fee Shares received by Mr Carr as stated in the 11 September 2017 announcement was correctly stated.

Admission, settlement and total voting rights

Application has been made for 6,153,846 new Ordinary Shares (comprising the Open Offer Shares), to be admitted to trading on AIM and accordingly dealings are expected to commence at 8.00 a.m. on 4 October 2017 (“Admission”). CREST accounts (for CREST shareholders) are expected to be credited with Open Offer Shares on 4 October 2017.

Following Admission, the total number of voting rights in the Company will be 61,007,748 and Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

The Open Offer Shares issued in relation to the Open Offer will, when issued, rank pari passu in all respects with the existing Ordinary Shares of the Company.

Unless the context requires otherwise, all capitalised terms in this announcement have the same meanings as those given to them in the circular to shareholders, dated 15 September 2017, containing full details of the Open Offer which is available on the Company’s website at www.stellar-diamonds.com.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

** ENDS **

For further information contact the following or visit the Company’s website at www.stellar-diamonds.com.

Karl Smithson, CEO

Philip Knowles, CFO

Stellar Diamonds plc

Stellar Diamonds plc

Tel: +44 (0) 20 7010 7686

Tel: +44 (0) 20 7010 7686

Emma Earl

Sandy Jamieson

Cairn Financial Advisers (Nominated Adviser) Tel: +44 (0) 20 7213 0880
Jon Bellis Beaufort Securities Limited (Joint Broker) Tel: +44 (0) 20 7382 8300
Martin Lampshire

Rory Scott

Peterhouse Corporate Finance (Joint Broker)

Mirabaud Securities (Financial Advisers)

Tel: +44 (0) 20 7469 0930

Tel: +44 (0) 20 7878 3360

Tim Blythe

Nick Elwes

Blytheweigh

(Financial PR)

Tel: +44 (0) 20 7138 3204

About Stellar Diamonds plc

Stellar is an AIM listed (AIM: STEL) diamond development company focused on the 4.5 million carat high-grade and high value Tongo-Tonguma kimberlite diamond project in the world famous diamond fields of eastern Sierra Leone. An independently generated mine plan, based on over 66,000m of drilling that has been completed to date, envisages the production of over 4 million carats, generating gross revenues of more than US$1.2 billion, over a 21 year life of mine. Initial production at Tongo-Tonguma is scheduled to occur in the first year of development, building up to over 200,000 carats per annum, with a weighted average modelled diamond value of $229 per carat. The Tongo-Tonguma mine is estimated to give Stellar an attributable a Post-tax NPV(8) of US$109 million and IRR of 30%.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person closely associated
a. Name Karl Smithson
2 Reason for notification  
a. Position/Status Director
b. Initial notification/

Amendment

Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a. Name Stellar Diamonds Plc
b. LEI  
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the financial instrument, type of instrument

Identification Code

Ordinary Shares of 1 pence each

 

GB00BYZ5QT80

b. Nature of the transaction Subscription for shares through Open Offer
c. Price(s) and volume(s)          
  Price(s) per share Volume(s)  
3.25 pence 71,585  
 
d. Aggregated information

– Aggregated Volume

– Price

71,585 shares

3.25 pence per share

e. Date of the transaction 3 October 2017
f. Place of the transaction London AIM
     
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person closely associated
a. Name Lord Peter Daresbury
2 Reason for notification  
a. Position/Status Director
b. Initial notification/

Amendment

Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a. Name Stellar Diamonds Plc
b. LEI  
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the financial instrument, type of instrument

Identification Code

Ordinary Shares of 1 pence each

 

GB00BYZ5QT80

b. Nature of the transaction Subscription for shares through Open Offer
c. Price(s) and volume(s)          
  Price(s) per share Volume(s)  
3.25 pence 202,910  
 
d. Aggregated information

– Aggregated Volume

– Price

202,910 shares

3.25 pence per share

e. Date of the transaction 3 October 2017
f. Place of the transaction London AIM
     
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person closely associated
a. Name Rowan Carr
2 Reason for notification  
a. Position/Status Chief Operating Officer
b. Initial notification/

Amendment

Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a. Name Stellar Diamonds Plc
b. LEI  
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a. Description of the financial instrument, type of instrument

Identification Code

Ordinary Shares of 1 pence each

 

GB00BYZ5QT80

b. Nature of the transaction Subscription for shares through Open Offer
c. Price(s) and volume(s)          
  Price(s) per share Volume(s)  
3.25 pence 3,670  
 
d. Aggregated information

– Aggregated Volume

– Price

3,670 shares

3.25 pence per share

e. Date of the transaction 3 October 2017
f. Place of the transaction London AIM