Kopane Diamond Developments PLC
LSE : KDD

September 29, 2010 06:20 ET

Court confirmation of Reduction of Capital

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION



                                                                                          29 September 2010
                                                                                                           
                                      Kopane Diamond Developments PLC
                                        ("Kopane" or the "Company")
                                                     
                         Offer Update:  Court confirmation of Reduction of Capital
                                                     
Further to the announcement dated 27 September 2010, Kopane and Firestone are pleased to announce that  the
High  Court  of Justice in England and Wales has today made an order confirming the reduction  of  Kopane's
share  capital in connection with the Scheme of Arrangement by which Firestone's Acquisition of  Kopane  is
being implemented.  This follows the Court's sanction of the Scheme at a hearing held on 27 September 2010.

The  Scheme will become effective upon the Court Orders being delivered to the Registrar of Companies which
is  expected to take place on 30 September 2010.  The trading of Kopane's Shares on AIM is expected  to  be
cancelled at 7.00 a.m. on 30 September 2010, the anticipated Effective Date of the Scheme.

If  any  of  these expected dates change, Kopane will, unless the Panel on Takeovers and Mergers  otherwise
consents,  give  notice of the change by issuing an announcement through a Regulatory Information  Service.
An expected timetable of principal events is set out below:

Last day of dealings in, and time for registration                           
of transfers of, and disablement in CREST of, Kopane
Shares                                                                       4.30 p.m. on 29 September 2010
                                                                                                           
Scheme Record Time                                                           6.00 p.m. on 29 September 2010
                                                                                                           
Effective Date of the Scheme                                                              30 September 2010
                                                                                                           
Cancellation of trading in Kopane Shares on AIM                              7.00 a.m. on 30 September 2010
                                                                                                           
Cancellation of trading in Existing Firestone Shares                         
on AIM                                                                       7.00 a.m. on 30 September 2010

Admission of, and time of commencement of dealings                           
in, New Firestone Shares on AIM and re-admission and
recommencement of dealings in, Existing Firestone
Shares on AIM                                                                8.00 a.m. on 30 September 2010

Crediting of New Firestone Shares to CREST accounts                          8.00 a.m. on 30 September 2010

Latest date for despatch of New Firestone Share                                             
certificates and crediting of CREST accounts under
the Scheme                                                                                  14 October 2010


Capitalised terms used in this announcement but not defined have the meanings given to them in  the  Scheme
Document published by Kopane on 13 August 2010 (the "Scheme Document").


Enquiries:

Investor Contacts: Kopane

Frank Scolaro, Chairman
James Cable, Finance Director
+44 20 7963 9590

Investor Contacts: Firestone

Philip Kenny
+ 44 20 8834 1028

finnCap, financial adviser, Rule 3 adviser and nominated adviser to Kopane
Matthew Robinson / Sarah Wharry/ Ed Frisby
+ 20 7600 1658

Evolution Securities, financial adviser, corporate broker and Rule 3 adviser to Firestone

Simon Edwards / Tim Redfern
+44 20 7071 4330 / 4312

Brewin Dolphin, nominated adviser to Firestone

Alexander Dewar / Neil McDonald
+44 131 529 0276

Threadneedle Communications, media contacts for Kopane

Laurence Read / Beth Harris
+ 44 20 7653 9850

Conduit PR, media contacts for Firestone
Jos Simson / Leesa Peters
+44 20 7429 6603 / +44 7899 870 450


finnCap,  which is authorised and regulated in the United Kingdom by the Financial Services  Authority,  is
acting exclusively for Kopane and no-one else in connection with the matters described in this Announcement
and  will not be responsible to anyone other than Kopane for providing the protections afforded to  clients
of  finnCap nor for providing advice in relation to the Acquisition or any other matter described  in  this
announcement.

Evolution  Securities and Brewin Dolphin, which are authorised and regulated in the United Kingdom  by  the
Financial Services Authority, are acting exclusively for Firestone and no-one else in connection  with  the
matters described in this document and will not be responsible to anyone other than Firestone for providing
the  protections afforded to clients of Evolution Securities or Brewin Dolphin or for providing  advice  in
relation to the Acquisition or any other matter described in this announcement.

Publication on websites

A  copy  of  this announcement and certain information published or otherwise made available by  Kopane  in
connection with the Acquisition is available at: http://www.kopanediamonds.com/s/Home.asp.

A  copy of this announcement and certain information published or otherwise made available by Firestone  in
connection with the Acquisition is available at: http://www.firestonediamonds.com.

Contact Information

  • Kopane Diamond Developments PLC