Shamrock Group, S.A.

Sablo Management, Inc.

December 17, 2008 14:22 ET

Sablo & Shamrock Acquires Shares of Lydia Diamond Exploration of Canada Ltd.

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) - Shamrock Group, S.A. ("Shamrock") and Sablo Management, Inc. ("Sablo") (collectively, the "Offerors") announce that they have acquired a total of 23,315,875 common shares of Lydia Diamond Exploration of Canada Ltd. ("Lydia") for a purchase price of $1,395,000 ($0.06 per share) on December 9, 2008 (Shamrock - 2,000,000 shares and Sablo Management, Inc. - 11,315,875 shares). This represents ownership of approximately 38.4% of the current issued and outstanding common shares (60,657,600 common shares) in the capital of Lydia.

For the purposes of National Instrument 62-103 early warning reporting, the address of the Offerors is Bannholzstrasse 16, Vaduz FL-9490, Liechenstein. The Offerors are owned by and are under the direction and control of Mr. Mervyn S. Ford of 24 Cumberland Terrace Muse, London, NW1 UK. The Offerors did not exercise control or direction over any common shares or other securities of Lydia prior to the transaction announced herein. Lydia currently has 60,657,600 common shares issued and outstanding. As a result of the acquisition announced herein, the Offerors own 23,315,875 common shares representing approximately 38.4% of the issued and outstanding shares of Lydia. The Offerors have acquired the Lydia shares for investment purposes, and have no current intention to increase their beneficial ownership, control or direction of Lydia, except that the Offerors have requisitioned Lydia to call a special meeting of shareholders for the purposes of electing directors. It is the intention of the Offerors to vote in favour of a slate of directors nominated by them in consultation with existing management of Lydia. A meeting date has not yet been determined, and further announcements will be made.

Lydia is currently subject to a cease trade order issued by the Ontario Securities Commission. The sale referred to above was permitted pursuant to an order of the Ontario Superior Court of Justice dated October 15, 2008. The cease trade order remains in effect.

WARNING: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Shamrock Group, S.A. / Sablo Management, Inc.
    Andy Schweitzer
    (954) 331-4664