Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

Today

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

Firestone seeks to issue ordinary shares to service interest on bonds

03 october 2019

firestone_diamonds_logo.pngFirestone Diamonds will seek approval from its shareholders for, among other things, the continued issue of ordinary shares of 1 pence each as interest payments under the terms of the $30 million Series A Eurobond debt facility to Pacific Road and Resource Capital.  
“The company wishes to continue to service the interest on the Series A Bonds through the issuance of ordinary shares to the bondholders and is therefore seeking approval to issue up to 195,309,376 Series A interest shares…,” it said.
The Series A Bonds are repayable in two tranches, $20 million due on 4 August 2022 and $10 million due on 3 January 2023.
Firestone previously issued ordinary shares to pay quarterly interest, which had accrued in respect of the Series A Bonds. 
However, due to consequences of the takeover code, and the terms of the Series A Bonds, it requires independent shareholder approval to permit the bondholders to receive further ordinary shares from 30 September 2019 without triggering a mandatory offer to shareholders.
Meanwhile, Firestone said although the group's cash balance was $21 million as at 30 September 2019, the trading environment remains difficult and as a result it is actively engaging with its debtholders to ensure it can sustain operations through the current downturn. “However further deterioration in the financial or trading position is possible and may have material implications for the solvency of the company independently of the passing of the resolutions,” it said.
Trading conditions continue to be challenging due to the ongoing depressed pricing of rough diamonds across the industry as well as fewer valuable stones recovered resulting in lower than expected average values being realised.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished