09:25:38 EDT Sat 29 Apr 2017
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Diamonds Summary
Symbol C : *MKTDIAM
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Diamond & Specialty Minerals Summary for March 20, 2017

2017-03-20 21:20 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a positive 75-64-116. The TSX Venture Exchange gained one point to 811 while polished diamond prices jumped 0.2 per cent. Matt Manson's Stornoway Diamond Corp. (SWY) gained seven cents to 94 cents on 3.63 million shares. The company, which has been mining diamonds at its new Renard mine in Quebec for several months now, has no news of its own, but most diamond stocks had a good day thanks to news from one of their rivals.

That company was Dominion Diamond Corp. (DDC). It surged $3.06 to $16.27 on 3.55 million shares on word that Dennis Washington's Washington Cos. is making a takeover bid. Washington quietly made a cash offer of $13.50 (U.S.) per share for the company a month ago, a premium of 36 per cent to Friday's close and a 54-per-cent premium to Dominion's close when talks broke down on March 15. Washington took news of the bid public after the close Friday, when Lawrence Simkins, president, said Dominion has been stalling on its offer. "We are disappointed that Dominion's board has thus far prevented Washington from moving ahead with its proposal," he said, noting that Dominion's shareholders would receive a substantial premium and immediate liquidity. "We remain fully committed to completing this transaction," added Mr. Simkins.

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Symbol for Equatorial Exploration is EXX.v and price is closer to 08 than .26 fyi

Posted by zippy_01 at 2017-03-21 08:36

Wrt DDC, Anyone else wonder why the emergence (albeit not 'publicly' known at the time) of a takeover bid with a healthy premium over the recent trading history would prompt an IMMEDIATE and hard selloff of ~10% of the issued capital? That is what happened ! Strange days indeed. Or just very sad coincidence for some poor sod(s)?

Posted by Borson at 2017-03-21 13:41

Zippy_01

Right you are. Thanks.

Will

Posted by Will Purcell at 2017-03-21 15:39

Borson

Yeah, that chart just jumps right out at you, doesn't it.

Will

Posted by Will Purcell at 2017-03-21 15:43

If TO info remained tight, then maybe a selloff might come from the suggestion that swy might merge, considering their relative capitalizations these past few months. IMO. I know would be disappointed with that......

Posted by Borson at 2017-03-21 16:26

If TO info remained tight, then maybe a selloff might come from the suggestion that swy might merge, considering their relative capitalizations these past few months. IMO. I know would be disappointed with that......

Posted by Borson at 2017-03-21 16:39