25 May 2012

Kenny bows out at Firestone

17/01/2012 Robert Tyerman

Philip Kenny, chairman and co-founder of Firestone Diamonds (FDI), has resigned from the southern Africa-focused company.

A second generation Irish entrepreneur, he has left the company, now producing from Liqhobong in Lesotho and the BK11 mine in Botswana, but still losing money, to 'pursue other business interests' at a time when its shares languish at a fraction of their 1998 AIM float price.

Lucio Genovese, a South African mining financier with experience as Moscow chief for mining and metals trading giant Glencore and at Swiss-based buyout specialist InCentive Capital, has replaced Kenny in the chair at Firestone, which produced 34,000 carats in the year to last June and lost £2.8 million pre-tax on revenues of £2.4 million.

Tim Wilkes, who became London-based Firestone's chief executive officer last year, points out it was Kenny who spearheaded the company's acquisition in 2010 of Liqhobiong, which is hoped to play a key part in a planned ramp up of annual production to one million carats in 2014.

Rough diamond prices have fallen some 30 per cent since their peaks last summer, but the market is hoping for renewed strength in Chinese and Indian demand this year. Floated 14 years ago at 114p, Firestone shares have fallen from 36.5p to 10.63p within the past year and could have some speculative appeal as a recovery punt.

Tags: AIM market, Diamonds, Liqhobong, Lucio Genovese, Philip Kenny, Production boost

Sector: Mining

Companies: Firestone Diamonds

Achieve impressive returns

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena

Click here

Achieve impressive returns on the go

Gain instant access to some of the best-performing and fastest growing companies in the small cap arena. Sign up NOW!

Institutional Investors in AIM 2011 - New Report

This unique study analyses the shareholdings of companies listed on AIM, extracting trends including rankings of the value and number of their investments.
Please click here to order your copy of the report or call 0207 250 7056.

Coverage of AIM, techMARK and PLUS Markets

Informative features and research on fast-growing companies, small-cap and growth stocks, penny shares, stock market tips and share recommendations, directors' dealings, company news and analysis, new issues and upcoming IPOs.

If you're interested in business tax updates visit our specialist tax guide website.

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Acquisition   Acquisitions   Aim   Aim Market   Boardroom Moves   Breaking-even   British Technology   Cash   China   Commodities   Credit Crunch   Deals & Contracts   Debt   Dividend   Emerging Markets   Full List   Fundraisings   Gold   Growth Company   Growth Stocks   Loss Making   Main Market   Mergers & Acquisitions   New Issues   Penny Shares   Placing   Plus Markets   Profit Warning   Restructuring   South Africa   Speculative Punts   Technology   Trading Update   Turnaround   Undervalued  

Latest News

Gulf starts at Sheikh Adi-2 25/05/2012

Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.

Tags: Doing business in Iraq, Drilling on AIM, Oil on AIM

Sector: Oil & Gas Producers

Companies: Gulf Keystone Petroleum

Shell considers Cove 24/05/2012

Oil giant Shell is extending its offer period for Mozambique-focused Cove Energy (COV) after having its bid trumped by Thai government-owned PTT Exploration & Production.

Tags: Bid trumped, Doing business in Mozambique, Oil giants on AIM, Takeovers and bids

Sector: Oil & Gas Producers

Companies: Royal Dutch Shell 'A' , Cove Energy

Roxi reaches 1,360 metres 23/05/2012

Kazakhstan-focused Roxi Petroleum (RXP) has declared that its NK7 well in the Galaz aea has drilled to a depth of 1,360 metres.

Tags: AIM ventures, Doing business in Kazakhstan, Oil on AIM

Cluff Natural Resources joins AIM 22/05/2012

Steered by sector veteran Algy Cluff, North-Sea focused cash shell Cluff Natural Resources (CNR) has joined AIM.

Tags: Entrepreneurs on AIM, Gold mining, Oil and gas on AIM

Red Emperor exercises Shabeel 21/05/2012

Somalia-focused oil explorer Red Emperor Resources (RMP) has exercised its option to take part in the drilling of the Shabeel North well.

Tags: Business in the Puntland, Doing business in Somalia, Drilling for oil & gas, Oil on AIM

Sector: Oil & Gas Producers

Companies: Red Emperor Resources

Heritage happy in Iraq 18/05/2012

Oil concern Heritage Oil (HOIL) has reported its Miran West-3 well in Iraq could deliver 1,000 barrels per day of condensate.

Tags: Doing business in Iraq, Oil on the full list, Oil production, Target depth

Sector: Oil & Gas Producers

Companies: Heritage Oil

More News

Sectors

Aerospace & Defence   Alternative Energy   Automobiles & Parts   Banks   Beverages   Chemicals   Construction & Materials   Electricity   Electronic & Electrical Equipment   Equity Investment Instruments   Financial Services   Fixed Line Telecommunications   Food & Drug Retailers   Food Producers   Forestry & Paper   Gas, Water & Multiutilities   General Financial   General Industrials   General Retailers   Health Care Equipment & Services   Household Goods   Industrial Engineering   Industrial Metals   Industrial Transportation   Leisure Goods   Life Insurance   Media   Mining   Mobile Telecommunications   Nonequity Investment Instruments   Nonlife Insurance   Oil & Gas Producers   Oil Equipment, Services & Distribution   Personal Goods   Pharmaceuticals & Biotechnology