24 May 2015

New era at Firestone

15/02/2012 Robert Tyerman

Philip Kenny, chairman and co-founder of Firestone Diamonds, 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 buy-out specialist InCentive Capital, has replaced Kenny in the chair at Firestone.

The company 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 that it was Kenny who spearheaded the company’s acquisition in 2010 of Liqhobong, 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 peak 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 12.25p within the past year. They could have some speculative appeal as a recovery punt.

Tags: Firestone Diamonds, Philip Kenny, Resignation

Superb investment toolkit for private investors

SharePad is the new web-based service from ShareScope. Easier to use and more powerful. Perfect for tablets, Macs and Windows PC. Covers ALL your investment requirements.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2015

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + VAT. Click here for more info

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

Latest News

The Bahamas is one of the richest countries in the Caribbean

Bahamas sees second reading of Petroleum Bill 21/05/2015

Bahamas Petroleum (AIM:BPC) has noted that the Bahamian Parliament  is making progress on passing the Petroleum Bill.

Tags: Bahamas, Oil and gas

Stride joins AIM 21/05/2015

Online bingo operator Stride Gaming has joined AIM in an IPO that raised £11.2 million.

Tags: Gambling, IPOs

Optimal trading well 21/05/2015

Mobile payments specialist Optimal Payments (AIM:OPAY) issued a trading update.

Tags: Mobile payments

Secure Property expands holdings 21/05/2015

Eastern Europe-focused Secure Property Development & Investment has expanded its footprint in Romania and Bulgaria.

Tags: Eastern Europe, Property

Empyrean busy at Sugarloaf 21/05/2015

US oil play Empyrean Energy (AIM:EME) provided a production update on its Sugarloaf project.

Tags: Oil and gas, Texas

Escher's essential product 14/05/2015

Postal service specialist Escher Group (AIM:ESCH) has won a deal to supply its RiposteEssential software.

Tags: Contract win, Technology

More News