3 September 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

Casino gaming has been changed by new technology

Technology is changing the face of the casino  18/08/2015

Technological innovations have seriously helped reshape the way in which we interact with the world and the people around us. And the smartphone has become a one-stop device for communication, travel, online browsing, taking photos, watching videos and even high-definition gaming.

Nominations open for the Grant Thornton Quoted Company Awards 2016 18/08/2015

Nominations are now open for all categories in the Quoted Company Awards, to be held on 27 January at the Natural History Museum in London. 

Empiric Student Property makes £8.1 million investment  17/08/2015

Empiric Student Property has confirmed to the market an investment of £8.1 million in a complex of 132 purpose-built student apartments in Falmouth, Cornwall. 

Satellite Solutions Worldwide makes French acquisition  17/08/2015

AIM-listed Satellite Solutions Worldwide has announced the purchase out of administration of French broadband provider Sat2Way. 

Venn Life Sciences shares gain ground in wake of positive trading update  13/08/2015

Shares in clinical research organisation Venn Life Sciences are up around 5 per cent at the time of writing following the company's positive trading update ahead of its results announcement for the first half of the year on 22 September.

VPC Specialty Lending declares maiden dividend  13/08/2015

A dividend of 0.9p per share will be paid by VPC Specialty Lending for the period from its incorporation to 30 June 2015.

More News