25 October 2014

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

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 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + 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

Sunset in Marrakesh

Tangiers looking dry 24/10/2014

Moroccan oil explorer Tangiers Petroleum (AIM:TPET) is to divest itself of its biggest block in the country.

Tags: Oil and gas

John Lewis busy in the kitchen 24/10/2014

Kitchens and furniture specialist John Lewis of Hungerford (AIM:JLH) unveiled a trading update for the year to August. 

Tags: British businesses

Active starts JV in Canada 24/10/2014

Biomass energy outfit Active Energy Group (AIM:AEG) has signed a joint venture deal in Canada to develop forestry.

Tags: Cleantech

Atlantis wave hits £5m 24/10/2014

Tidal power specialist Atlantis Resources (AIM:ARL) has raised £5 million via a placing.

Tags: Cleantech, Fundraising

Baron still busy in Peru 24/10/2014

Peruvian explorer Baron Oil (AIM:BOIL) remains busy in Peru.

Tags: Latin America, Oil

Magnolia keeps on drilling 17/10/2014

US-focused oil play Magnolia Petroleum (AIM:MAGP) has provided an update on its assets.

Tags: Oil and gas

More News