DIAM Diamond Cap

TIDMDIAM

RNS Number : 3771Q

Diamond Circle Capital Plc

05 November 2012

DIAMOND CIRCLE CAPITAL PLC

5 November 2012

Portfolio realisation update and capital distribution

The Board of Diamond Circle Capital plc announces that, in accordance with its investment objective and policy, it has sold the final three remaining diamonds out of the company's portfolio for an aggregate gross consideration of $5.9 million which compares to the carrying value as at 30 September 2012 of $8.6 million. The Board is therefore proposing to make a capital distribution amounting to $8.0 million (equivalent to $1.07 per share).

The capital distribution is being made by way of a cancellation of paid up share capital of the Company equal to the amount being returned to those shareholders on the register as at 16 November 2012. Shares will be marked ex entitlement on 14 November 2012 and the Board expects payments to be made in the week commencing 19 November 2012.

Now that the entire portfolio has been realised the Board has instructed its advisers to prepare the necessary documentation to liquidate the company and an announcement in this regard will be made in due course.

Based on the cash balances and sundry net assets remaining in the Company following the distribution announced today and after taking into account an estimate for the ongoing operating costs up until liquidation and also an estimate of the liquidation costs, the terminal asset value of the company is approximately $1.0 million equivalent to $0.13 per share. It is expected that a final distribution will be made to shareholders on liquidation.

It should be noted that there are a number of factors which could cause the amount of any final cash distribution to differ materially from the terminal asset value noted above, including ongoing operating and liquidation costs.

Further information, please contact:

Philip Scales

Tel: +44 (0)1624 681250

IOMA Fund and Investment Management Limited

David Benda

Tel: +44 (0)20 7260 1000

Numis Securities Limited

This information is provided by RNS

The company news service from the London Stock Exchange

END

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