Conroy to proceed with demerger

Conroy Diamonds and Gold says the High Court has sanctioned the scheme to demerge its diamond interests in Finland into Karelian Diamond Resources plc (Karelian).

Karelian will apply for admission of its shares to the Alternative Investment Market soon.

Under the terms of the scheme Conroy shareholders will receive one ordinary fully-paid Karelian share for every six existing shares held.

Karelian will also acquire the interests of unlisted Conroy plc.