Shareholders to vote on ownership structures of exploration companies

SHAREHOLDERS of two John Teeling-chaired exploration companies – West African Diamonds (WAD) and Pan Andean – are set to vote on their future ownership structures in the second half of next month.

WAD, which is active in Guinea and Sierra Leone, is set to merge with local company Stellar Diamonds – which is a privately- owned subsidiary of AIM-listed entity, African Aura plc.

The prospectus, outlining the deal, will be sent to WAD’s shareholders (the Irish company is also listed on London’s AIM exchange), in the next fortnight, ahead of an extraordinary general meeting, for a formal vote on the deal, to be held in London next month. Post merger, the company is likely to re-list on AIM as Stellar Diamonds, with a new board of directors.