DiamondCorp has announced that it has gone into administration, leaving the future of the company in the hands of practitioners.
Stephen Cork and Jo Milner of London-based advisory firm Cork Gully are now joint administrators of the rough diamond company.
In a statement released this week, it said that its directors would continue to work with the administrators to try to “preserve any remaining stakeholder value”.
DiamondCorp’s listing on the London Stock Exchange’s Alternative Investment Market (AIM) is expected to terminate on 15 May. Trading on Johannesburg-based hedge fund market, AltX, has been suspended since November.
Investment bank Panmure Gordon resigned as the business’ nominated adviser and broker with immediate effect, with no plans to appoint a replacement.
DiamondCorp has struggled to continue keep afloat since its Lace mine in South Africa flooded last year.