The steady improvement in the rough diamond market seen at the end of 2023 has continued in the first quarter of 2024. Lucapa saw good demand and stronger prices for diamonds larger than two carats in their sales during the Quarter. The industry is responding well to the challenges it faced in 2023 and they expect the market to improve steadily over the course of 2024.
In February 2024, a general meeting of shareholders approved a 1 for 5 share consolidation which was completed in March 2024. Lucapa now has 289,141,849 issued shares post-consolidation, with the fully diluted post-consolidated issued capital at 301,300,036.
Post-quarter end, Lucapa appointed two new Independent non-executive Directors to the Board following the resignation of non-executive director Ross Stanley. Stuart Brown, an ex-head of diamond giant De Beers was appointed Chairman and Ronnie Beevor, an ex-Investment banker and experienced mining director was appointed as non-executive director.
Former Chairman Miles Kennedy remains on the Board as a non-executive director. Lucapa Diamonds said for Rough Diamond Market in the Q1 2024 report.
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