Spec Value Hunter Comment - June 26, 2012: Kennady Diamonds spinout record date and TSXV listing date set
The day of record for the spinout of 1 Kennady Diamonds Inc share for every 5 Mountain Province Diamonds Inc shares has been set at July 5, 2012. Because Mountain Province trades on both the TSX (MPV) and AMEX (MDM), which are respectively closed on the July 2 Canada Day and July 4 Independence Day holidays, the day by which one needs to own the stock is not so obvious; I hear that one must buy Mountain Province at the latest on Friday June 29, 2012. Any last minute Spec Value Hunters hoping to snag some KDI need check with their brokerage firm to be sure they are not too late. KDI will begin trading on the TSXV on July 10, 2012. The spinout should have no noticeable impact on the price of Mountain Province which has a substantial asset through its 49% stake in Gahcho Kue whose valuation volatility is pretty much a function of the global macroeconomic outlook and associated market movements.
*JK owns shares in Mountain Province Diamonds Inc