Past year: ▲ 42%(11.23 – 18.36 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Sept 2006business combination▲ GoodMajor
Aber agreed to buy the minority shareholders' interest in Harry Winston for about US$157 million, taking it to 100% ownership; it held about 53% after buying 51% in April 2004 for US$85 million. It will fund this from cash and an increase to its existing credit facility, and says the dividend policy is unaffected, with closing expected by end of September 2006. This brings forward a purchase option that the original agreement allowed for 2010.
28 Apr 2005material agreement▲ GoodMajor
Aber filed its 2005 annual report and related documents: articles of continuance (July 12, 2002), the general by-law, an amended and restated credit agreement (dated March 3, 2004, amended March 11, 2005) with a bank syndicate, and CEO/CFO certifications. The report describes the 40% Diavik interest and 51% of Harry Winston (acquired 2004), says Diavik produced 7.6 million carats in the year with Aber's 40% share of diamonds sold at $252.7 million, and cites an anticipated 2006 dividend of $0.60 per share and a $290 million two-year Diavik capital program. The text provided is truncated, so further details are not covered here.
7 Dec 2004asset acquisition disposition▲ GoodMajor
Tiffany & Co. sold its 8 million Aber shares to several financial institutions in a brokered deal led by Merrill Lynch. The diamond sales arrangements with Tiffany stay in place, but the discount to open-market prices has been cancelled, so Aber will now sell its entire 40% share of Diavik production at full market prices. Tiffany had bought the shares in a 1999 private placement that helped fund early Diavik development.
