Sunday May 31, 2020

Desmond boosts holding in diamond mine company

21st June, 2015
Dermot Desmond now controls around 22.5 per cent of Mountain Province Diamonds Picture: PA

Irish billionaire financier Dermot Desmond has boosted his holding in a Canadian diamond mine company, which is now valued at around CAN$185 million.

Desmond was awarded 712,500 shares in Mountain Province Diamonds in lieu of $2.85 million he was owed in fees for backstopping a cash raise the company embarked upon in March.

It comes as investment research firm Zacks downgraded Mountain Province from a strong-buy rating to a hold rating in a research report sent earlier...

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