BRIEF-Dominion Diamond enters process to dispose of non-core asset

Wed Jul 6, 2016 6:48am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

July 6 (Reuters) - Dominion Diamond Corp :

* Departure of its chief financial officer, Ron Cameron.

* Board has determined to continue to focus on development opportunities at company's core assets

* Announces update on its capital allocation strategy, which includes allocating capital to returning capital through share buyback

* Has also entered into a process to dispose of a non-core asset

* Will also pursue divestment of its Toronto office building.

* Asset is co's 100 per cent owned office building located in downtown Toronto and sale is expected to occur in Q3 of fiscal 2017

* Current dividend policy will not be changed until company has more visibility on short-term impacts of June 23 fire in Ekati process plant

* Cara Allaway will fill CFO role on an acting basis as Dominion conducts recruitment for a new CFO Source text for Eikon: