Friday, August 24, 2007

The Western Australia blog had this to say about Pnina:

Pnina Feldman’s ability to raise eleven children and spend a decade as principal of Yeshiva Girls School hints at an energy level a good deal higher than some of the men decorating the boards of major resource companies.

Resources exploring would be a dull business without its many flamboyant players, who cock a snoot at convention as they roll the dice in search of riches. Most of these characters are men, but now there is a women who can stake a claim to being the most flamboyant of all.

Fifty-two year-old Pnina Feldman cheerfully describes herself as a: “housewife and a mother of 11 children” when she floated her Diamond Rose NL on the stock exchange in April last year. The 20 cent shares shot up to $1.75 in early trading. It that was not enough to attract attention, the chairperson rocked up at the Sydney stock exchange flanked by six rabbis, and sporting a platinum wig.

Read the full article

Sunday, July 22, 2007

Pnina Feldman plans rich gold listing

West Australian Newspapers June 2006

Pnina Feldman, estranged sister of Melbourne mining magnate Joseph Gutnick, will join forces with the Malaysian former backers of defunct miners Ashton Mining and Plutonic Resources in a $20 million backdoor listing of rich gold holding near Norseman.

Australian Gold Investments (AGI), a private investment consortium controlled by Mrs Feldman and her son Sholom, acquired a big tenement package near Norseman containing over 1.3 million ounces of resources from Canada’s Kinross Gold in August 2005.

Touted as the biggest tenement holding around Norseman after that of Croesus Mining, the package was to form the centrepiece of a $20 million float by AGI.

In May, Malaysian-controlled Hudson Resources revealed it had begun exclusive talks to buy AGI for $19.66 million in a deal to transform the listed kitty litter producer into a substantial WA gold explorer.

Part of the listed Hudson Investment Group, Hudson Resources now produces attapulgite – a mineral used in industrial filters and kitty litter – in Western Australia’s Mid-West. Its register also boasts several high-profile Malaysian investors, including former Malaysian Mining Corp (MMC) chief Tan Sri Ibrahim Menudin. MMC, the biggest shareholder of both Ashton and Plutonic, of which Mr Menudin was also a director, triggered the takeover of both companies by putting its major stake up for grabs in 2000 and 1997 respectively.

The deal is subject to detailed due diligence and shareholder approvals, and requires a capital raising to satisfy the $5 million cash portion of the acquisition, as well as fund a bankable feasibility study into developing AGI’s Norseman assets.

David Evans, a key investor in AGI, said pooling the capabilities of Mrs Feldman and Hudson offered several potential advantages over a public float.

“Pnina Frldman has access to finance, as do the directors of Hudson, so it looks like it might go that way rather than an IPO,” he said.

Mrs Feldman would play “a big role” in the companies future, though she planned to recruit as experienced mining team to manage the Norseman project, Me Evans said.

“It’s a pretty serious project….and the aim is to bring it into production as soon as possible,” he said.

Meanwhile, Hudson will sell its attapulgite business to its parent company for $3.2 million.

Feldman teams up with explorer

West Australian Newspapers 2007 By John Phaceas

Pnina Feldman, the estranged sister of Melbourne mining magnate Joseph Gutnick, will join forces with Pert explorer Kalgoorlie-Boulder Resources in a $10 million-plus backdoor listing of rich gold holdings near Norseman.

Australian Gold Investments, a private investment consortium controlled by Mrs Feldman and her son Sholom, acquired a big tenement package near Norseman containing over 1.3 million ounces of resources from Canada’s Kinross Gold in August last year. The deal will see Kalgoorlie-Boulder acquire AGI for $2.65 million in cash, 50 million ordinary shares and $3 million in convertible notes paying an 8 per cent coupon rate, which convert to 30 million shares in three years.

The deal represents Ms Feldman’s third attempt to take the Kinross package public, after initial plans for a $20 million float stalled and a subsequent deal to back the tenements into Hudson Resources fell through in June.

The package comprises 124sqkm of ground that stretches for 25km south of Norseman, including granted mining leases, exploration and prospecting licences and applications.

Kalgoorlie-Boulder director David Prentice said the acquisition marked a “defining point” for the company given its prime location in a rich gold province.

“Projects with this potential are very rare anywhere in the world, so to be in a position to acquire one in the Goldfields of WA is extremely rare,” he said.

Kalgoorlie-Boulder shares fell 1c to 14.5c yesterday.

Diamond Rose shines on debut

19 April 1997 By Christine Lacy

Joe Gutnick’s sister Pnina Feldman led Diamond Rose to a stunning debut when her small gemstone hopeful finished its opening day valued at $159 million.

The shares opened at $1.51 and, within an hour, the hype surrounding the float had driven them to a staggering high of $1.75.

This represented a nine-fold increase on their 20c issue price.

Shares in the fledgling miner ended the day at $1.29, valuing Ms Feldman’s personal 57.5 per cent stake in the miner at a staggering $91.59 million.

The company, which has no proven tenements, is capitalized at $156.1 million, compared with its $10 million initial public offering. Outside the Sydney exchange, Ms Feldman, flanked by four daughters, six rabbis and grand-daughter Rose said she was ecstatic with the debut, adding: “I’ll be even happier when we find diamonds.”

But Ms Feldman, whose motivation in floating the miner is to find the 12 gemstones of the breastplate worn by the High Priest in the Temple of Jerusalem 3000 years ago – as described in the Bible – is unable to sell her 57.5 per cent stake.

Under stock exchange listing rules, she is prevented from selling her shares for two years. Her recent bid to gain an exemption from the restriction failed.

High-profile Melbourne miner Diamond Joe Gutnick yesterday declined to confirm whether he had been allocated a stake in Diamond Rose.

But the miner’s top 20 shareholders boasts other high-profile investors.

Perpetual Trustees, which landed four million shares in the 10 million shae float, is believed to have crystallized a $3.5 million profit on its $800,000 investment, selling 3.9 million shares at $1.10 each.

James Packer and the George Soros group are also believed to have landed a stake in the hotly sought-after offering.

The debut was reminiscent of that of Me Gutnick’s diamond hopeful, Astro Mining, which last September was reinstated to the boards at a 20-fold premium to its 20c placement price.

On its first day of trade, Astro finished at $4.10, booking Mr Gutnick a $70 million profit. Yesterday, Astro closed steady at $3.60.

However, his sister has now come close to upstaging the St Kilda mining magnet in the diamond stakes, but Joe is also building one of Australia’s biggest gold empires.

Pnina Feldman is rich – with nothing to show for it

The Advertiser – Adelaide 19/04/97 By Ian Lovett

The sister of corporate high-flyer Joe Gutnick proved yesterday that diamonds really are a girl’s best friend when her new company made a spectacular debut on the sharemarket.

In scenes reminiscent of the Poseidon days in the 1920’s the 20c shares in Pnina Feldman’s Diamond Rose company soared to $1.75.

At that high point, Mrs Feldman – who owns 57.5 per cent of the company – was worth $44.6 million on paper.

When trading finished, the shares were selling at $1.29 – still more than six times their issue price. All that from a company which has yet to find a diamond.

With four of her daughters, six rabbis and baby grand-daughter Rose, whose name the company borrowed, Mrs Feldman watched the action on the Australian Stock Exchange in Sydney.

“Diamond Rose is truly blessed,” she said. “But I’ll be even happier when we find diamonds”

The company has a batch of exploration leases.

Mrs Feldman started the company to help her husband, Rabbi Pinchus, fund a centre which supports education and welfare.

“I only hope never to make so much money that my head spins so much so I get diverted from helping the community,” she said.

Ms Feldman says her motivation in floating the company is to find the 12 gemstones of the breastplate worn by the High Priest in the Temple of Jerusalem 3000 years ago, as describes in The Bible.

Perpetual Trustees, which landed a stake of four million shares in the 10 million share float, is believed to have made a $3.5 million profit already on its $800,000 investment, selling 3.9 million shares at $1.10 each.

Diamon Hunt

The Weekend Star 1-2 September 2001 By Hannah Ross

THERE could be diamonds in the hills near Nimbin.

A Sydney-based mining and exploration company believes the hills to the east of Nimbin could be rich with precious gemstones including diamonds and sapphires. With luck, the company believes it could become a multi-billion dollar investment.

The company, Diamond Rose, is seeking a licence from the NSW Department of Mineral Resources to prospect in a 222-square kilometer area encompassing private land and parts of the Nightcap Ranges.

Diamond Rose manager Sholom Feldman said the company applied for the licence following reports from members of the public and prospectors of interesting minerals in the area.

“We’re not in the habit of applying for licences in areas we don’t think we’ll find anything in,” Mr Feldman said.

He said the company paid ‘a few thousand dollars’ to apply for the licence, which had not yet been granted.

A spokesperson for the Department of Mineral Resources said it received Diamond Rose’s application in May, but no date was set for a decision on its approval.

Mr Feldman didn’t think his company’s application would spark a local prospecting frenzy.

“It’s usually not that easy to go into your back yard and dig up a diamond. It’s quite a science. To the uninitiated eye, anything you pick up from the ground just looks like dirt,” he said.

What’s more, he said, all underground minerals officially belonged to the government.

The company has to pay royalties to the government on any precious discoveries.

And the miners can’t just turn up and start digging on private land – they have to negotiate access and financial rewards to private landowners on whose land valuable minerals are found.

“Generally landowners are pretty good, but if they don’t want to let us on their land, they don’t have to,” Mr Feldman said.

He said if the company was granted its licence, it would spend several thousand dollars carrying out initial geological surveys. It positive, these could lead to further exploration work in the area.

“We could be heavily surprised and it could become a multi-billion dollar scheme. Of course if we found a large deposit of diamonds we would be happy,” he said.

He said the company, whose exploration projects include areas of the Kimberley and Pilbara regions of Western Australia, rehabilitated any land it worked on to its original condition.

“Part of our focus ensures minimal if any environmental impact and very thorough rehabilitation. There are very strict environmental guidelines in place,” he said.

The guidelines include the prohibition of any prospecting in National Parks.

Pnina Feldman - Diamond Rose flowers

Rose flowers

The Adelaide Newspaper 13 March 2001

Diamond Rose has negotiated a joint venture with South Africa’s De Beers for subsidiary Kimberley Rose. De Beers will spend $10 million to earn a 51 per cent interest in the first of the seven major projects. Diamond Rose plans to list Kimberley Rose on the stock exchange but will maintain at least a 51 per cent stake in the company.

De Beers to buy into Kimberley Rose prospect

Mining News 12 March 2001 By Sinead Mangan

Diamond Rose subsidiary Kimberly Rose has negotiated a joint venture deal with De Beers on one of its seven central Kimberley diamond prospects.

Kimberley Rose aims to float on the Australian Stock Exchange in the near future, with Diamond Rose maintaining at least 51% stake in the new diamond explorer.

Under the joint venture agreement De Beers will spend $10 million on Diamond Rose’s ELA 2662 and 2663 tenement. It will also outlay the capital funds for the building of a mine following a decision to mine.

The ground, according to Diamond Rose, has had millions of dollars spent on it in data accumulation over the past 30 years by major companies including De Beers.

Kimberley Rose holds seven major exploration projects covering 17 exploration licences over an area of of the central Kimberley.

Diamond Rose shareholders will have preferential allocation of shares in Kimberley Rose’s initial public offering. Diamond Rose executive Pnina Feldman said details of the IPO would soon be released to the market.

Diamond Rose’s trading halt, which was placed on Thursday, was lifted this morning. Shares opened at 22c and are currently trading at 20.5c