Joseph Gutnick acquired entered into two agreements to acquire 19.91% equity stake in Merlin Diamonds Ltd. (ASX:MED) from Legend International Holdings, Inc. (OTCBB:LGDI) for AUD 7.7 million on March 12, 2013. Legend International Holdings will sell a total of 35 million ordinary shares in Merlin Diamonds at a price of AUD 0.22 per share. Closing of the sale will occur in ten business days. Following the closing, Legend International Holdings will hold an interest of less than 1% in Merlin Diamonds. Funds raised from the sale will be used in the development of phosphate operations, to retire debt and for working capital purposes.

Joseph Gutnick completed the acquisition of 19.91% equity stake in Merlin Diamonds Ltd. (ASX:MED) from Legend International Holdings, Inc. (OTCBB:LGDI) for AUD 7.4 million on March 26, 2013. The shares are acquired at AUD 0.21 per share.