https://www.miningweekly.com
Africa|Business|Contractor|Diamonds|Gold|Mining|Resources
Africa|Business|Contractor|Diamonds|Gold|Mining|Resources
africa|business|contractor|diamonds|gold|mining|resources

Rockwell shareholders give thumbs up for Bristco merger

3rd March 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE-listed Rockwell Diamonds has received the support of its shareholders for the proposed acquisition by and amalgamation with a British Columbia incorporated company owned by Mark Bristow, called Bristco.

Bristow, who is also a director of Rockwell and CEO of Barrick Gold Corporation, will acquire each outstanding common share of Rockwell, other than the shares already held by him and any dissenting shareholder, at a price of C$0.005 apiece.

The transaction will effectively delist Rockwell from the JSE once concluded, which is expected to occur on March 10.

Rockwell previously stated that the acquisition and amalgamation agreement is in line with its winding down strategy.

Rockwell operated and developed alluvial diamond deposits in South Africa through various subsidiaries before business rescue practitioners (BRPs) filed a motion to place three subsidiaries in liquidation in November 2016.

The embattled company’s shares were delisted from the TSX at the end of August 2017.

Mining Weekly on a prior occasion reported that a liquidation hearing continued to be suspended pending potential rescue transaction offers over the years, including from Ascot Diamonds.

In January 2018, Rockwell reported that a formal liquidation application for subsidiaries Rockwell Resources, HC van Wyk Diamonds and Saxendrift Mine had been postponed to March 2018, to give Ascot enough time to negotiate a deal with the provisional liquidators Honey Attorneys of Bloemfontein.

At the time, the diamond company had said the process had been complicated by “hasty BRPs” moving the liquidation process forward despite having a more valuable offer for the distressed assets in hand.

Rockwell had in recent years claimed that the difficulties it was facing were as a result of significant irregularities in the conduct of a major contractor and one senior employee, who were terminated in 2016.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

John Deere (Pty) Ltd
John Deere (Pty) Ltd

In 1958 John Deere Construction made its first introduction to the industry with their model 64 bulldozer.

VISIT SHOWROOM 
Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.094 0.131s - 108pq - 2rq
Subscribe Now