Rockwell Diamonds' shareholders have approved the company's amalgamation agreement with Bristco, a company wholly owned by Mark Bristow who is the current chief executive of Barrick Gold. The company said that the amalgamation resolution was approved on Tuesday by 99.91% of the votes cast at the meeting, excluding votes cast by Bristow and his related parties and other joint actors.
"The transaction will be effected by way of an amalgamation under the Business Corporations Act (British Columbia) and remains subject to customary conditions and regulatory approvals," said Rockwell.
As part of the deal announced last January, all of the outstanding common shares of Rockwell, other than those held by Bristow and any dissenting shareholders, will be exchanged for redeemable preferred shares of the amalgamated corporation resulting from the amalgamation of Rockwell and Bristco (Amalco).
The redeemable preferred shares will then be immediately redeemed by Amalco in exchange for CAD$0.005 per share payable in cash.
Upon completion of the transaction, it is expected that Amalco would be delisted from the JSE and will apply to cease to be a reporting issuer under applicable securities laws in Canada.
Bristow previously chaired Rockwell.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
