Rockwell Diamonds Inc. announced its intention to file a Form 15F with the United States Securities and Exchange Commission (SEC), and thereby voluntarily terminate the registration of its common shares under the United States Securities Exchange Act of 1934, as amended. The company expects that termination of the registration of its common shares will become effective 90 days after the date of filing of the Form 15F with the SEC, Rockwell stated in press release e-mailed to Rough&Polished. However, as a result of the filing of the Form 15F, the company's obligation to file certain reports with the SEC will be immediately suspended.
The company's Board of Directors considered many factors in making this decision, including the low liquidity of the stock on the OTC Bulletin Board, the cost associated with preparing and filing periodic reports and other filings with the SEC; and the demands placed on management to comply with SEC reporting obligations. Accordingly, the Company believes that the costs associated with continuing the registration of its common shares under the Exchange Act outweigh the benefits received by the Company from maintaining its registration.
The Company will continue to meet its Canadian continuous disclosure obligations through filings with the applicable Canadian securities regulators. Rockwell will maintain its primary listing on the Toronto Stock Exchange (TSX: RDI) and its secondary inward listing on the JSE Limited (JSE: RDI).
Olga Patseva, Editor in Chief of the American Bureau, Rough&Polished
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