Rockwell Shareholders Vote Against Removal of Exec. Directors
Post Date: 19 Jun 2009 Viewed: 637
After a long battle with minority shareholder Pala Investments Holdings, a majority of shareholders of diamond miner Rockwell Diamonds decided this week against the removal of three of the current members of Rockwell's board of directors, keeping the current board intact.
Results from the voting, indicate that over 57% of the votes were cast against the removal of Rockwell CEO John Bristow and board directors Mark Bristow and Dave Copeland. In addition, 62% of the votes cast were in favor of continuing the Shareholder Rights Plan and 57% voted to direct Rockwell to not reimburse the Pala Investment for the costs associated with the meeting.
Rockwell board Chairman David Copeland said the board is pleased with the results of the voting, but said that work is still ahead. "We are committed to working to unite the board in order to make management enhancements, ensure operational efficiency, deliver timely financial information, establish additional internal controls, and execute the rights offering plan to fund the Company with minimum dilution. We will make all necessary efforts to achieve these goals with our colleagues on the Rockwell Board," he said.
Earlier this month, the Supreme Court of British Columbia denied a petition from Pala that the executive directors' proxy for a June 17 shareholders meeting be struck down, constituting a victory for Rockwell Diamonds’ executive directors, who Pala wants voted off the board.
Last September, Pala attempted a hostile takeover offer for Rockwell Diamonds and subsequently withdrew it. Rockwell operates the Holpan, Klipdam, and Saxendrift diamond projects in South Africa.