GOLD 1215.89 $/ozChange: -1.14
PLATINUM 1328.00 $/ozChange: -7.00
R/$ exchange 11.16Change: -0.08
R/€ exchange 14.34Change: -0.03
We have detected that the browser you are using is no longer supported. As a result, some content may not display correctly.
We suggest that you upgrade to the latest version of any of the following browsers:
close notification
powered by
Advanced Search
Sector News
Pala cuts Rockwell holding, board rep quits
Embed Code Close
23rd June 2009
Text Smaller Disabled Text Bigger

TORONTO ( – After an unsuccessful proxy fight to remove the board of Rockwell Diamonds, shareholder Pala Investments Holdings has sold 6,5-million shares in the diamond miner, reducing its stake in Rockwell from 19,9% to about 17,2%.

Pala's representative on Rockwell's board, Gregory Radke, has also resigned his directorship, effective June 18.

The shares were sold through the TSX, and for “investment purposes”, Pala said.

Last week, Rockwell shareholders voted against proposals by Pala that the company's board be replaced by a new slate, nominated by Pala, and that Rockwell's shareholder rights plan be removed.

Pala had said Rockwell suffered from a “lack of leadership”, while Rockwell's CEO John Bristow, chairperson David Copeland and a third executive director, Mark Bristow, accused Pala of attempting a “cashless takeover”.

Edited by: Liezel Hill


To subscribe to Mining Weekly's print magazine email or buy now.

FULL Access to Mining Weekly and Engineering News - Subscribe Now!
Subscribe Now Login