| Mon 8 Jun 2009, 9:07 | | RDI - Rockwell Diamonds Incorporated - Executive Directors response to BC court |
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RDI
RDI
RDI - Rockwell Diamonds Incorporated - Executive Directors response to BC court
order
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia, Canada)
(Incorporation number BCO354545)
(Formerly Rockwell Ventures Inc.)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI ISIN: CA77434W1032
Share code on the TSX: RDI CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
SUPREME COURT OF BRITISH COLUMBIA DENIES PALA`S PETITION
TO STIFLE SHAREHOLDERS` RIGHT TO GREEN PROXY
June 6, 2009, Vancouver, BC - The Executive Directors of Rockwell Diamonds
Inc. (TSX: RDI; JSE: RDI; OTCBB: RDIAF) today announced that in a June 5,
2009 decision the Supreme Court of British Columbia has denied the Petition
of Pala Investments Holdings Limited to strike down the Executive Directors`
proxy for the June 17, 2009 shareholders meeting. David Copeland, Chairman of
Rockwell, speaking on behalf of the Executive Directors, said "In making its
ultimate ruling, the Court agreed that shareholder democracy should prevail."
"We are pleased with the court`s ruling as it is clearly an affirmation of
shareholder rights. Pala`s attempt to have our Green Proxy withdrawn was an
underhanded way of stifling the dissenting voices against Pala`s brazen
attempt to indirectly take control of Rockwell. This has been yet another
Pala roadblock intended to distract us from running our business and further
depletes the Company`s treasury."
"The Executive Directors strongly objected to Pala`s position that on the
critical issues of board composition and the continuation of Rockwell`s
Shareholder Rights Plan that Rockwell shareholders might find reading and
understanding the voting instructions on the Green Proxy a challenge. The
court concluded that the Green Proxy could be used for voting on these two
resolutions and confirmed the mechanics of how the votes are to be counted
on the issue of board composition and the continuation of the rights plan."
On the matters of the Fair Rights Offering and the denial of Pala`s costs in
connection with convening the meeting, Mr. Copeland said "The Court did rule
that there was an issue as to the manner in which the purely advisory vote
on the Fair Rights Offering and the vote on denying Pala`s costs could be
brought before shareholders at the meeting. The Court left it for the
chairman of the June 17 meeting to determine whether these matters should
be considered at the meeting, if raised. If the chairman entertains motions
to consider the Fair Rights Offering or the denial of Pala`s costs we will
be guided by the directions shareholders give in their Green Proxies on
these issues in determining how to vote those proxies."
A copy of the Court`s order is available on www.sedar.com and on the website
of the Executive Directors www.executivedirectorsrockwell.com.
THE FUTURE OF ROCKWELL DIAMONDS INC. WILL BE DETERMINED BY THE OUTCOME OF
THIS VOTE. DO NOT ALLOW A DISSIDENT MINORITY SHAREHOLDER TO TAKE CONTROL OF
ROCKWELL AND YOUR INVESTMENT.
THE EXECUTIVE DIRECTORS URGE YOU TO
VOTE ONLY THE GREEN PROXY
AS RECOMMENDED ON THE GREEN PROXY
For further information, contact:
The Laurel Hill Advisory Group by email at rockwellinfo@laurelhillag.com
or by phone at:
Toll free Or
Collect
North America 1-888-882- 1-416-637-
6737 4661
Europe 00-800-8655-
1111
South Africa 0-800-982-179
The comments of the Executive Directors in this news release and on the
website are solely their own and not of any other director. For general
information about Rockwell please visit its own website at
www.rockwelldiamonds.com or contact Investor Services at (604) 684-6365 or
within North America at 1-800-667-2114. Investor Services deals with Company
information and is not authorized to discuss matters or answer questions
relating to the contested special shareholders meeting. Questions relating
to the Executive`s Director`s positions in respect of the Meeting should
be directed to Laurel Hill Advisory Group as per above.
No regulatory authority has approved or disapproved the information contained
in this news release.
Canada
8 June 2009
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 08/06/2009 09:07:04 Produced by the JSE SENS Department.
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