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Rockwell quaterly results November 2017
Rockwell filed its third quarter 2018 results, and provided a further update as to the developments with respect to its three subsidiaries in South Africa. These subsidiaries are Rockwell Resources RSA (Pty) Ltd. (Rockwell RSA), HC van Wyk Diamonds Ltd. (HC van Wyk) and Saxendrift Mine (Pty) Ltd. (Saxendrift). Material elements include:
- The financial results presented included the financial statements of the Company and its two subsidiaries in Cayman Islands, but did not consolidate the three subsidiaries in South Africa. The Company no longer has control over the three subsidiaries sufficient to consolidate under IFRS.
- The financial results show a nine-month comprehensive income (but non cash) of CAD22.6M which results almost entirely from the reversal of foreign currency reserves in respect of the operations in South Africa, and certain stock based compensation reserves, that were unwound upon deconsolidation.
- There were no mining or processing operations as the Business Rescue Practitioners (BRPs) successfully applied to place the three subsidiaries back into provisional liquidation on September 6, 2017 and placed the Wouterspan plant on care and maintenance.
- The three subsidiaries were again placed in provisional liquidation on September 22, 2017 by the BRPs, Metis Strategic Advisors Pty and their legal counsel Werksmans of Johannesburg, notwithstanding the fact that an offer had been received from Ascot Diamonds, an affiliate company of Diacore with a proven purchasing capability, to buy the three subsidiaries on a going concern basis at a value in excess of liquidation value, and notwithstanding that the operations were break-even for August 2017. As a result, all claims are stayed against the three subsidiaries.
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