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     Latest News: Rockwell Diamonds Inc.ROCKWELL [RDI]
    (Suspended)
     Thu, 9 Nov 2017 Official Announcement [RD] 
    Rockwell - provisional liquidation update
    Rockwell (the "company") provided a further update as to the developments with respect to its three subsidiaries in South Africa which were placed in provisional liquidation on September 12, 2017. These subsidiaries are Rockwell Resources RSA (Pty) Ltd. (Rockwell RSA), HC van Wyk Diamonds Ltd. (HC van Wyk) and Saxendrift Mine (Pty) Ltd. (Saxendrift).

    Friday, November 3, 2017 was the return date for the liquidation applications against the company’s three subsidiaries, including the applications initiated by the business rescue practitioners (“BRPs”) previously appointed in respect of the subsidiaries, as well as the applications initiated in November 2016 by C-Rock Mining (Pty) Ltd. (“C-Rock”).

    Following discussions between counsel for the Companies, the BRPs, C-Rock and two parties who applied for leave to intervene in the proceedings, namely, Ascot Diamonds (Pty) Ltd. (“Ascot”) and Nelesco 318 (Pty) Ltd., it was resolved by agreement that:
    • both sets of liquidation applications be postponed to March 16, 2018; and
    • the applications for leave to intervene would be dealt with prior to the liquidation applications, namely, on February 23, 2018.

    The Court endorsed the agreement and ordered that the liquidation applications be postponed until March 16, 2018.

    Following the postponement, the company is advised that Ascot now has time to continue with its proposal to acquire the three South African subsidiaries by means of a compromise of claims and then proceed to acquire N9C, one of the Cayman subsidiaries . The offer to acquire the shares of N9C is from Istotron (Pty) Ltd., a wholly owned subsidiary of Ascot Diamonds, which is an 18.2% shareholder of the company and a significant secured creditor of Rockwell RSA. The preliminary offer is structured to acquire the business as a going concern, and thus includes an offer of compromise of creditors and claims which would enable Ascot (through its subsidiary) to take over the Wouterspan mine and restart it. Once that transaction is agreed with the liquidators and approved by the creditors, a second offer from Ascot (through Isotron (Pty) Ltd.) would proceed whereby Ascot Diamonds will purchase 100% of the share capital of N9C Resources Limited, the company`s Cayman Island subsidiary which is the intermediate parent company of the South African entities. This offer is conditional on the successful acquisition from provisional liquidation of all claims against the South African subsidiaries, as well as shareholder approval at the company level.

    The company now understands that Ascot will engage this week in negotiations with provisional liquidators to get this matter concluded. The three subsidiaries therefore remain in provisional liquidation, with mining and mineral rights intact and all previous options remain available with five months of time to conclude on one of them.
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    Closing price data source: JSE Ltd. All other statistics calculated by ProfileData.
       

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