BlueRock liquidation hearing cancelled as it reaches agreement with former CEO
Aim-listed BlueRock Diamonds has reached an agreement with former CEO Riaan Visser that his application for the liquidation of Kareevlei Mining be removed from the court roll, subject to security being provided for the full amount of his alleged claim of about £230 000.
Accordingly, the provisional liquidation hearing scheduled for August 10 was cancelled.
The security is expected to be in place on or around August 13.
“The company has taken this prudent action on the advice of its lawyers because, while the board was confident that, had the hearing proceeded, it would have been successful, it is impossible to be entirely confident of success in this or indeed any other court process,” BlueRock noted in a statement on Friday.
"I am delighted that we have removed the possibility, however remote, that the application for a provisional winding up would be granted. If Visser decides to pursue his claim further, it will be dealt with in the course of a normal recovery process and we remain confident, based on legal advice, that his case is without merit," CEO Adam Waugh said.
Certain of the company's directors have agreed to nonbinding heads of terms to lend BlueRock the full amount needed as security.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation