Just send an email to Colin Murray: [email protected] telling him...

Just send an email to Colin Murray: [email protected] telling him how welcome he will be when next in Australia.

I did.

I discovered he has a nasty streak:

Pala dumps Rockwell
[miningmx.com] --
Rockwell Diamonds

We previously described the bust up between Swiss investment holding company Pala and Rockwell as a boeretwis (Afrikaans for bitter feud) and it seems that description still holds good even as Pala exits the company.

Pala held just under 20% in Rockwell but started selling once shareholders voted against its proposal to reconstitute the board of directors at the special meeting held on June 17.

Pala has now reduced its holding to 14.6% after getting rid of another 2.6% chunk this week.

Suggestion is Pala is selling its shares in a way calculated to damage Rockwell by dumping them on the market at the same time as Rockwell is trying to finalise the terms for its imminent rights offer to raise around C$4m.

The issue was raised by a worried-sounding fund manager at this week’s quarterly results conference call. He’s worried because the Rockwell share price is taking a pounding and the lower the share price drops then the greater the number of shares that Rockwell is eventually going to have to issue to raise the money.

Usually, the seller of a large stake would approach the company with a view to placing the shares with suitable buyers. That way they would get a better price and cause less disruption in the market.

Pala COO Colin Murray denies the allegation. “That’s not the case. We are selling because we are no longer interested in supporting this management. They have not approached us with a view to placing our shares and we are certainly not going to go to them.”