There was no sign of opposition from estranged black economic empowerment (BEE) partner Sefalana and the fact that the meeting went so smoothly indicates settlement negotiations between Sefalana and Diamond Core management seem to be progressing well.
The proposed merger had to be passed by at least 75% of the votes cast at the meeting.
In all 206.8 million shares - equivalent to 69.8% of Diamond Core's total issued share capital - were cast. Some 205.8 million of those - equivalent to 99.5% - were voted in favour of the merger.
'SA, DRC projects to be prioritised'
The merger must now be formally sanctioned by the High Court before coming into effect. Diamond Core shares are due to be suspended from trading on the JSE from February 4 at which point BRC shares will begin trading on the bourse. The effective implementation date of the scheme is February 11.
Diamond Core CEO Theo Botoulas said: "What management must do now ahead of February 11 is prioritise the projects in South Africa and the Democratic Republic of Congo (DRC) and come up with a revised strategy and plan to be presented to the new board."
Diamond Core already has two bulk sampling operations running in South Africa. One of these is on an alluvial deposit at Silverstreams on the Middle Orange River and the second is on the Paardeberg kimberlite pipe near Kimberley.
Main justification for the merger is the potential rapid growth for the company should it make a major diamond discovery in the DRC on the prospecting rights held by BRC Diamonds.
Interviewed after the meeting, Botoulas told Fin24 that bulk sampling had been completed at Paardeberg and the results were being analysed by consultants with a view to drawing up a mine plan.
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