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by Will Purcell
The diamond and specialty minerals stocks box score for Tuesday was an anemic 59-80-124. The TSX Venture Exchange gained five points to 793 while polished diamond prices inched lower. Dominion Diamond Corp. (DDC) dipped seven cents to $17.73 on 197,000 shares. The company and its shareholders have agreed to accept a cash takeover offer from Dennis Washington's Washington Group. The acquisition is expected to close this fall.
Dr. Mark Bristow's Rockwell Diamonds Inc. (RDI: $0.06) ran through the usual business agenda at its annual general meeting in Toronto last week. Unfortunately, it is not business as usual for the company, which is in the throes of bankruptcy and which, under the rosiest scenarios, might give its shareholders a modest payout for their stock. Nevertheless, the shareholders voting at the meeting dutifully re-elected all four incumbent directors with approvals of about 75 per cent. They also approved the company's stock option plan for the coming year, which at this point is akin to Captain Edward Smith posting the Titanic's arrival itinerary while its band played its final number: "Nearer, My God, to Thee."
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