DIAMOND FIELDS INTERNATIONAL, of Vancouver, lost its bid to stop a take over of the company by its largest shareholder, Jean-Raymond Boulle. The Supreme Court of the Yukon Territory dismissed the company's petition that the solicitation of proxies by the dissident Boulle Group was invalid. The court appointed Mitchell Gropper, Q.C., as chair of the company's annual general meeting which was held on Nov. 21.
The size and composition of the Diamond Fields board is still under discussion. It may consist of Boulle's five nominees or be expanded with the addition of four management nominees. Mr. Boulle was elected president and CEO of the company at last week's meeting. He holds about 25% of the company's shares and had control of 66% of the outstanding shares to ensure his victory.
The Diamond Fields web site is located at www.diamondfields.com