- BlueRock Diamonds said former chief executive Riaan Visser had stopped pursuing a liquidation of the company in the courts.

In exchange, BlueRock had agreed to hold aside security of around £230k to potentially cover his alleged claim against the company.

Accordingly, a provisional liquidation hearing scheduled for 10 August would not proceed.

'The company has taken this prudent action on the advice of its lawyers because, whilst 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 said.

The security, lent to the company by some of its directors, would remain in escrow with BlueRock's legal advisers until there was a resolution to the dispute.

Any proceedings initiated by Visser were expected to take 18 months to play out, the company said.

'BlueRock's legal advice remains that Mr Visser's claim is without merit,' BlueRock said.

At 2:24pm: [LON:BRD] Bluerock Diamonds Plc Ord 1p share price was +0.11p at 1.13p

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