| Mon 14 Jul 2008, 14:46 | | RNG - Randgold & Exploration Company Limited - Update To R & E Shareholders |
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RNG
RNG
RNG - Randgold & Exploration Company Limited - Update To R & E Shareholders
Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1992/005642/06)
Share code: RNG
ISIN: ZAE000008819 (Suspended)
("R & E" or "the Company")
UPDATE TO R & E SHAREHOLDERS
1. R&E Chairman, David Nurek, and CEO, Peter Gray, announced their
resignations on 10 July and 11 July 2008 respectively.
2. In his capacity as acting chairman of R&E, independent non-executive
director, David Kovarsky, today made the following announcement:
a. As a consequence of the mediation process, R&E and JCI Limited ("JCI")
have been endeavouring to effect a merger of the companies since 23
April 2007.
b. Regulatory approvals necessary for the proposed merger have not yet
been secured.
c. In the interim, the boards of R&E and JCI have been engaged in
negotiations regarding a possible settlement between the companies
however agreement has not yet been reached.
d. The board of R&E will continue to pursue all options open to it, but
cautions that the less attractive option of arbitration remains a
distinct possibility, despite the costs and delays associated
therewith.
3. The R&E board has noted a website published by anonymous parties claiming
to be R&E shareholders. The board disclaims the information contained on
the website (other than where it records statements issued in the name of
R&E) and in particular cautions shareholders not to be influenced by the
speculative Net Asset Values contained on the website and refers
shareholders to the Net Asset Value Statement ("NAV") for the year ended 31
March 2007 published by R&E on 13 December 2007.
4. R&E is currently preparing an information circular for shareholders which
will contain an updated NAV statement and will inform shareholders of the
actions being taken by it to recover shareholder funds from various third
parties on the basis of ongoing forensic investigations.
14 July 2008
Johannesburg
Sponsor
Sasfin Capital
Date: 14/07/2008 14:46:12 Produced by the JSE SENS Department.
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