| Tue 26 Aug 2008, 10:27 | | RNG - Randgold & Exploration Company Limited - Update to shareholders and |
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RNG
RNG
RNG - Randgold & Exploration Company Limited - Update to shareholders and
renewal of cautionary announcement
Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1992/005642/06)
Share code: RNG (Suspended)
ISIN: ZAE000008819
("R&E")
UPDATE TO SHAREHOLDERS AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
R&E CLAIMS AGAINST JCI LIMITED ("JCI")
1. Shareholders are referred to the SENS announcement released on 22 July 2008
in which R&E and JCI informed shareholders that a Memorandum of
Understanding ("MOU") had been signed between the parties.
2. R&E advises shareholders that the companies have not been able to achieve
the settlement agreement as envisaged in the MOU.
3. Furthermore, R&E and JCI have not been able to execute the proposed merger
as contemplated in the joint SENS announcement of 23 April 2007 and
consequently, the merger having failed, the dispute between the companies
will now be referred to arbitration.
R&E CLAIMS AGAINST THIRD PARTIES
Further to what was reported in the R&E update to shareholders on 24 July 2008,
R&E has recently instituted claims out of the Witwatersrand Local Division of
the High Court against the following parties:
1. Bookmark Holdings (Pty) Limited ("Bookmark")
R&E and Randgold Resources Holdings Limited ("Holdings") have issued
summons against Bookmark, Sello Rasethaba and John Chris Lamprecht
("Lamprecht"), claiming R3 307 981 275.00, alternatively an amount which
represents the value of 7 567 500 shares in the issued share capital of
Randgold Resources Limited ("Resources"). There are a number of further
alternatives to the main claim.
2. Action against the former directors and associated parties
R&E, Holdings and First Wesgold Mining (Pty) Limited ("First Wesgold") have
issued summons against the following parties:
a. Hendrik Buitendag ("Buitendag");
b. John Stratton ("Stratton");
c. Charles Cornwall;
d. Lieben Swanevelder;
e. Lunga Ncwana;
f. Songeso Mjongile;
g. Equitant Trading (Pty) Limited;
h. Demitrios Perevos; and
i. Lamprecht.
The claims comprise 16 claims in total and collectively amount to R12 534
232 511.00. There are a number of alternative claims and not each of the
parties above is cited in every claim.
3. Charles Orbach and Company ("Charles Orbach")
R&E has issued summons against Charles Orbach, claiming a total amount of
R2 832 519 782.43.
4. Societe Generale ("SOCGEN")
R&E and Holdings have issued summons against SOCGEN Johannesburg Branch,
claiming payment of R658 179 309.70.
5. Gold Fields Operations Limited
R&E and Holdings have issued summons against Gold Fields Operations
Limited, in which R&E and Holdings place reliance on 5 claims totaling R11
453 896 600.00. There are a number of alternatives to the main claims.
6 Summons Against Lamprecht, Buitendag and Stratton
R&E and Holdings have issued summons against Lamprecht, Buitendag and
Stratton.
The summons is for payment of the amount of R389 823 970.00 and is an
alternative claim to R&E`s claim against the former directors and
associated parties, based on the 7 300 000 Resources shares which R&E
alleges were misappropriated from it.
7. Investec Bank Limited ("Investec")
R&E and Holdings have issued summons against Investec, claiming payment of
R270 758 672.90.
8. Tlotlisa Securities (Pty) Limited ("T-Sec") and associated parties
R&E and Holdings have issued summons against:
a. T-Sec;
b. Tlotlisa Holdings Limited;
c. Peter Henry Gray ("Gray"); and
d. Leonard Steenkamp.
The summons against all four defendants is for payment of the amount of
R648 083 359.06 and an alternative claim against Gray for an amount of R80
000 000.00.
Shareholders are cautioned that the above claims and those included in the
update to shareholders of 24 July 2008 are yet to be proven in a court of law
and the board can not with any degree of certainty predict the outcome of the
subsequent litigation. Furthermore, such recoveries as may be made against one
party could result in the adjustment of the amounts claimed against another
party. The board of R&E will at all times consider the commercial viability of
claims and will keep shareholders informed of developments in this regard.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcements, the last of which was dated 22 July
2008, and in the light of the above, shareholders are advised to continue to
exercise caution when trading in their shares over-the-counter until a further
announcement is made in this regard.
Johannesburg
26 August 2008
PSG Capital (Pty) Limited: Sponsor
Van Hulsteyns Attorneys: Attorneys to R&E
Date: 26/08/2008 10:27:01 Produced by the JSE SENS Department.
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