| Thu 14 May 2009, 14:50 | | CRD - Central Rand Gold - BEE Update |
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CRD
CRD
CRD - Central Rand Gold - BEE Update
Central Rand Gold Limited
("Central Rand Gold" or "CRG")
(Incorporated as a company with limited liability under the laws of Guernsey,
Company Number 45108)
(Incorporated as an external company with limited liability under the laws of
South Africa, registration number 2007/019223/10)
ISIN: GG00B24HM601
Share code on LSE: CRND
Share code on JSE: CRD
BEE Update
On February 16, 2009, Central Rand Gold Netherlands Antilles ("CRGNV"), Central
Rand Gold`s wholly owned subsidiary company which directly holds 74% of the
shares in Central Rand Gold SA (Pty) Ltd ("CRGSA"), exercised the call option
granted to it in terms of the CRGSA Shareholders Agreement and gave the
requisite 90 days` notice to Puno Gold Investments (Pty) Ltd ("Puno"), CRG`s
Black Economic Empowerment partner to acquire its entire interest in CRGSA. This
was owing to Puno`s inability to provide funding as required in CRGSA`s
Shareholder Agreement.
On April 7, 2009, Puno instituted an urgent application with the South Gauteng
High Court, Johannesburg, to interdict CRGSA and CRGNV from proceeding with the
exercise of the call option pending the final determination by arbitration or a
court order of the validity and enforceability of-
- the funding call by CRGSA;
- the call option furnished by Puno in favour of CRGNV in respect of Puno`s
shares in CRGSA.
On May 13, 2009, CRGNV and Puno consensually agreed to refer the disputation
over the call to an arbitration process. CRGNV is the claimant in these
proceedings. CRG and Puno have agreed a timetable for the arbitration and the
final outcome will be made an order of the court and will be binding. By
agreeing to go through the arbitration process, there will be no further
opportunity to approach the South African courts on the substantive issues
between the parties and a final resolution will be obtained more quickly than
via the ordinary court process.
CRG is still fully compliant with the current legislation relating to Black
Economic Empowerment and has continuously kept South Africa`s Department of
Minerals and Energy abreast with all developments in this regard. CRG is firmly
committed to the principles of Broad Based Black Economic Empowerment.
Contact:
Johan du Toit + 27 (0) 11 551 4000
Wayne Epstein + 27 (0) 11 551 4000
info@centralrandgold.com
Enquiries:
Evolution Securities Limited + 44 (0) 20 7071 4300
Simon Edwards/Chris Sim/Neil Elliot
Macquarie First South Advisers (Pty) + 27 (0) 11 583 2000
Ltd
Thato Morojele/Annerie Britz/Melanie
de Nysschen
Buchanan Communications Limited + 44 (0) 20 7466 5000
Ben Willey/Bobby Morse
Jenni Newman Public Relations (Pty) +27 (0) 11 772 1033
Ltd
Jenni Newman/Megann Outram/Lerato
Tlatlane
Date: 14/05/2009 14:50:01 Produced by the JSE SENS Department.
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