| Fri 12 Jun 2009, 15:18 | | RNG - Randgold & Exploration Company - Publication Of Information Update |
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RNG
RNG
RNG - Randgold & Exploration Company - Publication Of Information Update
To Shareholders
Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1992/005642/06)
Share code: RNG (Suspended)
ISIN: ZAE000008819
("R&E" or "the company")
PUBLICATION OF INFORMATION UPDATE TO SHAREHOLDERS
As previously disclosed in the various announcements made by the company
during the course of this year, the board of R&E has continued to endeavour to
resolve the impasse between R&E and JCI Limited ("JCI") (collectively referred
to as "the companies").
Such endeavours have included the proposed merger by way of a scheme of
arrangement ("the scheme") in terms of section 311 of the Companies Act (61 of
1973) as amended ("the Act") proposed by R&E between R&E and the shareholders
of JCI (excluding R&E) ("the JCI scheme participants"), which proposed merger
failed when the requisite majority of JCI scheme participants declined to
approve the scheme on 9 April 2009. This was soon followed by the signing of a
memorandum of understanding ("MOU") between inter alia R&E and JCI on 5 May
2009, with a view to settling the claims between the companies on or before 31
May 2009. The settlement as envisaged in the MOU was not achieved by the
target date. The board of R&E remains hopeful, however, that a settlement may
still be achieved but continues to assess all options at its disposal,
including arbitration.
Notwithstanding the continued inability of R&E to produce meaningful annual
financial statements, as a result of the well-publicised alleged
misappropriation of the company`s assets, the present board of R&E
nevertheless aims to provide R&E shareholders with appropriate financial
information as timeously as possible under the circumstances. In this regard,
shareholders are informed that an information update comprising an updated net
asset value statement for the R&E group (at 31 March 2009), together with
other relevant information concerning settlement negotiations between the
companies, the conclusion of the MOU, an update as to R&E`s litigation and
claims against third parties, and R&E`s future strategy, will be available on
R&E`s website today. The information update will be posted to all shareholders
on Wednesday, 17 June 2009.
Johannesburg
12 June 2009
PSG Capital (Pty) Limited: Sponsor
Date: 12/06/2009 15:18:02 Produced by the JSE SENS Department.
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