VIL - Village - Response to Section 189 process announced by Drdgold Limited
VIL
VIL
VIL - Village - Response to Section 189 process announced by Drdgold Limited
VILLAGE MAIN REEF LIMITED
(Incorporated in the Republic of South Africa)
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/005703/06)
JSE Share Code: VIL ISIN: ZAE000154761
("Village" or the "company")
RESPONSE TO SECTION 189 PROCESS ANNOUNCED BY DRDGOLD LIMITED ("DRD")
Village shareholders are referred to the joint announcement released on the
Stock Exchange News Service of the JSE Limited ("SENS") by Village and DRD on 8
November 2011 and cautionary announcements released on SENS dated 21 December
2011 and 2 February 2012 respectively regarding Village`s non-binding expression
of interest in acquiring DRD`s entire 74% interest in Blyvooruitzicht Gold
Mining Company Limited ("Blyvoor") ("the Blyvoor transaction").
Village shareholders are referred to the announcement issued by DRD on SENS
today regarding the decision of the board of directors of Blyvoor to suspend all
further mining at Blyvoor`s low-grade Numbers 4 and 6 Shafts with immediate
effect.
Blyvoor`s management has given notice in terms of Section 189(3) of the Labour
Relations Act to the National Union of Mineworkers and UASA of a 60-day process
to seek consensus on the possible cutbacks.
DRD has also notified Village of its decision to suspend mining as indicated
above and each of DRD and Village is of the view that the Blyvoor transaction
will not be negatively affected by such suspension.
Shareholders are advised that negotiations regarding the Blyvoor transaction are
still in progress and accordingly they should continue to exercise caution when
dealing in the company`s securities, until a full announcement detailing the
financial effects of the Blyvoor transaction is released.
6 February 2012
Sponsor
Java Capital
Investor relations
Vestor
Date: 06/02/2012 09:42:03 Produced by the JSE SENS Department.
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