RNG
RNG
RNG - Randgold & Exploration Company Limited - Settlement agreement regarding
action against Paul Main (THE "DEFENDANT") in The High Court Of Justice,
Chancery Devision, England ("UK ACTION")
Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1992/005642/06)
Share code: RNG
ISIN: ZAE000008819
("R&E" or "the Company")
SETTLEMENT AGREEMENT REGARDING ACTION AGAINST PAUL MAIN (THE "DEFENDANT") IN THE
HIGH COURT OF JUSTICE, CHANCERY DEVISION, ENGLAND ("UK ACTION")
Shareholders are advised that R&E entered into a settlement agreement and two
addendums thereto relating to the UK Action ("the Settlement Agreement") in
terms of which a $4 million settlement is payable to R&E (the "Settlement
Amount") by the Defendant.
The Settlement Amount is to be settled by the Defendant in two installments
payable to the Company of:
- $2 million on or before 23 March 2012, which
amount has already been received; and
- $2 million on or before 29 June 2012, which
amount remains outstanding ("the Outstanding
Installment").
Should the Defendant ultimately fail to settle the Outstanding Installment in
full by 29 June 2012 or fail to comply with any other terms of the Settlement
Agreement, R&E will consider pursuing further legal action against him.
Should the Defendant comply fully with the Settlement Agreement, he will be
released from the claims against him in the UK action and the actions instituted
against him by the R&E group out of the Western Cape High Court.
Sandton
23 May 2012
Sponsor:
PSG Capital Proprietary Limited
Date: 23/05/2012 09:02:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
