Value
Randgold & Exploration Company Limited
Johannesburg, 20 December - The net asset value of Randgold & Exploration
has increased by more than 40% over the past six months, reflecting the
growth in the value of its underlying investments over this period, the
company said today. RG&E's major investment is its stake in the London-
listed Randgold Resources but it also has substantial holdings in Durban
Roodepoort Deep, Western Areas and other companies listed on the JSE
Securities Exchange.
At its half-year to June 2001, the company's published NAV was R11.36 per
share but this has now risen to R20.40 according to its latest calculations.
These are based on the conversion of Randgold Resources' US$5 medium-range
trading price at a 12:1 rand exchange rate and on the current JSE price
levels of its local investments, where DRD and Western Areas have shown
strong gains. At end-June the company had liabilities of some R441 million
but these have since been reduced to R105 million by the settlement of its
convertible bonds.
Noting that the company's asset base was comprised almost entirely of highly
liquid rand hedge stocks, chairman Roger Kebble said RG&E was financially
particularly well positioned at present.
"Randgold Resources continues to do very well and is, in fact, one of the
few companies of its kind worldwide that is investing substantially in its
future through exploration and new business development. Its cash flows are
more than adequate to support this growth. Our other active interest is the
unlisted mineral rights business Minrico, but that is also completely self-
funding and therefore imposes no financial burden on RG&E," he said.
Issued on behalf of Randgold & Exploration by du Plessis Associates. dPA
contact Kathy du Plessis on e-mail randgold@dpapr.com
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