Randgold & Exploration Realises R124 Million to Se
Developments
Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1992/005642/06)
Nasdaq trading symbol: RANGY
For further information call:
Roger Kebble on +27 11 309-6037
RANDGOLD & EXPLORATION REALISES R124 MILLION TO SETTLE DEBT AND FUND FURTHER
DEVELOPMENTS
Johannesburg, 17 June 2003 - Randgold & Exploration (JSE:RNG) (NASDAQ:RANGY)
has sold 1 million of its shares in the London listed Randgold Resources
(LSE:RRS) (NASDAQ:GOLD), thereby reducing its stake in the company from 48% to
45%. The shares have been placed with a range of institutional investors.
Chairman Roger Kebble said the sale would realise some R124 million of which R45
million will be used to settle some of the debt in Randgold & Exploration and
R79 million to support the development of the group"s South African business
plans. In addition, the sale will further enhance the share liquidity of
Randgold Resources and broaden that company"s shareholder base, particularly in
the London market.
Randgold & Exploration recently announced that it had concluded an agreement in
terms of which Marathodi Resources, a black empowerment company, would acquire a
26% interest in its subsidiary, Minrico. "Using the extremely successful model
we applied to Randgold Resources, Randgold & Exploration and Marathodi will seek
to build Minrico into a sustainably profitable exploration, development and
mining business, geared to the needs of the new South Africa," Kebble said.
"When we reduced our stake in Randgold Resources from over 60% to under 50% at
the time of its listing on Nasdaq last year, we said we expected the diminution
in the size of our holding to be more than offset by an increase in its value,
and this has in fact happened. We believe the market"s current re-rating of
Randgold Resources is likely to be sustained and that given the company"s stated
commitment to the aggressive pursuit of organic as well as corporate development
opportunities, our investment offers further upside," he said.
Issued on behalf of Randgold & Exploration by du Plessis Associates.
dPA contact Kathy du Plessis on e-mail randgold@dpapr.com, Tel: 27(11) 728 4701
or cell: (0)83 266 5847.
Date: 17/06/2003 09:00:05 AM Supplied by www.sharenet.co.za
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