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Durban Roodepoort Deep, Limited - Drd Bid For Emperor Moves Ahead
Release Date: 13/04/2004 12:34:33 Code(s): DUR
Durban Roodepoort Deep, Limited - DRD Bid For Emperor Moves Ahead
Durban Roodepoort Deep, Limited
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
(Share code: DUR)
(ISIN: ZAE000015079)
(ARBN number: 086 277 616)
(NASDAQ Trading Symbol: DROOY)
("DRD")
DRD BID FOR EMPEROR MOVES AHEAD
DRD"s bid for Emperor Mines Limited ("Emperor") has progressed with the dispatch
to Emperor shareholders of the Bidder"s Statement, confirming the offer of one
DRD share for every five of their Emperor shares.
Reaction to the DRD offer, announced on 8 March 2004, has been positive for
Emperor"s share price, which jumped 32% to A$0.88 when trading in Emperor shares
recommenced after the bid was announced.
Since the announcement, shares representing some 20% of Emperor"s current issued
capital have changed hands.
DRD currently has a market capitalisation of around A$1 billion and expects to
produce more than 1 million ounces of gold this year from its eight operations
in three countries.
DRD Chief Executive Officer, Ian Murray, said Emperor shareholders will receive
greater value from being part of the expanded DRD.
He said benefits to Emperor shareholders from the DRD bid include:
- being part of a major international gold company;
- diversification of geographical and operational risk;
- better liquidity on overseas exchanges;
- direct exposure to the gold price because of DRD"s policy of not
hedging gold production; and
- DRD"s specialisation in extending the life and maximising the value of
complex underground gold mines.
"Based on the information available, DRD also expects to continue to fund the
Phase II expansion program of Emperor"s Vatukoula gold mine in Fiji," Mr Murray
said.
The Bidder"s Statement was lodged with the Australian Securities and Investment
Commission (ASIC) and the Australian Stock Exchange on 26 March 2004, with the
offer dated from today. Unless extended, the
offer will close at 7pm (Sydney time) on 14 May 2004.
Emperor Shareholder Infoline:
From within Australia is 1800 118 938 (toll free)
From outside Australia is +61 8 9386 2651
As required by the Corporations Act, calls to these numbers will be recorded.
Queries:
South Africa
Investor and Media Relations
Ilja Graulich, Durban Roodepoort Deep, Limited
+27 11 381 7826 (office)
+27 83 604 0820 (mobile)
James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)
Australasia
Investor and Media Relations
Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile)
United Kingdom/Europe
Investor and Media Relations
Phil Dexter, St James"s Corporate
+44 20 7499 3916 (office)
+44 779 863 4398
North America
Investor Relations
Susan Borinelli, Breakstone & Ruth International
+1 646-536-7018 (office)
+1 917-570-8421 (mobile)
Media Relations
Jessica Anderson, Breakstone & Ruth International
+1 646-536-7002 (office)
+1 347-423-5859 (mobile)
Johannesburg
13 April 2004
Sponsor
Standard Bank
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