THE AFRIKANDER LEASE LIMITED - AFLEASE RESTRUCTURES ITS BALANCE SHEET
THE AFRIKANDER LEASE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1921/006955/06)
Share code: AFL ISIN: ZAE000000253
Aflease restructures its balance sheet
Afrikander Lease is pleased to announce that, at the end of October 2004, it had
reduced its debt facility with Nedcor Bank (`Nedcor`) by R35 million. The funds
utilised to pay Nedcor were raised through the sale of 2.4 million Randgold &
Exploration (`Randgold`) shares held by Aflease.
Aflease has now met the balloon payment required in terms of the Nedcor
agreement. The remaining Randgold shares will be liquidated over a six to nine
month period in smaller blocks to fund ongoing development of Bonanza, cover
corporate costs and manage liquidity requirements. The company still has 7
million Randgold shares with which to manage its liquidity requirements.
The restructuring brings an end to the liquidity constraints under which the
company has been operating for some time now. Cash flows will be further
enhanced with the commissioning of the Bonanza South project during the second
quarter of 2005. The Bonanza South project remains on schedule and within
budget.`
Johannesburg
5 November 2004
Sponsor
Nedbank Capital
Date: 05/11/2004 02:55:42 PM
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