Aflease - Company Press Release
The Afrikander Lease Limited
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06)
(`Aflease`)
ISIN Number: ZAE000000253
Share Code: AFL
Eastbourne Capital Management, L.L.C. purchase the entire Randgold and
Exploration loan to Aflease
Aflease is pleased to announce that Eastbourne Capital Management, L.L.C.
(`Eastbourne`), have acquired 100% of the R50 million Randgold and Exploration
Limited (`RG&E`) loan and convertible note issued by Aflease to RG&E. The
convertible loan was part of the R175 million share swap and loan capital
raising previously approved by shareholders on the 23rd of September 2004.
Eastbourne has also purchased 10 million Aflease shares from Randgold as part of
the current transaction. Aflease is pleased to welcome Eastbourne as an Aflease
shareholder. Eastbourne has approximately U.S.$2 billion under management and
the current management team has been in place since 1995.
Aflease has signed a memorandum of understanding with Eastbourne in terms of
which a revised loan agreement will be put forward to shareholders for their
acceptance. The revised loan agreement will contain characteristics that are
beneficial to all shareholders. More details to be announced in due course.
Shareholder profile
As a result of the Eastbourne transaction and various other private placements
Aflease`s shareholder profile has changed substantially. More specifically
there is a significant increase in offshore shareholders. Aflease now has in
excess of 40% of its shareholder base offshore. This change underpins the
international markets` interest in Aflease`s world class assets and the support
the company receives as a junior mining company.
Following on the Eastbourne transaction the Aflease shareholder register is now
made up as follows;
Randgold and 27%
Exploration
Offshore investment 19%
funds
Trinity and its 12%
clients
ADR program 9%
Jipangu 6%
Kabusha 5%
SA institutions 4%
Management 1%
Other shareholders 17%
Date: 13/12/2004 08:04:39 AM
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