Kebble sells bulk of Randgold Resources stake, but
Kebble sells bulk of Randgold Resources stake, but says he can get it back
Rob Rose
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Chief Reporter
IN A surprise twist to the Randgold share dispute, it emerged this week that Randgold & Exploration, of which Brett Kebble is CEO, had sold the bulk of its 31% shareholding in Randgold Resources “subject to repurchase agreements”.
Last week Kebble’s company reported to the US Securities and Exchange Commission that it held “beneficial ownership” of 31% of Randgold Resources, along with full voting rights for those shares.
This clashed with Randgold Resources’ understanding following an Ilios audit performed on its shareholders register, which showed that Kebble’s company owned only 6,7%.
Randgold Resources CEO Mark Bristow met Kebble this week to clear confusion over the SA-listed Randgold & Exploration’s shareholding in the London-listed Randgold Resources.
Last week Kebble denied there was a dispute around the missing shares, saying the discrepancy appeared because Randgold & Exploration had pledged part of its shareholding to its funders as security for debt, which the banks had registered in their own nominee companies.
But after Wednesday’s meeting, Bristow said that “Brett confirmed to me that Randgold & Exploration … holds 4-million ordinary shares in Randgold Resources, (which) equated to 6,7% of Randgold Resources’ issued share capital”.
“(Kebble) indicated that 2,6-million of these shares were held in a brokers nominee account as part of a share lending agreement entered into by Randgold & Exploration, which also covers the 4-million shares held by Randgold & Exploration,” he said.
But Bristow said that Kebble had also told him that “the balance of the claimed (31%) shareholding had been sold subject to repurchase agreements”.
“I requested (Kebble) to demonstrate that he had retained beneficial ownership of the shares. He was unable to do so at the time, but undertook to obtain and provide the required proof,” said Bristow.
Kebble said this Wednesday that “to say the shares have been sold is an oversimplification”.
“(The shares) are subject to financing agreements that entitle us to delivery of the shares once we have settled the subject of the financing. In others words, we are entitled to get the shares back.”
Bristow has in the past urged Kebble to improve his transparency as a shareholder.
Aflease holds 10% of Randgold & Exploration, worth about R96m, and CEO Neal Froneman on Wednesday urged Kebble to clarify the confusion.
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