DRDGOLD Limited (JSE: DRD; NASDAQ: DROOY; ASX: DRD; POM SoX: DRD) today gave Brett Kebble’s JCI Gold Limited (JCI Gold) and Consolidated African Mines Limited (CAM) 48 hours notice to honour the terms of a High Court judgment, given in October last year, after JCI/CAM’s petition to the Supreme Court of Appeal, to overturn the judgment, was rejected yesterday.
JCI/CAM were ordered by the High Court of Johannesburg to pay DRDGOLD an amount of R35.7 million, plus interest and costs, including the costs of two counsel.
The claim relates to an undertaking Kebble had given to pay DRDGOLD an option fee for warehousing shares which DRDGOLD acquired as part of Project Eagle, JCI Gold’s unsuccessful endeavour to incorporate Randfontein Estates Gold Mine into Western Areas. DRDGOLD instituted proceedings when JCI/CAM, after paying a small portion of the fee, refused to pay the balance of the claim.
JCI/CAM`s counterclaim to recover the earlier part-payment was also dismissed with costs.
JCI/CAM moved to appeal this judgement, but lost the appeal with costs, and subsequently petitioned the Supreme Court of Appeal to have the judgement overturned.
DRD expects payment by close of business on Monday, 28 February 2005, after which the company will serve warrants of execution on JCI and CAM.
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