DRDGOLD GIVES JCI/CAM MORE TIME TO PAY
03 March 2005
451/05-jmd
Johannesburg, South Africa. 03 February 2005. DRDGOLD Limited (JSE: DRD; NASDAQ: DROOY; ASX: DRD; POM SoX: DRD) has been informed that Brett Kebble’s JCI Gold Limited (JCI Gold) intends challenging on constitutional grounds the order of High Court judge Lewis Goldblatt that JCI Gold and Consolidated African Mines Limited (CAM) pays DRDGOLD an amount of R35.7 million, plus interest and costs.
DRDGOLD has given JCI/CAM until the close of business on Tuesday, 8 March to file its referral with the Constitutional Court, failing which DRDGOLD will file warrants of execution against JCI/CAM by close of business on Wednesday, 9 March.
The Johannesburg High Court order was in response to a contractual claim by DRDGOLD relating 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.
The High Court dismissed JCI/CAM`s counterclaim to recover the earlier part-payment with costs.
JCI/CAM moved to appeal the High Court judgement, but lost the appeal with costs, and subsequently petitioned the Supreme Court of Appeal to have the judgement overturned. This petition was rejected on Friday last week.
Kebble has yet to reveal the basis of his challenge, and how the constitution will assist him in that challenge.
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Ilja Graulich, DRDGOLD
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