Aflease - Legal proceedings initiated
Aflease Gold and Uranium Resources Limited
(Formerly The Afrikander Lease Limited)
(Incorporated in the Republic of South Africa)
AFL (JSE) AFKDY (NASDAQ)
(Registration number 1921/006955/06)
ISIN: ZAE000061461 & Share Code : AFL
(`Aflease` or `the company`)
Legal proceedings initiated against the Securities Regulation Panel (`SRP`),
certain members of the Neal Froneman Consortium (`NFC`), New Kleinfontein Mining
Company Limited (`NKMC`), a wholly owned subsidiary of Aflease Gold and Uranium
Resources Limited (`Aflease`) and others.
A summons from 9 NKMC minority shareholders (who at the time jointly held
approximately 1,5% of the issued capital of NKMC) has been received by the SRP,
certain members of the NFC, NKMC and others in which an amount of between
approximately R2,1 million and R2,8 million is claimed. Legal advice previously
obtained by Aflease and the NFC, which advice has, with reference to the
allegations now advanced, confirmed that these claims are without any merit.
The NFC sold its interest in NKMC to Aflease in late 2002. Aflease shareholders
approved the sale on 20 February 2003. A circular to Aflease shareholders
containing all the details of the transaction can be found on the Aflease
website at www.aflease.com.
Aflease has been advised that the NFC will vigorously resist the claims and have
instructed their attorneys accordingly.
For further information please contact:
Neal Froneman: +27 (83) 628 0226
Carol Smith: +27 (11) 482 3605
John Fraser: +27 (82) 331 7330
15 July 2005
Sponsor
Nedbank Capital
Date: 15/07/2005 05:05:02 PM
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