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9 Apr 2009 07:00
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Immediate Release |
9 April 2009 |
Central Rand Gold LimitedΒ
("Central Rand Gold" or "CRG")
(Incorporated as a company with limited liability under the laws ofΒ Guernsey,
Company Number 45108)
(Incorporated as an external company with limited liability under the laws of
South Africa, registration number 2007/019223/10)
ISIN: GG00B24HM601
Share code on LSE: CRND
Share code on JSE: CRD
BEE Update
As announced on FebruaryΒ 16,Β 2009, Central Rand Gold Netherlands Antilles ("CRGNV"), the Central Rand Gold Group company directly holding shares in Central Rand Gold SA (Pty) Ltd ("CRGSA"), has exercised the call option granted to it in terms of the CRGSA Shareholders AgreementΒ entered into on JuneΒ 14,Β 2007 ("Shareholders' Agreement")Β and given the requisite 90 days' notice, as provided for under the shareholder's agreement to acquire Puno Gold Investments (Pty) Ltd's ("Puno"), CRG's Black Economic Empowerment ("BEE") partner, entire interest in CRGSA.
On AprilΒ 7,Β 2009 PunoΒ instituted an urgent application with the South Gauteng High Court, Johannesburg, to interdict CRGSA and CRGNV from proceeding with the exercise of the call option pending the final determination by arbitration or a court order of the validity and enforceability of the:
funding call by CRGNV on SeptemberΒ 17,Β 2008, for Puno to make its pro rata contribution to the funding of CRGSA in accordance with the Shareholders' Agreement; and
theΒ call option furnished by Puno in favour of CRGNV in respect of Puno's shares in CRGSA including the valid exercise of such option by CRGSA.
Both CRGSA and CRGNV are confident that the contents of the Shareholders Agreement relating to the funding of CRGSA and the consequences for a failure to find funding are valid, were validly exercised and intend toΒ vigorouslyΒ oppose this application.
Issued on behalf of: Central Rand GoldΒ
Date:Β AprilΒ 9,Β 2009
Contact:Β
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Johan du Toit |
+ 27 (0) 11 551 4000 |
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Wayne Epstein |
+ 27 (0) 11 551 4000 |
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info@centralrandgold.com |
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Enquiries: |
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Evolution Securities LimitedΒ Simon Edwards/Chris Sim/Neil Elliot |
+ 44 (0) 20 7071 4300 |
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MacquarieΒ First South Advisers (Pty) Ltd Thato Morojele/Annerie Britz/Melanie de Nysschen
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+ 27 (0) 11 583Β 2000 |
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Buchanan Communications LimitedΒ Ben Willey/Bobby Morse |
+ 44 (0) 20 7466 5000 |
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