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RANDGOLD & EXPLORATION COMPANY LIMITED - Update On Claims Brought Against The Company

Release Date: 17/06/2022 15:35
Code(s): RNG     PDF:  
Wrap Text
Update On Claims Brought Against The Company

Randgold & Exploration Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1992/005642/06)
Share Code: RNG
ISIN: ZAE000008819
(“the Company”)

UPDATE ON CLAIMS BROUGHT AGAINST THE COMPANY

This purpose of this announcement is to provide shareholders of the Company
(“Shareholders”) with an update in respect of the litigation involving certain minority
Shareholders of the Company, the further details of which are set out on page 36 of the 2021
annual report of the Company, which was published on Tuesday, 29 March 2022 (“Minority
Shareholder Application”).

As previously indicated to Shareholders, the applicants to the Minority Shareholder Application
(“Applicants”) failed in their application and filed an appeal against the decision handed down
on 2 September 2021 in favour of Investec Bank Limited (“Investec”) and the Company.

The Company, Investec and the Applicants concluded a written settlement agreement on
10 June 2022, in terms of which the Minority Shareholder Application has been fully and finally
settled amongst the parties thereto (“Settlement Agreement”). In terms of the Settlement
Agreement, the Applicants agreed to withdraw the main application and the appeal, and to
waive and abandon all rights and claims arising from the Minority Shareholder Application.
The Applicants also agreed that such waiver and abandonment would extend to current and
past directors, officers and/or employees of the Company. No payment is required to be made
and no liability was accepted by the Company in terms of the Settlement Agreement.

On 14 June 2022, the Applicants served the required notices withdrawing the main application
and the appeal and accordingly the Minority Shareholder Application has been fully and finally
settled amongst the parties.

Johannesburg
17 June 2022

Sponsor
PSG Capital

Date: 17-06-2022 03:35:00
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