9th Apr 2009 07:00
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Immediate Release |
9 April 2009 |
Central Rand Gold Limited
("Central Rand Gold" or "CRG")
(Incorporated as a company with limited liability under the laws of 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 February 16, 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 Agreement entered into on June 14, 2007 ("Shareholders' Agreement") 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 April 7, 2009 Puno 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 September 17, 2008, for Puno to make its pro rata contribution to the funding of CRGSA in accordance with the Shareholders' Agreement; and
the 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 to vigorously oppose this application.
Issued on behalf of: Central Rand Gold
Date: April 9, 2009
Contact:
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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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Enquiries: |
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Evolution Securities Limited Simon Edwards/Chris Sim/Neil Elliot |
+ 44 (0) 20 7071 4300 |
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Macquarie First South Advisers (Pty) Ltd Thato Morojele/Annerie Britz/Melanie de Nysschen
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+ 27 (0) 11 583 2000 |
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Buchanan Communications Limited Ben Willey/Bobby Morse |
+ 44 (0) 20 7466 5000 |
Related Shares:
Central Rand Gold