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RNG - Randgold & Exploration Company Limited - Settlement agreement regarding

Release Date: 23/05/2012 09:02
Code(s): RNG
Wrap Text

RNG - Randgold & Exploration Company Limited - Settlement agreement regarding action against Paul Main (THE "DEFENDANT") in The High Court Of Justice, Chancery Devision, England ("UK ACTION") Randgold & Exploration Company Limited (Incorporated in the Republic of South Africa) (Registration number 1992/005642/06) Share code: RNG ISIN: ZAE000008819 ("R&E" or "the Company") SETTLEMENT AGREEMENT REGARDING ACTION AGAINST PAUL MAIN (THE "DEFENDANT") IN THE HIGH COURT OF JUSTICE, CHANCERY DEVISION, ENGLAND ("UK ACTION") Shareholders are advised that R&E entered into a settlement agreement and two addendums thereto relating to the UK Action ("the Settlement Agreement") in terms of which a $4 million settlement is payable to R&E (the "Settlement Amount") by the Defendant. The Settlement Amount is to be settled by the Defendant in two installments payable to the Company of: - $2 million on or before 23 March 2012, which amount has already been received; and - $2 million on or before 29 June 2012, which amount remains outstanding ("the Outstanding Installment"). Should the Defendant ultimately fail to settle the Outstanding Installment in full by 29 June 2012 or fail to comply with any other terms of the Settlement Agreement, R&E will consider pursuing further legal action against him. Should the Defendant comply fully with the Settlement Agreement, he will be released from the claims against him in the UK action and the actions instituted against him by the R&E group out of the Western Cape High Court. Sandton 23 May 2012 Sponsor: PSG Capital Proprietary Limited Date: 23/05/2012 09:02:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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