Go Back Email this Link to a friend


Release Date: 22/05/2017 16:00:00      Code(s): CRD       PDF(s):  
iProp Dispute Update

Central Rand Gold Limited
(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)
LSE share code: CRND JSE share code: CRD
(“Central Rand Gold” or the “Company”)

iProp Dispute Update

Shareholders are referred to the announcement dated 17 May 2017 (and using the terms defined therein
unless otherwise stated) in which it was stated, inter alia, that iProp contends that a dispute arose in 2009
between the parties to the Lease Agreements, which culminated in a settlement agreement (“Settlement
Agreement”) entered into on or around 9 November 2009. As part of the settlement terms, and apart from
any payment entitlements, iProp was entitled to have the Settlement Agreement made an order of Court.

On 8 March 2017, iProp lodged an application in the High Court of South Africa Gauteng Local Division,
to seek to have the Settlement Agreement ratified by Court order. On 12 May 2017, the Company filed a
notice in terms of Rule 35(12) of the High Court Rules which demanded that all documents referred to in
iProp’s founding affidavit be provided. However, on 17 May 2017, iProp responded to the Rule 35(12)
request, rejecting the aforementioned demand, which elicited a Rule 30(A) notice by the Company’s
South African attorney. Consequently, iProp decided to remove the court hearing on 19 May 2017; which
effectively allows further time for negotiation between the parties to the Lease Agreements.

The Board of Central Rand Gold intends to focus on the procurement, installation and commissioning of
the Concentrator Circuit in the next few months.

For further information, please contact:

Central Rand Gold                                                                    +27 (0) 87 310 4400
Lola Trollip / William Zhuang

ZAI Corporate Finance Ltd - Nominated Adviser & Broker                              +44 (0) 20 7060 2220
John Treacy

Brandon Hill Capital Limited – Broker                                               +44 (0) 20 3463 5000
Jonathan Evans / Wei Jiao

Merchantec Capital - JSE Sponsor                                                     +27 (0) 11 325 6363
Monique Martinez / Marcel Goncalves

22 May 2017

The information communicated in this announcement is inside information for the purposes of Article 7 of
Market Abuse Regulation 596/2014 ("MAR").

Date: 22/05/2017 04:00:00 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.

Email this JSE Sens Item to a Friend.

Send e-mail to
© 2020 SHARENET (PTY) Ltd, Cape Town, South Africa
Home     Terms & conditions    Privacy Policy
    Security Notice    Contact Details
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.