Public censure by the JSE – disposal of mineral interests and option granted to dispose of the related mining assets
(Incorporated in the Republic of South Africa)
(Registration number 1895/000926/06)
JSE share code: DRD
NYSE trading symbol: DRD
(“DRDGOLD” or the “Company”)
PUBLIC CENSURE BY THE JSE LIMITED – DISPOSAL OF MINERAL INTERESTS AND OPTION
GRANTED TO DISPOSE OF THE RELATED MINING INFRASTRUCTURE OF EAST RAND
PROPRIETARY MINES LIMITED
DRDGOLD shareholders (“Shareholders”) are referred to the SENS announcements published by:
- DRDGOLD on 26 February 2019 (“DRDGOLD Announcement”) regarding the disposal of
East Rand Proprietary Mines Limited’s underground mineral interests to OroTree Limited
(“OroTree”) for an aggregate cash consideration of R4 (“Disposal”) and the granting of an
option to OroTree to acquire the related mining infrastructure and associated movable
machinery, plant and equipment for an approximate cash consideration of $10 million, to be
exercised on or before 30 June 2019 (“Option”), (the Disposal and Option are collectively
referred to hereafter as the “Transaction”); and
- the JSE Limited (“JSE”) on 31 May 2019 regarding the public censure imposed on
DRDGOLD for a breach of paragraph 9.15 of the JSE Limited Listing Requirements
(“Listings Requirements”) relating to the late publication of the DRDGOLD Announcement.
Shareholders are advised that in the submissions made to the JSE, DRDGOLD acknowledged that
the basis for the breach was the misinterpretation of the nature of the Transaction and the application
of the Listings Requirements thereto, particularly in regard to the Option and the likelihood of OroTree
exercising the Option (as detailed in the DRDGOLD Announcement), which resulted in the
unfortunate event of the Company inadvertently and unintentionally breaching the provisions of the
The Company tendered its full cooperation with the JSE during the course of the JSE’s investigation
of the breach and has undertaken to prevent a recurrence of a transgression of the Listings
Requirements by reinforcing internal measures and policies to ensure compliance with the Listings
Requirements, and specifically in this instance, to ensure that all future announcements are published
within the stipulated timeframes imposed by the JSE pursuant to the Listings Requirements.
31 May 2019
Date: 31/05/2019 07:23:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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