As previously disclosed in the various announcements made by the company
during the course of this year, the board of R&E has continued to endeavour
to resolve the impasse between R&E and JCI Limited (“JCI”) (collectively
referred to as “the companies”).
Such endeavours have included the proposed merger by way of a scheme of
arrangement (“the scheme”) in terms of section 311 of the Companies Act (61
of 1973) as amended (“the Act”) proposed by R&E between R&E and the
shareholders of JCI (excluding R&E) (“the JCI scheme participants”), which
proposed merger failed when the requisite majority of JCI scheme
participants declined to approve the scheme on 9 April 2009. This was soon
followed by the signing of a memorandum of understanding (“MOU”) between
inter alia R&E and JCI on 5 May 2009, with a view to settling the claims
between the companies on or before 31 May 2009. The settlement as envisaged
in the MOU was not achieved by the target date. The board of R&E remains
hopeful, however, that a settlement may still be achieved but continues to
assess all options at its disposal, including arbitration.
Notwithstanding the continued inability of R&E to produce meaningful annual
financial statements, as a result of the well-publicised alleged
misappropriation of the company’s assets, the present board of R&E
nevertheless aims to provide R&E shareholders with appropriate financial
information as timeously as possible under the circumstances. In this
regard, shareholders are informed that an information update comprising an
updated net asset value statement for the R&E group (at 31 March 2009),
together with other relevant information concerning settlement negotiations
between the companies, the conclusion of the MOU, an update as to R&E’s
litigation and claims against third parties, and R&E’s future strategy,
will be available on R&E’s website today. The information update will be
posted to all shareholders on Monday, 15 June 2009.
Johannesburg
12 June 2009
PSG Capital (Pty) Limited: Sponsor
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