- The R&E board takes pleasure in announcing that at the general meeting of R&E shareholders held today, Friday, 28 May 2010, at 11h00, all ordinary resolutions tabled in respect of the proposed settlement between R&E, JCI Limited (“JCI”) and JCI Investment Finance (Pty) Limited and as a separate matter the transfer of 6 690 610 ordinary shares in Free State Development and Investment Corporation Limited to R&E by JCI Gold Limited, the details of which were contained in the circular distributed to shareholders on 12 May 2010, were approved by an overwhelming majority of R&E shareholders entitled to vote thereon.
- At the aforementioned general meeting, shareholders were presented with the following information setting out the financial information of the proposed settlement on the Net Asset Value (“NAV”) of R&E at 31 March 2010.
- The voluntary information presented below has not be reviewed or reported on by the company’s auditors and is presented by the directors of R&E for informational purposes only. Furthermore the NAV statement at 31 March 2010 has not been prepared in accordance with IFRS, but on a similar basis as NAV’s published by R&E in the past and most recently in the annual report for the year ended 31 December 2009, distributed to shareholders on 29 March 2010, as part of the report of the Chairman and CEO.
|
Unaudited NAV at 31 March 2010 including the settlement |
|
Unaudited NAV at 31 March 2010 post the distribution |
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|
ZAR ‘000 |
Rand per share |
|
ZAR ‘000 |
Rand per share |
|
|
|
|
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| Assets |
1 497 195 |
20.85 |
|
564 763 |
7.86 |
| Gold Fields |
798 975 |
11.13 |
|
218 082 |
3.04 |
| JCI |
366 224 |
5.1 |
|
14 686 |
0.2 |
| Prospecting rights |
474 |
0.01 |
|
474 |
0.01 |
| Other assets |
4 563 |
0.06 |
|
4 563 |
0.06 |
| Cash and cash equivalents |
326 959 |
4.55 |
|
326 959 |
4.55 |
|
|
|
|
|
|
|
| Liabilities |
-63 723 |
-0.89 |
|
-63 723 |
-0.89 |
| Post retirement obligation |
-34 575 |
-0.48 |
|
-34 575 |
-0.48 |
| Income tax payable |
-15 196 |
-0.21 |
|
-15 196 |
-0.21 |
| Trade and other payables |
-8 089 |
-0.11 |
|
-8 089 |
-0.11 |
| JCI – FSD minority |
-5 863 |
-0.08 |
|
-5 863 |
-0.08 |
|
|
|
|
|
|
|
| NAV |
1 433 473 |
19.96 |
|
501 041 |
6.98 |
|
|
|
|
|
|
|
| Shares |
71 813 128 |
71 813 128 |
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Notes and assumptions
- The information set out above has not be reviewed or reported on by the company’s auditors.
- The above calculation is based on the assumption that the Gold Fields Limited (“GFI”) share price is R 100 per share and JCI’s NAV as determined by the management of JCI is R0.1968 per share.
A copy of the presentation given to shareholders at the general meeting is available on the Company’s website.
- R&E shareholders are reminded that the R&E shares will be re-listed on the JSE at the commencement of trade on Friday, 4 June 2010.
- R&E shareholders are further advised that the JCI shareholders meeting to approve the proposed settlement will be held at 14h00 on Friday, 4 June 2010. R&E shareholders will be advised in due course as to the outcome of the JCI shareholders meeting.
Johannesburg
28 May 2010
Sponsor
PSG Capital (Pty) Limited
- The above dates and times are subject to change. Any such changes to the above dates and times will be published on SENS.
- R&E shares may not be dematerialised or rematerialised between Monday, 28 June 2010 and Friday, 2 July 2010, both days inclusive.
Johannesburg
4 June 2010
Sponsor and Corporate Advisor – PSG Capital (Pty) Limited