Update on settlement agreement with Paul Main

Shareholders are referred to R&E’s SENS announcement, dated 25 April 2013, concerning the consent order signed by Mr. Paul Main (“Mr. Main”) on 23 April 2013 in terms of which Mr. Main agreed to make payment to African Strategic Investment (Holdings) Ltd (“ASI”) and R&E (“the Claimants”) of the balance of the settlement amount of US$2 million owing to the Claimants together with further extension payments on or before 15 July 2013.

Shareholders are hereby advised that the Claimants have received full payment of the balance of all amounts owing by Mr. Main under the consent order and schedule thereto (“the consent order”)read with the settlement agreement concluded with him on 23 March 2012 (as amended from time to time)(“the settlement agreement”).

Such payments have the effect of finally settling all claims which the Claimants contend they had against Mr. Main as at 23 April 2013, arising out of or connected with the English proceedings in the High Court of Justice and the South African proceedings in the Western Cape High Court (without compromising any similar claims which the Claimants have against third parties), Mr. Main now having discharged all of his obligations arising from the consent order and settlement agreement.

30 May 2013
PSG Capital

Posted in Company Announcements.