Summarised group unaudited interim financial highlights for the six months ended 30 June 2018

COMMENTARY TO SUMMARISED GROUP INTERIM FINANCIAL STATEMENTS

Income

The majority of income recognised in the period under review was derived from interest earned on cash investments. The company recorded a net loss of R8.4 million for the period compared to a net loss of R10.8 million for the corresponding period last year. The decrease in loss was mainly as a result of a decrease in legal and consulting fees.

Financial position

R&E is liquid with no interest-bearing debt. R&E’s total assets consist primarily of cash and cash equivalents. R&E had a net asset value of R2.02 per share at 30 June 2018 (R2.13 per share at 31 December 2017). The decrease in net asset value was due to the loss incurred during the period.

Cash flow

R&E started the period under review with a cash and cash equivalent balance of R160.1 million. The company’s cash outflow of R8.8 million was the net result of interest earned on cash received less cash utilised to fund operations during the period.

R&E remains in a healthy cash position with R151.3 million in cash and cash equivalents at 30 June 2018.

Outlook

The outlook for the balance of the year is largely dependent on the progress and outcome of current legal matters.

Expenditure on litigation for the balance of the year is expected to be at a similar level as in the first half. This level of litigation expenditure is likely to prevail until the claims brought against and instituted by the company have been finalised.

David Kovarsky 
Chairman Chief

Marais Steyn
Executive Officer

Johannesburg
24 August 2018


THE SUMMARISED GROUP UNAUDITED INTERIM FINANCIAL HIGHLIGHTS FOR THE SIX MONTHS ENDED 30 JUNE 2018 ARE AS FOLLOWS:

For the six months ended
30 June 2018
Unaudited
30 June 2017
Unaudited
% Change
Basic and diluted loss per ordinary share
Basic and diluted loss for the period (R’000) (8 482) (10 832) 21.69%
Weighted average number of ordinary shares in issue (’000) 71 585 71 585
Loss per share (cents) (11.85) (15.13) 21.68%
Headline and diluted headline loss per ordinary share
Headline and diluted headline loss for the period (R’000) (8 482) (10 832) 21.69%
Weighted average number of ordinary shares in issue (’000) 71 585 71 585
Headline loss per share (cents) (11.85) (15.13) 21.68%
Net asset and tangible net asset value per share
The net asset value per share is calculated using the following variables:
Net asset value (R’000) 144 794 148 729 (2.65%)
Ordinary shares outstanding (’000) 71 585 71 585
Net asset value per share (cents) 202.2 207.8 (2.69%)
Net tangible asset value per share (cents) 202.2 207.8 (2.69%)
Loss from operating activities (14 539) (17 591) 17.35%

Notice to shareholders

This announcement contains only a summary of the information contained in the full announcement made on SENS on Tuesday, 28 August 2018 (Full Announcement). Please refer to the Full Announcement for additional information. The Full Announcement is available for viewing on R&E’s website at www.randgoldexp.co.za or may be requested and obtained in person, at no charge, at the registered office of the company or the company’s sponsor during office hours. Any investment decisions by investors and/or shareholders should be based on consideration of the Full Announcement made on SENS. This short-form announcement is the responsibility of the R&E board of directors.

SENS Announcement – Trading Statement

In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by more than 20% from those of the previous corresponding period.

Shareholders are hereby advised that a reasonable degree of certainty exists that the Company expects to report a loss and headline loss per share of between 11.09 cents per share and 12.61 cents per share for the six months ended 30 June 2018 compared to a loss and headline loss per share of 15.13 cents for the six months ended 30 June 2017, being a decrease in the loss of between 16.7% and 26.7% per share.

The reason for the decrease in the loss and headline loss per share in the current reporting period is mainly a result of a decrease in legal and consulting fees.

The information contained in this trading statement has not been reviewed or reported on by the Company’s external auditors. R&E expects to release its financial results for the six months ended 30 June 2018 on or about 28 August 2018.

24 August 2018
Johannesburg
Sponsor
PSG Capital

SENS Announcement – Broad-Based Black Economic Empowerment Act: Affidavit

In accordance with paragraph 16.20 (g) and Appendix 1 to Section 11 of the JSE Listing Requirements, notice is hereby given that the Company submitted a sworn affidavit to the BBBEE commission stating that the Company qualifies as a B-BBEE small enterprise in terms of section 13G(2) of the Act. The affidavit is available on the Company’s website at www.randgoldexp.co.za.

20 June 2018
Johannesburg
Sponsor PSG Capital

Disclosure of acquisition of securities

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008, as amended, and paragraph 3.83(b) of the JSE Limited Listings Requirements, shareholders are hereby advised that the Company has received formal notification in the prescribed form of the following transaction: Charisma Holdings (Proprietary) Limited and Zerbans Cake & Coffee Shop CC, which two entities are inter-related entities as defined in the Companies Act, No. 71 of 2008, in aggregate acquired a beneficial interest in the securities of the Company such that the total interest in the securities of the Company held by Charisma Holdings (Proprietary) Limited and Zerbans Cake & Coffee Shop CC in aggregate now amounts to approximately 18.31% of the total issued ordinary share capital of the Company.

Johannesburg
5 June 2018
Sponsor PSG Capital

SENS Announcement – Results of Annual General Meeting

Shareholders are hereby advised that at the annual general meeting of the Company held at 11:00 today, Friday, 18 May 2018 at The Westin Cape Town, Convention Square, Lower Long Street, Cape Town (“AGM”), all of the resolutions were passed by the requisite majorities of the Company’s shareholders.

Details of the results of the voting at the AGM are as follows:

Resolutions proposed at the AGM Votes for resolution as a percentage of total number of shares voted at AGM(%) Votes against resolution as a percentage of total number of shares voted at AGM (%) Number of shares voted at the AGM Number of shares voted at the AGM as a percentage (%) of shares in issue Shares abstained as a percentage (%) of shares in issue
Ordinary Resolution Number 1: To re-elect JH Scholes as director 100.00% 0.00% 41333260 57.74% 0.03%
Ordinary Resolution Number 2: To re-appoint DC Kovarsky as a member of the audit and risk committee of the Company 98.28% 1.72% 41333260 57.74% 0.03%
Ordinary Resolution Number 3: To re-appoint JH Scholes as a member of the audit and risk committee of the Company 100.00% 0.00% 41333260 57.74% 0.03%
Ordinary Resolution Number 4: To re-appoint P Burton as a member of the audit and risk committee of the Company 100.00% 0.00% 41333260 57.74% 0.03%
Ordinary Resolution Number 5: To re-appoint KPMG Inc as the auditor of the Company 99.92% 0.08% 41320060 57.72% 0.05%
Ordinary Resolution Number 6: To pass a non-binding advisory vote on the remuneration policy of the Company. 98.22% 1.78% 41317357 57.72% 0.05%
Ordinary Resolution Number 7: To pass a non-binding advisory vote on the implementation policy of the Company 98.28% 1.72% 41330557 57.74% 0.03%
Special Resolution Number 1: Approval of remuneration of non-executive directors. 99.94% 0.06% 41317357 57.72% 0.05%
Special Resolution Number 2: Approval of right to provide financial assistance as contemplated in section 45 of the Companies Act 100.00% 0.00% 41333260 57.74% 0.03%

Johannesburg
18 May 2018
Sponsor
PSG

 

SENS announcement – Summarised Group Financial Statements for the year ended 31 December 2017

Download PDF

COMMENTARY TO THE SUMMARISED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 AND NOTICE OF ANNUAL GENERAL MEETING

GENERAL

The board of R&E is pleased to announce the audited results for the year ended 31 December 2017. Mr Van Zyl Botha CA(SA),
Financial Director, is responsible for the annual financial statements and these summarised annual results and has supervised
the preparation thereof in conjunction with Mrs Mandrie Steyn CA(SA) (Group Financial Manager).

INCOME

The 2017 group results reflected a total comprehensive loss for the year of R7.0 million (2016: R7.9 million).
This was mainly as a result of an increase in legal fees. During the year income was derived primarily from third party recoveries
of R1.1 million (2016: R6.4 million), the sale of prospecting rights realising a profit of R9.1 million and interest of R13.0 million
(2016: R13.7 million) earned on cash investments. The company spent R6.7 million (2016: R6.4 million) on personnel costs, R22.4 million
(2016: R18.3 million) on legal and forensic fees, and other operational costs totalled R2.1 million (2016: R4.8 million).

FINANCIAL POSITION

R&E is liquid with no interest-bearing debt. R&E’s total assets consist primarily of cash and cash equivalents. R&E had a net asset value
per share of R2.13 at 31 December 2017. (2016: R2.23)

CASH FLOW

R&E started the year under review with a cash and cash equivalent balance of R170.0 million. The group’s cash outflow of R9.9 million was
the net result of interest earned on cash, the disposal of prospecting rights and recoveries received, less cash utilised to fund its
operations during the year. R&E remains in a healthy cash position with R160.1 million in cash and cash equivalents at 31 December 2017.

OUTLOOK

The outlook for 2018 is largely dependent on the progress and outcome of current legal matters. Expenditure on litigation is expected to be
at a similar level as 2017. Until the claims in which the company are engaged have been finalised, this pattern of expenditure is likely
to prevail.

David Kovarsky 
Chairman Chief

Marais Steyn
Executive Officer
Johannesburg
23 March 2018

SENS Announcement – Trading Statement

In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on next will differ by more than 20% from those of the previous corresponding period.

Shareholders are hereby advised that a reasonable degree of certainty exists that the Company expects to report:

  • a loss per share of between 8.6 cents per share and 11.0 cents per share, being a decrease in the loss per share of between 8.3% and 28.3% for the year ended 31 December 2017, compared to a loss per share of 12.12 cents for the year ended 31 December 2016; and
  • a headline loss per share of between 21.3 cents per share and 23.8 cents per share, being an increase in the loss per share of between 77.5% and 98.3% for the year ended 31 December 2017, compared to a headline loss per share of 12.12 cents for the year ended 31 December 2016.

The reason for the decrease in headline earnings per share in the current reporting period is mainly a result of profit on disposal of prospecting rights being excluded from the headline earnings calculation. The net asset value decreased with 10 cents per share from R2.23 at 31 December 2016 to R2.13 at 31 December 2017.

The information contained in this trading statement has not been reviewed or reported on by the Company’s external auditors. R&E expects to release its financial results for the year ended 31 December 2017 on or about 26 March 2018.

Johannesburg
8 March 2018
Sponsor
PSG Capital