SENS Announcement – Results of Annual General Meeting

RESULTS OF THE ANNUAL GENERAL MEETING OF R&E

Shareholders are hereby advised that at the annual general meeting of the Company held at 11:00 today, 6 May 2015, at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton (“Annual General Meeting”), all of the proposed ordinary and special resolutions were passed by the requisite majority of votes cast by R&E shareholders present or represented by proxy. The detailed voting results of the Annual General Meeting are set out below.

Annual General Meeting Results:

Votes for resolution (%)* Votes against resolution (%)* Number of shares voted at the Annual General Meeting Number of shares voted at the Annual General Meeting 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 a director of the Company 98.92% 1.08% 41 023 634 57.31% 0.08%
Ordinary Resolution Number 2: To re-appoint DC Kovarsky as a member of the audit and risk committee of the Company 99.96% 0.04% 41 023 634 57.31% 0.08%
Ordinary Resolution Number 3: To re-appoint JH Scholes as a member of the audit and risk committee of the Company 99.96% 0.04% 41 023 634 57.31% 0.08%
Ordinary Resolution Number 4: To re-appoint P Burton as a member of the audit and risk committee of the Company 97.52% 2.48% 41 023 634 57.31% 0.08%
Ordinary Resolution Number 5: To re-appoint KPMG Inc as the auditor of the Company 99.96% 0.04% 41 023 634 57.31% 0.08%
Special Resolution Number 1: Approval of non-executive directors’ remuneration 99.96% 0.04% 41 023 634 57.31% 0.08%
Special Resolution Number 2: Approval of right to provide financial assistance as contemplated in section 45 of the Companies Act, No.71 of 2008 (as amended) 99.96% 0.04% 41 023 634 57.31% 0.08%

Notes:

* In relation to the total number of shares voted at the Annual General Meeting.

6 May 2015
Johannesburg
Sponsor
PSG Capital Proprietary Limited

 

SENS announcement – Summarised Group Financial Statements for the year ended 31 December 2014

COMMENTARY TO THE SUMMARISED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

GENERAL

The board of R&E is pleased to announce the audited results for the year ended 31 December 2014. 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 majority of the income recognised is mainly as a result of settlements and recoveries of R158.9 million and interest earned of R13.3 million on cash investments.

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 R2.27 at 31 December 2014.

CASH FLOW

R&E started the year under review with a cash and cash equivalent balance of R201.1 million.
Operating activities yielded net cash of R124.6 million, primarily as a result of settlements received of R158.9 million offsetting cash utilised in operations of R34.3 million.
Investing activities utilised cash outflows of R1.3 million, primarily from the net acquisition of investments in equity securities of R1.3 million.
R&E remains in a healthy cash position with R173.9 million in cash and cash equivalents at 31 December 2014.

OUTLOOK

The outlook for 2015 is largely dependent on the progress and outcome of current legal matters. Expenditure on litigation is expected to be at a similar level, which is likely to prevail until the claims in which
the company is engaged have been finalised. Management will continue to focus on reducing the costs of its operations where possible.

David Kovarsky
Chairman

Marais Steyn
Chief executive officer

Johannesburg
20 March 2015

SUMMARISED GROUP STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2014

Notes
Audited
2014
R’000
Audited
2013
R’000
Revenue
64
75
(Loss)/profit on disposal of investments
(102)
135
Recoveries
7
158 903
22 136
Other income
60
3 027
Personnel expenses
(15 521)
(6 429)
Profit on disposal of prospecting rights
6
1 076
Change in fair value of held-for-trading investments
(191)
(127)
Change in fair value of cash investments
(2 364)
355
Other operating expenses
(17 743)
(24 706)
Profit/(loss) from operating activities
123 106
(4 458)
Finance income
13 341
11 419
Profit before taxation
136 447
6 961
Taxation
Profit for the year
136 447
6 961
Other comprehensive income
Items of other comprehensive income that will not be subsequently reclassified to profit or loss Actuarial gains
105
4 073
Taxation
Total comprehensive income for the year
136 552
11 034
Profit attributable to:
Owners of the company
136 447
6 961
Profit for the year
136 447
6 961
Total comprehensive income attributable to:
Owners of the company
136 552
11 034
Total comprehensive income for the year
136 552
11 034
Basic and diluted earnings per share (cents)
8
191
10

SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2014

Audited
2014
R’000
Audited
2013
R’000
Assets
Non-current assets
86
124
Equipment
37
75
Intangible assets
49
49
Current assets
177 348
204 360
Investment in equity securities
2 259
1 170
Trade and other receivables
1 134
2 030
Cash and cash equivalents
173 955
201 160
Total assets
177 434
204 484
Equity and liabilities
Shareholders’ equity
162 397
186 912
Ordinary share capital
746
746
Retained earnings
161 651
186 166
Liabilities
Non-current liabilities
Post-retirement medical benefit obligation
13 753
15 547
Current liabilities
Trade and other payables
1 284
2 025
Total equity and liabilities
177 434
204 484

SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2014

Audited
31 December 2014
R’000
Audited
31 December 2013
R’000
Attributable to equity holders of the company
Ordinary share capital
746
746
Retained earnings
161 651
186 166
Balance at the beginning of the period
186 166
175 132
Dividend paid (225 cents per share)
(161 067)
Profit and total comprehensive income for the year
136 552
11 034

SUMMARISED GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014

Audited
31 December 2014
R’000
Audited
31 December 2013
R’000
Profit before taxation
136 447
6 961
Adjusted for:
Loss/(profit) on disposal of investments
102
(135)
Profit on disposal of prospecting rights
(1 076)
Change in fair value of held-for-trading investments
191
127
Loss on impairment of other assets
65
Depreciation
38
50
Post-retirement medical benefit obligation -interest cost
1 119
2 391
Interest received
(13 341)
(11 419)
Dividends received
(64)
(75)
Working capital changes
155
(13)
Cash generated/(utilised) in operations
124 647
(3 124)
Interest received
13 341
11 419
Taxation received
184
Cash flows from operating activities
135 180
(15 060)
Cash flows from investing activities
(1 318)
2 303
Dividends received
64
75
Proceeds on disposal of prospecting rights
1 500
Acquisition of investment in equity securities
(2 458)
(464)
Proceeds on disposal of investment in equity securities
1 076
1 192
Cash flow from financing activities
(161 067)
Dividend paid
(161 067)
Decrease in cash and cash equivalents
(27 205)
(12 757)
Cash and cash equivalents at the beginning of the year
201 160
213 917
Cash and cash equivalents at the end of the year
173 955
201 160

NOTES TO THE SUMMARISED GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

1.REPORTING ENTITY
R&E is a company domiciled and incorporated in the Republic of South Africa. The summarised group annual financial statements of the company for the year ended 31 December 2014 include the company and its subsidiaries
(together referred to as “the group”).

2.BASIS OF PREPARATION
The summarised group financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements for abridged reports, and the requirements of the Companies Act applicable to summary
financial statements. The Listings Requirements require abridged reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting
Standards (IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and to also, as a minimum,
contain the information required by IAS 34 Interim Financial Reporting.

3.SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied in the preparation of the group financial statements, from which the summarised group financial statements were derived, are in terms of International Financial Reporting Standards and
are consistent with the accounting policies applied in the preparation of the previous group annual financial statements. The accounting policies have been applied consistently by all group entities.

4.INDEPENDENT AUDIT BY THE AUDITOR
These summarised group financial statements for the year ended 31 December 2014 have been extracted from the complete set of annual financial statements on which the auditors, KPMG Inc, have expressed an unqualified
audit opinion, dated 20 March 2015. The auditor’s report and annual financial statements, which have been summarised in this report, are available for inspection at the registered office of the company. This abridged
reportis extracted from audited information, but is not itself audited. The directors take full responsibility for the preparation of this report and that the financial information has been correctly extracted from the
underlying annual financial statements.

5.SEGMENT REPORTING
The group operates in a single operating segment as an investment holding company with assets in the mining industry.

6.PROSPECTING RIGHTS
During 2013 R&E disposed of certain of its prospecting rights which had a R0.4 million carrying value for R1.5 million. R&E has entered into two agreements for the sale of certain of its prospecting rights, with nil
carrying values, to third parties. In terms of the agreements, however, there were a number of conditions precedent outstanding at year-end and the disposals have therefore not been recognised as yet.

7.RECOVERIES
R&E concluded a settlement agreement with PricewaterhouseCoopers Incorporated (PwC) on 16 April 2014 in terms of which R150 million was payable by PwC to R&E. The settlement related to the group’s claim against PwC for
damages and was implemented. Shareholders are referred to the announcements made by the company on 16 April 2014 relating to this settlement as well as to the voluntary circular published by the company on 30 April 2014.
R&E recognised the final payment of R 150 million received in cash during June 2014.

8.EARNINGS PER SHARE

Earnings per share
2014
Per share
(in cents)
2013
Per share
(in cents)
Basic earnings and diluted earnings per ordinary share

The calculation of basic and diluted earnings per ordinary share is based on earnings of
R136.4 million (2013: earnings of R6.9 million) attributable to ordinary shareholders of the
company and a weighted average of 71 585 172 (2013: 71 585 172) shares in issue.

191
10
Headline earnings and diluted headline earnings per share

The calculation of the headline earnings and diluted headline earnings per share is based on
headline earnings of R136.4 million (2013: headline earnings of R5.8 million) attributable to equity
holders of the company and a weighted average of 71 585 172 (2013: 71 585 172) ordinary shares
in issue.

Reconciliation between basic earnings for the year and headline earnings

191
8
Profit for the year attributable to equity holders of the company
136 447
6 961
Adjusted for:
Profit on disposal of prospecting rights
(1 076)
Headline earnings for the year attributable to equity holders of the company
136 447
5 885

9.NET ASSET AND TANGIBLE NET ASSET VALUE PER SHARE

The net asset value per share is calculated using the following variables:

31 December
2014
31 December
2013
Net asset value (R’000)
162 397
186 912
Ordinary shares outstanding
71 585 172
71 585 172
Net asset value per share (cents)
227
261
Net tangible asset value per share (cents)
227
261

The number of shares outstanding at 31 December 2014 and 31 December 2013 has been adjusted for the 2 999 893 treasury shares held.

10.MATERIAL CHANGES
The directors declared a gross special cash dividend of 225 cents per share, funded by income reserves, on 26 June 2014, to be paid on 28 July 2014 to those shareholders of the company who were recorded in the
company’s register on 25 July 2014.

11.RELATED PARTY TRANSACTIONS
There were no related party transactions during the period under review other than in the normal course of business. Key management remuneration for the current year was R12.4 million which includes bonus payments to executive directors of R8.4 million (2013: R4.1 million remuneration – no bonus payments).

12.EVENTS AFTER REPORTING DATE
There were no significant events between the reporting date and the approval date of these results.

13. NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the annual general meeting of R&E will be held at MW Business Centre, Michelangelo Hotel, Mandela Square, Sandton, at 11:00 on Wednesday, 6 May 2015. A copy of the notice of the annual general meeting incorporating the summarised group financial statements will be distributed to shareholders on 24 March 2015. The date on which shareholders must be recorded in the Share Register maintained by the transfer secretaries, for purposes of being entitled to attend and vote at the annual general meeting is Thursday, 30 April 2015, with last day to trade being Wednesday, 22 April 2015.

Directors
DC Kovarsky (Chairman)**, M Steyn (CEO)*, V Botha*, P Burton**, JH Scholes**
(*Executive, **Independent non-executive)

Company secretary
V Botha CA(SA)

Transfer secretaries 
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
(Registration number 2004/003647/07)

Sponsor
PSG Capital
First Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600

SENS annoucement – Trading Statement

In terms of the Listings Requirements of the JSE Limited (“JSE Listings Requirements”), 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 earnings per share for the year ended 31 December 2014 is expected to be between 190 and 192 cents per share (2013: 10 cents), being an increase of between 1 850% and 1 870%. Headline earnings per share is expected to be between 190 and 191 cents per share (2013: 8 cents), being an increase of between 2 209% and 2 229%.

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 2014 in due course.

Johannesburg
9 March 2015
Sponsor
PSG Capital

SENS announcement – Disclosure of acquisition of securities

In accordance with section 122(3)(b) of the Companies Act, No. 71 of 2008 and section 3.83(b) of the JSE Limited’s Listings Requirements, shareholders are hereby advised that the Company has received a formal notification in the prescribed form that Mr Allan Groll through his direct and indirect interest in Charisma Holdings (Proprietary) Limited and Zerbans Cake & Coffee Shop cc (collectively referred to as “Mr Groll”) has acquired an interest in the securities of the Company and as such the total interest in the securities of the Company controlled by Mr Groll is now 10.04% of the total issued ordinary share capital of the Company.

Johannesburg
15 September 2014
Sponsor
PSG Capital

SENS announcement – Summarised Consolidated Unaudited Interim Financial Statements for the six months ended 30 June 2014

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COMMENTARY TO SUMMARISED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

General

The board of R&E is pleased to announce the interim results for the six months ended 30 June 2014. The period saw the conclusion of a further successful claim against third parties, resulting in settlement income of R150 million.

Income

The majority of the income recognised in the period under review derived from the settlement of a legal claim against the company’s former auditors.

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 R179 million or R2.50 per share as at 30 June 2014 (net of the dividend declared, which amounted to R161 million or R2.25 per share).

Cash flow

R&E started the period under review with a cash and cash equivalent balance of R201 million.

Operating activities generated cash of R152 million, primarily as a result of the settlement of a legal claim of R150 million, recoveries of R8.9 million and interest received of R7.3 million, offsetting operating expenses of R14.2 million. Operating expenses include legal and forensic costs of R8.2 million. As at 30 June 2014, R&E held R353 million in cash and cash
equivalents. After paying the dividend of R161 million on 28 July 2014, the company’s cash position was R191 million.

Outlook

The company will continue to take a commercial and pragmatic approach towards legal claims against third parties and their relative legal costs, focus on containing the operational costs where possible and to maintain liquidity.

David Kovarsky
Chairman
Marais Steyn
Chief Executive Officer

Johannesburg
18 August 2014

SUMMARISED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the six months ended
30 June 2014
30 June 2013
Unaudited
Reviewed
Notes
R ‘000
R ‘000
Dividends received
19
28
Profit on disposal of prospecting rights
1 076
(Loss)/profit on sale of equity securities
(7)
140
Recoveries 6
158 903
22 136
Foreign exchange losses
(35)
Other income
244
2 473
Other operating expenses
(14 215)
(14 621)
Results from operating activities
144 944
11 197
Finance income
7 322
5 357
Profit before taxation
152 266
16 554
Taxation
Profit for the period
152 266
16 554
Actuarial losses
690
Dividends paid
(161 067)
Total comprehensive (loss)/income for the period
(8 111)
16 554
Profit attributable to:
Owners of the company
152 266
16 554
Total comprehensive (loss)/income attributable to:
Owners of the company
(8 111)
16 554
Basic and diluted earnings per share (cents) 7
213
23

SUMMARISED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

For the six months ended
30 June 2014
30 June 2013
Unaudited
Reviewed
Notes
R ‘000
R ‘000
Share capital balance at the beginning and end of the period
746
746
Retained earnings
178 055
191 686
Balance at the beginning of the period
186 166
175 132
(Loss)/profit for the period
(8 111)
16 554

SUMMARISED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

For the six months ended
30 June 2014
31 December 2013
Unaudited
Audited
Notes
R ‘000
R ‘000
Assets
Non-current assets
105
124
Plant and equipment
56
75
Intangible assets
49
49
Current assets
356 274
204 360
Trade and other receivables
1 955
2 030
Investment in equity securities
1 645
1 170
Cash and cash equivalents
352 674
201 160
Total assets
356 379
204 484
Equity and liabilities
Shareholders’ equity
178 801
186 912
Issued capital
746
746
Retained earnings
178 055
186 166
Liabilities
Non-current liabilities
Post-retirement medical benefit obligation
14 665
15 547
Current liabilities
Trade and other payables
162 913
2 025
Total equity and liabilities
356 379
204 484

SUMMARISED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

For the six months ended
30 June 2014
31 June 2013
Unaudited
Reviewed
Notes
R ‘000
R ‘000
Profit before taxation
152 266
16 554
Adjusted for:
Loss on sale of other assets
65
Profit on disposal of prospecting rights
(1 076)
Other non-cash items
(146)
(1 426)
Loss/(profit) on disposal of equity securities
7
(140)
Actuarial gains
690
Movement in post-retirement medical aid benefit liability
(882)
(1 710)
Depreciation
19
27
Loss on fair value of equity instruments
20
397
Interest received
(7 322)
(5 357)
Dividends received
(19)
(28)
Working capital changes
160 962
1 198
Cash flows from operations
305 741
9 930
Interest received
7 322
5 357
Dividends paid
(161 067)
Cash flows from operating activities
151 996
15 287
Cash flows from investing activities
(482)
2 211
Dividends received
19
28
Proceeds from disposal of prospecting rights
1 500
Proceeds from disposal of equity securities
299
721
Acquisition of investment in equity securities
(800)
(38)
Net increase in cash and cash equivalents
151 514
17 498
Cash and cash equivalents at the beginning of the period
201 160
213 917
Cash and cash equivalents at the end of the period
352 674
231 415

NOTES TO THE SUMMARISED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2014

1. Reporting entity

R&E is a company domiciled and incorporated in the Republic of South Africa. The summarised consolidated interim financial statements of the company for the six months ended 30 June 2014 include the company and its subsidiaries (together referred to as the “group”).

2. Statement of compliance

The summarised consolidated interim financial statements are prepared and presented in accordance with International Financial Reporting Standards, which include International Accounting Standard (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the requirements of the Companies Act of South Africa (Act 71 of 2008) and the Listings Requirements of the JSE Limited. These summarised consolidated interim financial statements were approved by the board of directors on 12 August 2014.

Mr Van Zyl Botha CA(SA), the financial director of R&E, is responsible for these interim financial statements and has supervised the preparation thereof.

3. Significant accounting policies

The accounting policies applied by the group in these summarised consolidated interim financial statements are the same as those applied by the group in its consolidated financial statements for the year ended 31 December 2013.

4. No independent review by the auditor

The company’s auditor has not reviewed or audited the summarised consolidated interim financial statements of R&E for the six months ended 30 June 2014.

5. Segment reporting

The Group operates in a single operating segment as an investment holding company with assets in the mining industry.

6. Recoveries

R&E concluded a settlement agreement with PriceWaterHouseCoopers (“PwC”) on 16 April 2014 in terms of which R150 million was payable by PwC to R&E. The settlement relates to the group’s claims against PwC for damages arising from PwC’s audit of the group during the period 1999 to 2003. Shareholders are referred to the
announcement made by the company on 16 April 2014 relating to this settlement. R&E recognised the payment of R150 million received in cash during June 2014.

7. Earnings per share

For the six months ended
30 June 2014
30 June 2013
Unaudited
Reviewed
Notes
R ‘000
R ‘000
Basic and diluted earnings for the period (R’000)
152 266
16 554
Weighted average number of ordinary shares in issue
71 585 172
71 585 172
Earnings per share (cents)
213
23
Headline and diluted headline earnings per ordinary share
Headline and diluted headline earnings for the period (R’000)
152 266
15 338
Weighted average number of ordinary shares in issue
71 585 172
71 585 172
Headline earnings per share (cents)
213
21
Reconciliation between basic and headline earnings for
the period
R’000
R’000
Profit for the period attributable to the equity holders of the company
152 266
16 554
Adjusted for:
Profit on disposal of prospecting rights
( 1 076)
Profit on disposal of available-for-sale investments
(140)
152 266
15 338
Tax effect of adjustments
Headline earnings for the period attributable to equity holders of the company
152 266
15 338

8. Net asset and tangible net asset value per share

For the six months ended
30 June 2014
30 June 2013
Unaudited
Reviewed
Notes
R ‘000
R ‘000
Net asset value (R’000) 178 801 192 432
Ordinary shares outstanding 71 585 172 71 585 172
Net asset value per share (cents) 250 269
Net tangible asset value per share (cents) 250 269

The number of shares outstanding at 30 June 2014 and 30 June 2013 has been adjusted for the 2,999,893 treasury shares held.

9. Material changes

The final settlement received from PwC is material in its totality.

10. Related party transactions

There were no related party transactions during the period under review other than in the normal course of business, i.e. key management remuneration.

11. Events after reporting date

There were no significant events between the reporting date and the approval date of these results.

Directors: DC Kovarsky (Chairman)**, M Steyn (CEO)*, V Botha*, P Burton**, JH Scholes** (*Executive, **Independent non-executive) Company secretary and financial director: V Botha CA(SA)

Transfer secretaries: Computershare Investor Services (Pty) Ltd (Registration number 2004/003647/07), 70 Marshall Street, Johannesburg, 2001 Sponsor: PSG Capital, 1st Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600

Randgold Interim June 2015 Press Release

Summarised Group Unaudited Interim Financial Highlights for the six months ended 30 June 2015 Randgold & Exploration
Commentary to sumarised Group Interim Financial Statements

Income

The majority of income recognised in the period under review was derived from a further recovery from the Insolvent Deceased Estate of RB Kebble.

Financial position

R&E is liquid with no interest-bearing debt. R&E’s total assets consist primarily of cash and cash equivalents and mineral prospecting rights. R&E’s net asset value of R2.27 per share at 30 June 2015 remained unchanged from 31 December 2014.

Cash flow

R&E started the year under review with a cash and cash equivalent balance of R173.9 million. Operating activities utilised net cash of R5.1 million, primarily as a result of recoveries of R4.4 million offsetting net cash utilised in operations of R9.5 million.

Investment activities utilised cash outflows of R2.8 million, primarily from the net acquisition of investments in equity securities of R2.9 million. R&E remains in a healthy cash position with R171.8 million in cash and cash equivalents at 30 June 2015.

Outlook

The outlook for the balance of the year is largely dependent on the progress and outcome of legal proceedings in which the company is engaged. Legal expenses for the balance of the year are expected to be at a similar level. Management will continue to approach all legal matters and related expenses in a commercially pragmatic manner.

David Kovarsky 
Chairman Chief

Marais Steyn
Executive Officer
Johannesburg
14 August 2015


The summarised group unaudited interim financial highlights for the six months ended 30 June 2015 are as follows:

For the six months ended
30 June 2015
Unaudited
30 June 2014
Unaudited
%
Change
Basic earnings and diluted earnings per ordinary share
Basic and diluted earnings for the period (R’000) 336 152 266 (99.78%)
Weighted average number of ordinary shares in issue 71 585 172 71 585 172
Earnings per share (cents) 0.47 213 (99.78%)
Headline and diluted headline earnings per ordinary share
Headline and diluted headline earnings for the period (R’000) 336 152 266 (99.78%)
Weighted average number of ordinary shares in issue 71 585 172 71 585 172
Headline earnings per share (cents) 0.47 213 (99.78%)
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) 162 575 178 801 (9.07%)
Ordinary shares outstanding 71 585 172 71 585 172
Net asset value per share (cents) 227 250 (9.20%)
Net tangible asset value per share (cents) 227 250 (9.20%)
(Loss)/profit from operating activities (5 475) 144 944 (103.78%)

Notice to shareholders

This announcement contains only a summary of the information contained in the full announcement made on SENS on Friday, 14 August 2015 (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 offi ce of the company or the company’s sponsor during offi ce 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

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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 earnings per share for the six months ended 30 June 2014 is expected to be between 212 and 215 cents per share (2013: 23 cents per share). Headline earnings per share are expected to be between 212 and 215 cents per share (2013: 22 cents per share).

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 2014 on or about 15 August 2014.

Johannesburg
12 August 2014
Sponsor
PSG Capital