Judge Marais ruled against an exception taken by the defendants, namely, Roger Kebble, John Stratton, Hendrik Buitendag and JCI Limited.
The judge ruled that the summons issued by DRD was not defective as claimed by the defendants.
Judge Marais ruled that the exceptions by the defendants be dismissed with costs including the costs of two counsel.
This matter will now proceed to trial.
Background on the Rawas Transcation as per Letter to Shareholders in April 2003.
On 2 May 2002, DRD issued a circular to ordinary shareholders that described in detail:
In brief, the Rawas transaction involved DRD:
In addition, DRD’s investigations revealed that the ostensible issue price of the shares and the consequent attributed value of ZAR122.6 million were not properly determined and could not be viewed as genuine amounts. Consequently, the invalid issue of shares diluted pre-Rawas DRD shareholders.
DRD’s investigations also revealed that:
DRD wrote off its ZAR122.6 million ‘investment’ in the Rawas Mine, which amount was included in the ZAR590 million charge for the impairment of assets.
DRD has also been further compelled to discharge debts relating to Rawas to the extent of A$6 million (ZAR28.7 million).
Queries:
South Africa
Investor and Media Relations
Ilja Graulich, Durban Roodepoort Deep, Limited
+27 11 381 7826 (office)
+27 83 604 0820 (mobile)
James Duncan, Russell & Associates
+27 11 880 3924 (office)
+27 82 892 8052 (mobile)
North America
Investor Relations
Susan Borinelli, Breakstone & Ruth International
+1 646-536-7018 (office)
+1 917-570-8421 (mobile)
Media Relations
Jessica Anderson, Breakstone & Ruth International
+1 646-536-7002 (office)
+1 347-423-5859 (mobile)
Australasia
Investor and Media Relations
Paul Downie, Porter Novelli
+61 893 861 233 (office)
+61 414 947 129 (mobile)
United Kingdom/Europe
Investor and Media Relations
Phil Dexter, St James's Corporate Services
+44 20 7499 3916 (office)
+44 779 863 4398 (mobile)
DRD has primary listings on the Johannesburg (JSE:DRD) and Australian (ASX:DRD) stock exchanges and secondary listings on NASDAQ (DROOY), the London Stock Exchange and the Paris and Brussels Bourses. Its shares are also traded on the regulated unofficial market of the Frankfurt Stock Exchange and the Berlin OTC Market.
For more information, please visit www.drd.co.za or www.durbans.com
Some of the information in this media release may contain projections or other forward looking statements regarding future events or other future financial performance. We wish to caution you that these statements are only projections and those actual events or results may differ materially. In reviewing, please refer to the documents that we file from time to time with the SEC, specifically to our annual report on Form 20-F. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward looking statements, including such risks as difficulties in being a marginal producer of gold, changes and reliability of ore reserve estimates, gold price volatility, currency fluctuations, problems in the integration of operations, exploration and mining risks and a variety of risks described in our annual report on Form 20-F. We undertake no obligation to publicly release results of any of these forward looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unexpected results.
Denver Gold Forum 2024 18 September 2024 (PDF - 4.6 MB)
Results for the six months ended 31 December 2023 (PDF - 34.46 MB)
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