Board-Ansicht
Mix-Ansicht- Großer Verkäufer in Durban - Silberblick, 02.09.2003, 21:05
- Na ein Glück für Durban, schlecht für meine Afrikander Lease, denke ich mal - spieler, 02.09.2003, 21:31
Großer Verkäufer in Durban
-->Randgold sells DRD stake
By: Daniel Thöle
Posted: 2003/09/01 Mon 20:01 ZE2 | © Mineweb 1997-2003
JOHANNESBURG - Kebbel group company Randgold and Exploration has sold its two percent holding in Durban Roodepoort Deep (DRD), paving the way for the Kebble family to pick up a bigger stake in JSE listed gold junior Afrikander Lease (Aflease).
Randgold's holding had attracted some attention, given that the Kebbles have said they value DRD at R4 a share, and Kebble group company JCI is suing DRD, a company that they say is technically insolvent. DRD is currently trading around R19, buoyed by a stronger gold price.
The Kebbles commissioned a forensic audit of DRD, the results of which were released last month. The audit revealed that DRD was technically bankrupt, and today Randgold director Brett Kebble said DRD’s basic value did not exceed R4 a share. “We sold before the Gobodo audit …. the whole gold board is overvalued, but DRD is the most over-valued gold stock,” he said.
Kebble said the shares were sold after DRD’s results for the June quarter had revealed “ a shocking situation” where DRD’s cash had been depleted. “This is a lovely situation for us, it allows us to buy something with more value … we will look to increase our shareholding in Afrikander Lease,” Kebble said. DRD’s cash and cash equivalents fell to $45.7 million in the June quarter, from $63.1 million previously.
DRD chief executive Mark Wellesley -Wood said he was pleased the Randgold shareholding was no longer there. “We are pleased there is no K in DRD”, Wellesley -Wood said.
The 3.5 million shares are worth R64.75 million if the average DRD price is taken at R18.50, the average between the two prices that Kebble said the shares were sold for. He said the shares were sold to institutions gradually, in tranches of no more than 150 000. “We held onto the shares for strategic reasons, we thought we may be able to use the shares …,” Kebble said. Kebble said the shares had been sold through institutions into the New York market. “We tried to get the best prices … we sold between R18 and R19 a share,” Kebble said.
The Kebbles control what Aflease says is 3.9 percent of the group through an empowerment deal with Phikoloso mining, together with an existing 6 percent voting stake that JCI acquired through Kabusha mining.
There is the prospect of a deal involving Aflease and DRD’s North West assets - the two groups have denied rumours of a merger, but have not ruled out cooperation on the Hartbeesfontein and Buffelsfontein mines.
DRD is conducting an operational review on the North West division, and has until September 21 to decide the division’s fate.
Kebble’s rand view
Kebble also suggested that times were going to get even tougher for the local gold industry - he sees the rand between R6.25 and R6.50 over the next 6 months as the US economy struggles to make a comeback. “We do see a strong rand environment, with the gold price climbing over $400/oz in the short term,’ Kebble said.
He said the US economy was going through a shaky period, and the dollar was set for more weakness. Kebble said he saw the euro at $1.30 in the medium term.
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<ul> ~ Randgold wars!</ul>
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