19 Aug 2010
SHARES IN RANDGOLD AND EXPLORATION COMPANY LIMITED (”R&E”)
JCI is pleased to announce the completion of the sale by way of a partially underwritten book-build of 8,190,427 R&E ordinary shares placed for gross proceeds of R47,439,955 (the ”Book-build”). The average sale price per R&E share
represents a premium of approximately 1.5% to the closing share price on Wednesday, 18 August 2010 and a premium of 8.2% on the volume weighted average price of R&E ordinary shares, since 28 June 2010 (which was the date on which R&E shares traded ex the right to participate in R&E`s capital distribution of the settlement Gold Fields shares and ex entitlement to participate in the unbundling of R&E`s JCI shares). Following the Book-build, JCI will not hold any
ordinary shares in R&E.
2. Rationale for the Book-build
JCI has realised value for its R&E shares in order to settle debts and fund operating costs. The Book-build provided a mechanism for JCI to dispose of its large holding in R&E at a price above the ruling market price at the time that the Book-build commenced.
3. Pro forma financial effects on JCI shareholders
The pro forma financial effects of the Book-build on JCI`s net asset value per share and net tangible asset value per share as at 31 December 2009 are not material.
The Book-build is a Category 2 transaction for JCI in terms of section 9.5(a) of the JSE Listings Requirements.
19 August 2010
Investec Corporate Finance
Sponsor to JCI
Sasfin Capital (a division of Sasfin Bank Limited)