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Randgold & Exploration Advances on Plan to Pay $45 Million to Shareholders
Randgold & Exploration Co., managed by mining magnate Brett Kebble before he was murdered, rose the most since resuming trading in Johannesburg after announcing plans to make 310 million rand ($45 million) of payments and distributions to shareholders.
The stock gained 85 cents, or 15 percent, to 6.70 rand by the 5 p.m. close, valuing the Sandown, South Africa-based company at 501 million rand. The shares resumed trading on June 4 after a five-year suspension.
“The company’s current asset base is in excess of its medium-term operational requirements,” Randgold said today in a statement. “It is therefore an opportune time to release further value to the shareholders.”
Randgold & Exploration’s shares were suspended on Aug. 1, 2005, after $268 million worth of stock it held in a then- related company, Randgold Resources Plc, went missing. Kebble quit as chief executive officer on Aug. 30 that year after being charged with fraud and was shot in his car near his house in Johannesburg a month after that.
Over the past five years, Randgold & Exploration recovered some of the assets it claims were misappropriated. Current assets consist of about 260 million rand in cash, 2.27 million Gold Fields Ltd. shares and prospecting rights. The company is no longer related to Randgold Resources.
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