Question to Simon: First read this quote from Busness Day - http://transcripts.businessday.co.za/cgi-bin/transcripts/t-showtranscript.pl?1276241651 "Giulietta Talevi: Refresh our memories - what does the settlement actually entail for Randgold & Exploration shareholders? Marais Steyn: From a Randgold & Exploration shareholder perspective the company receives value to the tune of about R1billion rand. On a rand per share basis it can be broken down to approximately R12.90 a share that we are receiving between R8 and R8.50 depending on how you value Gold Fields shares at the moment. That consists of Gold Fields shares and the rest is an issue of JCI owned shares. That entire parcel will be passed on to Randgold shareholders. We hope to complete the formalities in this regard by 5 July 2010 so there will be a big dividend going to our shareholders. Remaining in the company will be about half-a-billion rand's worth of liquid assets on a net asset value basis or about R7 a share. All in all if you take that entire parcel that I've just described we are looking at about R20 a share of net asset value in the company. Giulietta Talevi: Yet the shares are actually trading at around the R14.75 level which seems a bit strange given that you're saying the net asset value is actually R20 a stock. Marais Steyn: To us as management that's not surprising at all. It was a liberating day last Friday when we started trading on the exchange again - especially for the smaller shareholders where we have in excess of 2,000 public small shareholders that were trapped in this share. The larger shareholders can look after themselves but the smaller shareholders now have the ability to trade their shares so that's good news. The reason why there is a discount of approximately R5 is because that portion of our share relates to the JCI shares that will be distributed to shareholders - I don't think the market is putting value on that portion. The rest of our share being the R14.80 it's trading at the moment consists of liquid assets Gold Fields shares and hard cash and I think we are getting our due for that. Giulietta Talevi: Obviously you're not the chief executive of JCI but is JCI going to be re-listed? Is that the ultimate intention and then people can realise the shares they then hold in JCI? Marais Steyn: A very good question - that's something that's close to my heart as well. The question was asked at the meeting of JCI shareholders on Friday and their management has assured us that's the intention. They still have to complete their financial statements - the audited accounts - and they are anticipating that will happen by the last quarter of this year. That's the way we understand it. The listing should follow soon. There is a lot of work left for them - it's not going to happen in the very short term future - but I am really hoping that it will happen soon because that will deliver value to my shareholders as well. " My summary of all this is that a dividend of R8 will be paid in cash. A dividend of R5 will be paid in the form of JCI shares. The RNG share will resume trading at R7. That is using the quoted figures just as a base, which obviously may differ. My question is, how will Standardbank Securities handle the admin, or how do you see the settlement procedure onfold? How will the JCI portion, in shares, be handled, as it is not listed on the JSE yet?
Simon, I see GFI and JCI shares have been allocated to my portfolio. However, there was no sens announcement yet? Did they communicate to you? Are the GFI shares tradable from my account right now, or is there a holding period?
R&E shares may not be dematerialised or rematerialised between Monday, 28 June 2010 and Friday, 2 July 2010, both days inclusive. R&E shareholders are further cautioned in trading in their entitlements in Gold Fields shares between Monday, 28 June 2010 and Friday, 2 July 2010, both days inclusive until actual distribution of the Gold Fields shares to R&E shareholders on Monday, 5 July 2010. Further to the cautionary announcements by JCI, the last of which was dated 4 June 2010, JCI shareholders are reminded to continue to exercise caution when trading in their JCI shares over-the-counter until a further announcement is made.