Anders entschieden, ich fahre erst morgen frueh los,da sich einiges abspielt.
Neues von Randgold Exploration.
Investec Bank hatte JCI finanziert und ausgesaugt mit hohen Zinsen sagte ein Bekannter von mir. Das Darlehen von 450 millionen Rand an JCI fand ohne zustimmung der shareholder statt was nicht legal ist.
Nun klagen zwei Parteien gegen Investec und heute neu Randgold gegen JCI.
Mein Bekannter sagte das momentan kein Audit durchgefuehrt werden kann bis die 450 millionen irgenwo gebucht sind bei RE.
Es wird noch dauern bis man Investec durchleuchtet denn die hatte viel Schuld an der Misere.
Randgold sollte nach bereinigung der Sache wieder einen Wert/Kurs von 22 Rand haben von den 8.90 wo sie jetzt stehen.
Tradingstop am JSE bis der Audit gemacht ist.
Aflease besitzt nun 37% von RE und ueber SXR Uranium sollten die auch wieder auf die Beine kommen sagte er.
Hier nun das neuste...
Kebble Frauds: JCI Faces $697 Million Claim
By Rob Rose
22 Nov 2006 at 08:16 AM EST
http://www.resourceinvestor.com/pebble.asp?relid=26424
JOHANNESBURG (Business Day) --
Randgold & Exploration has dramatically raised the stakes in its tussle with its associated company, JCI, claiming R5 billion ($697 million) from JCI largely for the various frauds committed by former CEO Brett Kebble.
After forensic audits revealed in April that Kebble had shifted assets between the companies, both of which he headed before his death a year ago, Randgold said it would claim R1.13 billion ($158 million) from JCI. But in a notice yesterday, Randgold announced that it had sharpy revised its claim upwards to more than R5 billion ($697 million).
Not only is this more than four times the original claim, it also threatens to wipe out JCI entirely.
In April, JCI estimated its entire net asset value was R1.9 billion ($265 million) — less than half the money now being claimed from it.
But JCI said yesterday it would fight the claim. The sharp difference of opinion sets the stage for something of a bizarre battle between the two interrelated companies, which were both roundly pillaged by Kebble.
Not only do both companies share a CEO, in Peter Gray, but the cross-shareholding between the two separately listed companies has given rise to suggestions that the best option would be to merge them.
But the finalisation of the R5bn Randgold claim would need to happen before any merger, as the financial position of each company would affect the terms of such an action.
Gray is away, but spokesman Brian Gibson said this “arm-wrestling by lawyers on both sides was to be expected.”
He said that mediators would now have to make a recommendation as to what the eventual claim should be.
Mediators would rule on what the claim should be, and JCI and Randgold would then put this to their shareholders for a final decision.
However, both JCI and Randgold have been suspended from trading on the JSE since July last year. But this disconcerting news for JCI shareholders comes a day after the company was given a significant boost by Gold Fields’ coup in taking control of South Deep.
South Deep was originally owned by Barrick [NYSE:ABX; TSX:ABX] and Western Areas [JSE:WAR].
JCI held a 16% shareholding in Western Areas and has agreed to sell the shares to Gold Fields [NYSE:GFI] in exchange for shares in that company.
Gibson said despite the Randgold actions, the Gold Fields offer provided a major boost for JCI shareholders.
“Time has been a great ally. A year ago, the value of Western Areas was between R17 ($2.37) and R20 ($2.79), but now this deal puts it closer to R50 ($6.98) a share. So with the blinding wisdom of hindsight, we are pleased we weren’t bullied into getting rid of our Western Areas shares, as so many demands were being made for us to repay cash,” he said.
Gibson said JCI felt it a better option to “switch one asset, which had some challenges associated with it, for a more secure passive shareholding in Gold Fields.”
Although JCI shareholders will vote on this Gold Fields deal in November, asset manager Allan Gray, which still holds 9.88% of JCI on behalf of its investors, has given its irrevocable support for the Gold Fields deal.
Portfolio manager Ian Liddle said: “We believe the (offer) is a fair one ... and this gives JCI shareholders a smaller stake in Gold Fields, which is a far more liquid company.”
