Overview and Prospects
R&E continues to operate as an investment and exploration company in the gold mining sector, while the recovery of misappropriated assets remains a high priority. The company’s strong asset base, comprising primarily cash reserves, facilitates the bold and effective pursuit of claims while preserving sufficient critical mass to take advantage of investment opportunities as they arise.
The company’s current agenda is restricted to:
- Pursuing legal claims that are detailed in the legal report included in the annual report, while continuously assessing the commercial prudence of each action;
- Limiting operational costs.
R&E King IV application register - [PDF 103kB]
Code of Ethics and Business Conduct
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As at 31 December 2015, the total authorised ordinary share capital of the company comprised 105 000 000 ordinary shares with a par value of R0.01 (one cent) each, the issued ordinary share capital comprised of 74 585 065 ordinary shares with a par value of R0.01 (one cent) each. During 2012, the company repurchased and cancelled 228 063 of its own shares pursuant to an odd-lot and specific offer to shareholders.
Executive Summary of Mineral Asset Valuation for:
Information on American Depository Receipts (ADRs)
As at the end of April 2010 approximately 11% of R&E ordinary shares were represented by American Depository Receipts (ADRs) through the Bank of New York Mellon (BNYM).
For more information on ADRs, please go to http://www.adrbnymellon.com/dr_edu_basics_and_benefits.jsp
For more information on BNYM, please go to
R&E entered into an ADR scheme, with BNYM as the depositary bank, in March 1997. The ADRs were traded on the Nasdaq Exchange (share code: Rangy), with one ADR representing one ordinary R&E share. R&E (or Rangy) was suspended from the Nasdaq Exchange on 21 September 2005 because the company did not file the necessary regulatory information. The company’s ADRs were then traded “over the counter” in the US until 24 March 2008 when the Securities and Exchange Commission (SEC) revoked the registration of R&E shares and ADRs. Thereafter the trading (sale or purchase) of any R&E share or ADR in the U.S. was prohibited.
The R&E board continued to explore a lifting of the SEC restriction that currently prohibits the trade of R&E ordinary shares or ADRs in the US. There is no intention to relist on the Nasdaq. Legal counsel for the BNYM and R&E unsuccessfully sought an exemption from SEC registration to allow a resumption of “over the counter” trading of ADRs.
(Status of US trading market (8 July 2010) )
Some US holders of ADRs have indicated that they intend voluntarily to convert their ADRs into ordinary R&E shares, which would then be traded on the JSE via nominee accounts. Such conversions can be effected through BNYM (Contact person are: Kim Schwarz, Vice President, Depositary Receipts Division, ph.(212) 815-2852, mobile (347) 515-0068, fax (212) 571-3050 firstname.lastname@example.org OR Mary Gormley, Vice President, Tel: +44 207 964 4377, Mob: +44 7973 985 227 email@example.com)