|14 December 2007-
GEN - Securities Regulation Panel ("The Panel")
SECURITIES REGULATION PANEL ("THE PANEL")
Proposed Scheme of Arrangement between JCI Limited ("JCI") and its
shareholders other than Randgold & Exploration Company Limited ("R&E")
Shareholders in JCI are advised that draft documentation regarding the above
scheme is currently being scrutinized by an Executive Committee of the Panel
In view of the extraordinary circumstances pertaining to this matter the
Executive Committee is sympathetic to the proposal of a merger as being in the
best commercial interests of all shareholders and recognizes that dispensation
from compliance with certain of the requirements of the Securities Regulation
Code on Takeovers and Mergers may be necessary.
However, the Panel will only approve such documentation once it is satisfied
that the maximum possible information is disclosed such that JCI shareholders
are given sufficient information and advice to enable them to reach a properly
informed decision. Furthermore, the Panel may impose certain conditions in
order to reach finality.
To this end the Executive Committee intends liaising with JSE Limited, which
is responsible for approval of the reciprocal R&E circular, such that when
both documents satisfy the requirements of the respective regulators, approval
of both sets of documents can be given simultaneously.
14 December 2007