|28 September 2006 -
Trinity Holdings (Pty) Limited (“Trinity”) and Kubusha Mining and Finance (Pty) Limited (“Kabusa”) today announced they have reached a settlement with JCI Limited (“JCI”) and Randgold and Exploration Limited (“Randgold”) on the various outstanding actions between the parties.
As part of the settlement Trinity and Kabusha have agreed to withdraw all their claims against JCI and Randgold. In turn, JCI and Randgold have agreed to withdraw all actions against Trinity and Kabusha.
The parties have agreed that Kabusha will distribute whatever assets it may have accumulated in line with its original share participation agreement. After deduction of legal expenses, JCI will receive a net payment of R26m.
Quinton George, CEO of Trinity Holdings, says he is satisfied a solution has been found which suits all parties and avoids further unnecessary and protracted litigation.
“We have been able to find common ground that is in everyone’s best interest. The agreement also puts to rest allegations that Kabusha was somehow involved in sham transactions.”
Peter Gray, the CEO of Randgold and JCI, says that as part of the settlement he is withdrawing all allegations against Kabusha.
“This is an agreement which suits all parties and is in the best interests of JCI and R&E shareholders,” says Gray.
George says the agreement will allow Kabusha to continue its objective of creating a credible Black Economic Empowerment company in the mining sector, but without being encumbered by outstanding legal actions.
Joint Media Statement issued:
- On behalf of Trinity Holdings (Pty) Limited and Kubusha Mining and Finance (Pty) Limited by Meropa Communications.
- On behalf of JCI Limited and Randgold & Exploration Company Limited by Brian Gibson
For more information contact:
082 266 3745
Randgold and JCI
083 253 5988