Marais Steyn and David Kovarsky
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – The share price of the JSE-listed Randgold & Exploration (R&E) closed 18.18% higher at 260c a share on Wednesday when the company reported cash or cash equivalents of R175.9-million as at December 31 that included recoveries from the insolvent deceased estate of Roger Kebble.
R&E alleges that, in the period 1999 to 2005, it was the victim of widespread frauds and thefts of assets and that those frauds and thefts resulted in the company being stripped of the majority of its assets.
Headed by chairperson David Kovarsky and CEO Marais Steyn, R&E reported its main profit for the year as being the receiving of liquidation dividends and proceeds from the insolvent deceased estate of Roger Brett Kebble, the father of the late Brett Kebble, who was shot dead in Johannesburg in September 2005.
In a Stock Exchange News Service announcement, R&E, from which Brett Kebble was deposed a month before his death, said the outlook for the balance of 2016 was largely dependent on the progress and outcome of legal proceedings in which the company was engaged.
Most of the income recognised was mainly from the Kebble insolvent deceased estate and liquidation recoveries of R7.5-million, the sale of prospecting rights at a profit of R3.9-million and interest on cash investments of R11.6-million.
With zero interest-bearing debt, the company began the year under review with a cash and cash equivalent balance of R173.9-million and ended it with R2-million more cash or cash equivalent.