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R&E recovers more income from Kebble estate

CEO Marais Steyn

CEO Marais Steyn

Photo by Duane Daws

14th August 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – JSE-listed Randgold & Exploration (R&E) on Friday said it had received R6.3-million in income for the year ended June 30, including the further recovery of R4.4-million from the insolvent deceased estate of the late Brett Kebble.

The Marais Steyn-run company also reported headline earnings a share of 0.47c, stating that it was liquid, with no interest-bearing debt.

While it started the year under review with a cash and cash-equivalent balance of R173.9-million, it noted that the outlook for the balance of the year was largely dependent on the progress and outcome of legal proceedings in which it was engaged.

One of these proceedings included an application by minority shareholders to declare the R950-million settlement agreement between R&E and JCI as unfairly prejudicial, unjust or inequitable conduct. The matter was awaiting judgement.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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