JOHANNESBURG (miningweekly.com) – The "sanitised" Randgold & Exploration (R&E) mining company of the late Brett Kebble is heading back to the JSE after shareholders on Friday voted overwhelmingly in favour of a settlement that unlocks a value of R1,4-billion.

The R&E share, which has not been allowed to trade since August 2005, will resume trading on June 4, following the resolution of the marathon dispute between Investec, JCI and key shareholder Monty Koppel.

Both R&E and JCI formerly operated under the leadership of the deceased Kebble and have been under a cloud since he was killed in a still unsolved shooting five years ago.

Steps will also be taken for a resumption of the trade in R&E American Depository Receipts in the US, where it has been banned.

Ninety-three per cent of R&E shareholders voted in favour of the settlement, which will see close to R1-billion in value going back to shareholders and the company ending up with about R500-million in cash.

R&E nonexecutive chairperson David Kovarsky commends R&E management for succeeding in "sanitising" the company and looks forward to the company's relisting.

"We believe that we have sufficient support from all stakeholders and, all in all, we can now look at a bright future," R&E CEO Marais Steyn tells Mining Weekly Online in a video interview.

The company has potential to develop as a diversified miner in gold, base metals, platinum and iron-ore.

When it receives the expected settlement from JCI, the company's net asset value will be R1,4-billion or R20 a share. Then R12,90 a share will be distributed to shareholders. This value is derived from six million Gold Fields shares, that contribute R8 a share of the R12,90.

The distribution of 1,5-billion new JCI shares to R&E shareholders and the unbundling of R&E's 305-million JCI shares, makes up the remaining R4,90 a share. The new JCI shares represent about 44% of the outstanding capital of JCI.

Immediately after the distribution by the end of June, the company will be worth some R500-million, equating to R7 a share. The R&E share was trading at R8,90 a share when it was suspended.

On commodities that could be in the diversified R&E mix in the future, Steyn tells Mining Weekly Online that the range is from gold and base metals to platinum and iron-ore.

"We've done some prospecting and some drilling with these already. But they are in such a range that I can't say what the focus will be. We are looking at every opportunity," he adds.

On the company being a R500-million company after the distribution, he says that the company is looking at growth: "If our shareholders allow us to, we are going to grow this business and hopefully we'll be successful."

He does not expect any surprise obstacles to block the company's progress and he cannot foresee any further prevention of the settlement, as occurred in the past.

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