Central Rand Gold Limited iProp Dispute Update (8630F)
May 22 2017 - 10:00AM
UK Regulatory
TIDMCRND
RNS Number : 8630F
Central Rand Gold Limited
22 May 2017
Central Rand Gold Limited
(Incorporated as a company with limited liability
under the laws of Guernsey,
Company Number 45108)
(Incorporated as an external company with limited
liability under the laws of South Africa,
Registration number 2007/019223/10)
ISIN: GG00B92NXM24
LSE share code: CRND JSE share code: CRD
("Central Rand Gold" or the "Company")
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iProp Dispute Update
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Shareholders are referred to the announcement dated 17 May 2017
(and using the terms defined therein unless otherwise stated) in
which it was stated, inter alia, that iProp contends that a dispute
arose in 2009 between the parties to the Lease Agreements, which
culminated in a settlement agreement ("Settlement Agreement")
entered into on or around 9 November 2009. As part of the
settlement terms, and apart from any payment entitlements, iProp
was entitled to have the Settlement Agreement made an order of
Court.
On 8 March 2017, iProp lodged an application in the High Court
of South Africa Gauteng Local Division, to seek to have the
Settlement Agreement ratified by Court order. On 12 May 2017, the
Company filed a notice in terms of Rule 35(12) of the High Court
Rules which demanded that all documents referred to in iProp's
founding affidavit be provided. However, on 17 May 2017, iProp
responded to the Rule 35(12) request, rejecting the aforementioned
demand, which elicited a Rule 30(A) notice by the Company's South
African attorney. Consequently, iProp decided to remove the court
hearing on 19 May 2017; which effectively allows further time for
negotiation between the parties to the Lease Agreements.
The Board of Central Rand Gold intends to focus on the
procurement, installation and commissioning of the Concentrator
Circuit in the next few months.
For further information, please contact:
Central Rand Gold +27 (0) 87 310 4400
Lola Trollip / William Zhuang
ZAI Corporate Finance Ltd - Nominated Adviser & Broker +44
(0) 20 7060 2220
John Treacy
Brandon Hill Capital Limited - Broker +44 (0) 20 3463 5000
Jonathan Evans / Wei Jiao
Merchantec Capital - JSE Sponsor +27 (0) 11 325 6363
Monique Martinez / Marcel Goncalves
Johannesburg
22 May 2017
The information communicated in this announcement is inside
information for the purposes of Article 7 of Market Abuse
Regulation 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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