The curtain appears to be falling on Central Rand Gold, which has been unable to live up to the early promises of its directors and has lurched from crisis to crisis in the past decade. Central Rand Gold, set up to exploit defunct mines, warned shareholders on Wednesday the company’s financial position remained "extremely serious". It was in talks about refinancing the company and the result could be "significantly dilutive to shareholders." A potential funding deal could also "involve the company disposing of all or of a significant part of its operations to a third party better able to provide the capital required to provide a meaningful return from those operations, which are proving very difficult to achieve under the company’s current capital structure". The company’s share has been suspended from trading since May, making it difficult to gauge shareholder reaction to the news, which was inevitable. Judging by the company’s annual reports since its listing in November 2007, the...
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