Litigious Randgold & Exploration reports ‘healthy cash position’
Randgold & Exploration (R&E) — a company that derives income by suing parties entangled in the scandals of its former owner Brett Kebble — had "a healthy cash position" of R151m at June 30, it reported on Tuesday. R&E is often confused with London-listed Randgold Resources, partly because it had a subsidiary called Randgold Resources, which was subsequently renamed African Strategic Investment (ASI). R&E is a cash shell with no operating mines, which has twice paid dividends from legal settlements. In July 2014, R&E shareholders received R2.25 per share when auditing firm PwC agreed to pay it a R150m settlement without admitting guilt in the Kebble scandal. In January 2011, R&E paid a 90c dividend from income gained when a London court ordered Paul Main to return £4m he had received from Kebble. Ongoing legal cases in which R&E hopes to still recover money include R2.7bn from Kebble’s estate. It is also suing Gold Fields and several of the directors of Kebble’s companies along with ...
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