Brett Kebble. Picture: RAYMOND PRESTON.
Brett Kebble. Picture: RAYMOND PRESTON.

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 auditors besides PwC.

R&E in turn is being sued by investors in the company from when it was still owned by Kebble.

Tuesday’s interim results statement showed R&E’s cash outflow over the six months to end-June was R8.8m. It started the period with R160m cash.

Its net asset value per share declined from R2.13 at December 31 to R2.02 at June 30.