CAPE TOWN – DRDGOLD said on Friday that it had fully co-operated with a JSE investigation into why it had breached JSE regulations and published financial results too late to comply with its listings requirements.
“The company has undertaken to prevent a recurrence of a transgression of the listings requirements by reinforcing internal measures and policies to ensure compliance with the listings requirements, and specifically in this instance, to ensure all future announcements are published within the stipulated time frames,” the mining group said.
DRDGold announced on February 26 the disposal of East Rand Proprietary Mines’ underground mineral interests to OroTree, for R4, and the granting of an option to OroTree to acquire the related mining infrastructure and associated movable machinery, plant and equipment for about $10million (R145.4m) cash, to be exercised on or before June 30.
“Shareholders are advised that in the submissions made to the JSE, DRDGold acknowledged that the basis for the breach was the misinterpretation of the nature of the transaction, and the application of the listings requirements thereto, particularly in regard to the option which resulted in the unfortunate event of the company inadvertently and unintentionally breaching the provisions of the listings requirements. DRD’s share price gained 6.25percent on the JSE on Friday to close at R2.72.