Johannesburg, Jan 9 (I-Net Bridge) - All conditions for the acquisition by Gold One International (GDO) of 100% of Rand Uranium from the Rand Uranium shareholders, Pamodzi Uranium, Pamodzi Cooke and Armgold/Harmony Joint Investment Company, for US$250 million have been fulfilled.
The deal was accordingly declared unconditional and closed on Friday 6 January, Gold One said.
Some US$137.7 million of the purchase price was settled by Gold One on the completion date in cash. The balance - $112.3 million - is to be settled in either cash, Gold One ordinary shares, or a combination thereof, within 90 days.
Should Gold One issue ordinary shares for all or part of the balance payment, then the number of shares to be issued will be determined by dividing the amount of the balance payment by the 30 day volume weighted average price in AUD at which Gold One's shares traded on the ASX over the 30 business days prior to the balance payment date.
Gold One also announced the immediate appointments of Hartley Dikgale as Senior Vice President: General Counsel, and Grant Stuart as Vice President: Investor Relations for the Gold One Group, both of whom were previously members of the Rand Uranium Executive.
Dikgale, who has 18 years' corporate experience and served as General Counsel for Rand Uranium, was previously also responsible for business development and value-add facilitation across all portfolio companies within Pamodzi Investment Holdings, where he also functioned as an Executive Director. Specialising in legal counsel across corporate governance, telecommunications and broadcasting, business investment and fund management, Hartley has sat on the boards of the Kulungile Metals Group, Pamodzi Investment Holdings, Pamodzi Industrials and the Pamodzi Resources Fund.
He currently serves as a non-executive board member of the Cross Border Road Transport Agency Board and holds a Master of Laws degree from Vista University, as well as a Higher Diploma in Company Law from the University of the Witwatersrand.
Stuart, who previously held the position of Corporate Development Officer for Rand Uranium, previously functioned as Senior Project Developer for Harmony Gold Mining. Prior to that, he consulted both locally and globally with BHP Billiton PLC, Rossing Uranium, De Beers Consolidated Mines, Sasol Mining and others, while working as Senior Manager within the Innovation Practice of Deloitte Consulting. He holds a Bachelor of Science degree from the University of the Witwatersrand as well as a post graduate diploma in Business Administration from the Wits Business School.
The appointment of Dikgale as Senior Vice President: General Counsel has allowed for the Gold One Group's general counsel and company secretary roles to be separated, as Pierre Kruger, who previously acted as Senior Vice President: General Counsel and Company Secretary, has now assumed the role of Senior Vice President: Company Secretary only. This split ensures that the company has the appropriate capacity and focus to facilitate further corporate growth.
"I am very pleased that we have been able to close the Rand Uranium transaction so timeously, allowing us to move full steam ahead with the turnaround of the Randfontein Surface and Cooke Underground operations. Delivery has remained in-line with expectations since Gold One assumed managerial control in September of last year and we remain excited about the value-add that these assets create for our portfolio. The expected value-add has already been bolstered by the significant increase in the gold price since the signing of the Rand Uranium sale agreement on 24 May, 2011," said Gold One President and CEO Neal Froneman.
"With the addition of Hartley and Grant's extensive experience within the local and global mining industries and their thorough knowledge of Rand Uranium, the Gold One team's expertise has been strengthened further."
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