Randgold Resources Ld
05 March 2003
For further information call:
(CEO) Mark Bristow +44 779 775 2288 or (CFO) Roger Williams +44 779 771 9660
ADR SPLIT DESIGNED TO CREATE FURTHER LIQUIDITY
New York, 5 March 2003 - Randgold Resources, the London Stock Exchange (RRS) and
Nasdaq (GOLD) listed gold company, has announced that its ADRs are to be split
so that one ADR will equal one ordinary share. The current ratio is one ADR to
two ordinary shares.
The object of the ratio change, due to come into effect on 10 March 2003, is to
create further stock liquidity and to enhance the marketability of the ADRs
without diluting current holders, the company said.
Chief executive Dr Mark Bristow noted that Randgold Resources' listing on Nasdaq
in July last year, and the related IPO, had already achieved a significant
liquidity improvement, with some 21.1 million of the company's ADRs (42.2
million ordinary shares) having been traded on Nasdaq since then.
Randgold Resources has 28.08 million shares in issue and last week the free
float was further increased when JCI subsidiary Consolidated Mining Jersey sold
its entire holding, amounting to more than 4% of Randgold Resources' issued
shares, in order to unwind a financing agreement.
'It's one of our major corporate objectives to build an efficient trading
platform for our stock as well as a broad shareholder base. The ADR split marks
another advance in this process,' Bristow said.
Issued on behalf of Randgold Resources Limited by du Plessis Associates.
dPA contact Kathy du Plessis on Tel: 27(11) 728 4701,
mobile: (0)83 266 5847 or e-mail email@example.com
Statements made in this release with respect to Randgold Resources' current
plans, estimates, strategies and beliefs and other statements that are not
historical facts are forward-looking statements about the future performance of
Randgold Resources. These statements are based on management's assumptions and
beliefs in light of the information currently available to it. Randgold
Resources cautions you that a number of important risks and uncertainties could
cause actual results to differ materially from those discussed in the
forward-looking statements, and therefore you should not place undue reliance on
them. The potential risks and uncertainties include, among others, risks
associated with: fluctuations in the market price of gold, gold production at
Morila, estimates of reserves and mine life and liabilities arising from the
closure of Syama. Randgold Resources assumes no obligation to update
information in this release.
Background Information on Randgold Resources:
Randgold Resources is an international gold mining and exploration business
focused on Africa and incorporated in the Channel Islands in 1995 and listed on
the London Stock Exchange in 1997 and on Nasdaq in 2002. Its mission is to
achieve superior returns on equity through the discovery, management and
exploitation of gold-focused resource opportunities.
It has to date discovered the 6 million ounce Morila deposit in southern Mali,
the 1.5 million ounce Yalea Deposit in western Mali and the 3 million ounce
Tongon deposit in the Cote d'Ivoire. The Company successfully developed the
Morila deposit into one of the world's largest and highest-margin gold mines
which, in 2002, produced just over 1 million ounces at a total cash cost of
Randgold Resources has advanced feasibility projects at Loulo in Mali and Tongon
in Cote d'Ivoire. In addition, it has a portfolio of prospective exploration
projects in Mali, Cote d'Ivoire, Senegal and Tanzania. Its reserves and
resources currently total some 8 million ounces.
This information is provided by RNS
The company news service from the London Stock Exchange