Notice to holders of American Depositary Shares (“ADSs”), evidenced by American Depositary Receipts (“ADRs”), regarding a change in the ADS ratio and a consolidation of the ADRs.
Shareholders are referred to the announcement released on SENS on 30 January 2007 in terms of which the company advised that it had received a Nasdaq Staff Deficiency letter dated 22 January 2007 indicating that the company failed to comply with the US$1.00 per share Minimum Bid Price Requirement (“the MBPR”) on the Nasdaq Capital Market (“Nasdaq”) for continued listing set forth in Marketplace Rule 4320(e)(2)(E)(ii) ("the Rule") In accordance with the Rule, the company was provided with 180 calendar days, or until 23 July 2007, to regain compliance.
As the company’s ADSs have been consistently trading on Nasdaq at a price below the MBPR, DRDGOLD will be changing its current ADS ratio from one (1) ADS for one (1) ordinary share to one (1) ADS for ten (10) ordinary shares. The company has therefore decided to effect a 1:10 reverse stock split (i.e. a 10:1 consolidation) of its ADRs. With effect from the commencement of business on 23 July 2007, DRDGOLD ADS holders are required on a mandatory basis to surrender their ADRs for cancellation in order to exchange their "Old" ADSs (CUSIP #: 26152H 10 3) for the "New" ADSs (CUSIP #: 26152H 30 1). ADR holders will receive one (1) “New” ADS for every ten (10) "Old" ADSs surrendered for cancellation. Only whole ADSs will be distributed.
The following trading particulars will apply:
|CUSIP#:||26152H 10 3||26152H 30 1|
|Ticker Symbol:||DROOY||DROOD (for 20 trading days)*|
|Ratio:||1 ADS: 1 ordinary share||1 ADS: 10 ordinary shares|
DRDGOLD shareholders holding ordinary shares and trading on the JSE Limited are not affected in any way by this change to the company’s ADSs and ADRs.
20 July 2007
BDO QuestCo (Pty) Limited