Shareholders are referred to the announcement released on 18 September 2007 by Emperor, the 78.7% held subsidiary of DRDGOLD, relating to the proposed merger between Emperor and Intrepid Mines Limited (“Intrepid”) (“the Emperor merger”). In terms of the Emperor merger, Emperor shareholders will be offered 1 Intrepid share for every 4.25 Emperor shares held. The Emperor merger will be implemented by way of a scheme of arrangement (“the Emperor scheme”).
DRDGOLD has informed Emperor that it plans to refocus its attention on opportunities in South Africa and so intends to seek to realise its investment in Emperor in an orderly manner prior to the Emperor scheme meeting. Emperor has agreed to work with DRDGOLD to seek to facilitate such an exit. The Emperor merger is therefore subject to DRDGOLD being able to successfully realise its investment in Emperor prior to this time.
It is anticipated that the disposal by DRDGOLD of its investment in Emperor (“the disposal”) will be a Category 3 transaction in terms of the JSE Limited Listings Requirements. Further details relating to the disposal will be released as soon as practical. Shareholders should therefore continue to exercise caution until a full announcement is made.
18 September 2007