Media releases

Emperor announces completion of sell down of DRDGOLD shareholding

Emperor today announced that it has taken a major step towards completing its merger with Intrepid Mines Limited, following the successful sale of DRDGOLD’s shareholding in Emperor.

Johannesburg, South Africa. 22 October 2007. DRDGOLD Limited (JSE: DRD; NASDAQ: DROOY). An extract from an announcement released today (22 October 2007) by Emperor Mines Limited (Emperor), a 78.72% indirect subsidiary of DRDGOLD listed on the ASX Limited, is set out below.

‘Emperor today announced that it has taken a major step towards completing its merger with Intrepid Mines Limited (Intrepid), following the successful sale of DRDGOLD’s shareholding in Emperor to a range of domestic and international institutions and sophisticated investors (‘the sell down’).

‘On 18 September 2007, Emperor announced that DRDGOLD intended to offer its shareholding in Emperor for sale, and that the merger with Intrepid was conditional upon the successful completion of this sale. DRDGOLD engaged ABN AMRO Morgans and Tricom Equities (‘the brokers’), to conduct the sale to professional and sophisticated investors. The brokers commenced a book build following the lodgement of an offer prospectus by DRDGOLD on Thursday 18 October.

‘The institutional book build was completed within 24 hours and was oversubscribed, with strong support from a range of international and domestic institutions and high net worth clients of ABN AMRO Morgans and Tricom. The placement price achieved was A$0.068 cents per share.

‘Importantly, the sell down will introduce more than 20 new institutional investors onto the Emperor register, and will considerably increase Emperor’s free-float and liquidity. On completion, there will be no shareholder in Emperor holding more than 15% of the equity in Emperor. The settlement of the placement is expected to occur before the end of October 2007.’

A further announcement by DRDGOLD setting out the financial effects of the sell down will be released as soon as possible.


South Africa
James Duncan, Russell & Associates
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+27 82 892 8052 (mobile)

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Barbara Cano, Breakstone Group International
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