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Johannesburg - Shares in Randgold & Exploration Company [JSE:RNG] shed 60.64%, or R8.55, by mid afternoon on Monday as the company continued its unbundling process.
The share price dropped from R14.10 this morning to R5.55 by 14:50.
According to I-Net Bridge data, 159 266 shares had been traded in 16 trades with a value of R859 251.
R&E resumed trading on the JSE on June 4 after an absence of almost five years.
Trading in its shares had been suspended due to a long-standing dispute with JCI, with which it has reached a R950m settlement that has enabled the unbundling.
The company said on June 18 that the remaining conditions for implementation of the settlement agreement are that JCI transfers 6 051 632 shares in Gold Fields [JSE:GFI] to R&E and issues 1 555 710 220 new JCI shares to R&E.
R&E would then make a capital distribution of the Gold Fields shares and unbundle the JCI shares held, which included the new JCI shares and R&E's existing holding of 305 186 049 JCI shares to its shareholders.
Friday last week marked the last day for R&E shareholders to trade to participate in the capital distribution of the Gold Fields shares and the unbundling while Monday saw the company trade ex right to participate in the 2010 capital distribution of the Gold Fields shares and ex entitlement to participate in the unbundling.
The company said it expects the unbundling process to be formalised by the end of this week
- I-Net Bridge
The share price dropped from R14.10 this morning to R5.55 by 14:50.
According to I-Net Bridge data, 159 266 shares had been traded in 16 trades with a value of R859 251.
R&E resumed trading on the JSE on June 4 after an absence of almost five years.
Trading in its shares had been suspended due to a long-standing dispute with JCI, with which it has reached a R950m settlement that has enabled the unbundling.
The company said on June 18 that the remaining conditions for implementation of the settlement agreement are that JCI transfers 6 051 632 shares in Gold Fields [JSE:GFI] to R&E and issues 1 555 710 220 new JCI shares to R&E.
R&E would then make a capital distribution of the Gold Fields shares and unbundle the JCI shares held, which included the new JCI shares and R&E's existing holding of 305 186 049 JCI shares to its shareholders.
Friday last week marked the last day for R&E shareholders to trade to participate in the capital distribution of the Gold Fields shares and the unbundling while Monday saw the company trade ex right to participate in the 2010 capital distribution of the Gold Fields shares and ex entitlement to participate in the unbundling.
The company said it expects the unbundling process to be formalised by the end of this week
- I-Net Bridge
