3SOF

HI Stocky,

The info is in my post just before yours.

Mike

Stocky,

Here is the info on the late filing and potential delisting:

QuoteRandgold and Exploration Company Limited Receives Notice From Nasdaq Regarding 
Potential Delisting For Failure to File Report on Form 20-F; Intends to Appeal 
Randgold and Exploration Company today announced that on July 18, 2005, the     
Company received a notice from the Nasdaq staff indicating that the Company is 
not in compliance with Nasdaq"s requirements for the continued listing due to   
the failure to timely file its Form 20-F for the year ended December 31, 2004, 
as required under Marketplace Rule 4310(c)(14) and that therefore its securities
are subject to delisting from The Nasdaq Stock Market.  The notice does not by 
itself result in immediate delisting of the Company"s securities.               

The Company expects to make a timely request for a hearing with the Nasdaq     
Listing Qualifications Panel to review the Nasdaq staff"s determination which   
will stay the delisting pending the hearing and a determination by the Nasdaq   
Listing Qualifications Panel.  There can be no assurance that the Nasdaq Listing
Qualifications Panel will grant the Company"s request for continued listing.   
The Form 20-F for the year ended December 31, 2004 has been delayed pending     
completion of its financial statements.  As previously indicated, the Company   
has experienced delays in obtaining information necessary to finalize its       
audited financial statements and to analyze the financial statements.  The     
Company is working diligently to complete its audited financial statements and 
will file its Form 20-F as soon as practicable thereafter.

I find a delisting highly unlikely if they file the 20-F soon as indicated by RANGE

Had a long talk with Randgold today and below is a summary of the situation, which I believe have some excellent trading opportunities.

The problem with the filling of the 20F origin from the investments in Angola (we already knew that). The diamond reserves in the mines RANGY has invested in are well proven and the value is there. The problem is Corporate Governance. This is kind of a new concept in Angola. RANGY basically has problems reconciling the accounts. The local authorities heavily influence the operation of the mines and Randgold has not put in the necessary controls to ensure that all expenditures are well documented.

They have a team in now to prepare the accounts but it seems like it will take longer than anticipated. The official line is a couple of weeks but they will most likely not be able to file before second half of August.

I am sorry to say that most likely the market will be increasingly impatient during August so we might see the PPS fall even further and the stock might also be temporary suspended from NASDAQ. Short term a bit bleak outlook.

When that is said the assets of RANGY by far exceed the present market cap of the company. I have personally visited some of the mines and believe me - they exist!

I have worked in Africa for many years and I am disappointed that Randgold has underestimated the problems of operating in a place like Angola (Why do you think I am here!). This is one of the problems that South African companies have. Because they are African they believe the whole continent works like SA. Nothing could be further from the truth!

So what to do?

Let me first be absolutely clear. RANGY is not for the average investor. Even I had underestimated the problems they had in Angola (which represents a very small part of their asset base).

My trading plan is as follows. I believe the stock might fall further in the coming weeks. I am planning to invest quite significant amounts for every 10 cents it might go down.

I am fully convinced that the real value is at least $4 and that this value will be visible when they file their 20F

This is not a buy recommendation. I would actually more consider it being the opposite. But I think I owe those members that might have invested in RANGY after my first writings to keep them updated.

Mike

Mines or no mines, profits or no profits.

Excellent post Mike, applaud.

Quote from: stocky on July 27, 2005, 03:19:38 PM
Mines or no mines, profits or no profits.

Excellent post Mike, applaud.

I agree, Stocky.  That took some "digging."    Fine post. 

Michael, any idea what happened today with RANGE? Up 9 cents on triple the average volume.

Hi Muletrane,

I think the move is connected with the press release late Tuesday:

QuoteRG&E CLARIFIES RANDGOLD RESOURCES SHARE ISSUE
2005/08/02 03:35:54 PM

Mr Hennie Buitendag, financial director of Randgold & Exploration (RG&E), said today that late publication of the company's results had led to misinterpretation in certain quarters of the financial situation of the company and misinterpretation for the reasons that the results' publication had been delayed.

"It is important to state the correct situation which is that our company's investments have strong underlying value and that technical reasons are the cause of late publication," said Buitendag.

"Chief among the misinterpretations has been the issue around Randgold's beneficial interests in Randgold Resources Limited. There has been speculation that RG&E does not have ownership of these shares. One journalist has gone so far as to state that we are leaving these shares out of our accounts. This is absolutely untrue.

"It has been pointed out in our preliminary figures that the company had loaned 9.9 million shares in Randgold Resources to Bookmark Holdings to enable it to finance the Inkenkwezi consortium. The balance of the shareholding being some 8.4 million shares are accounted for as being registered in the name of group subsidiaries, brokers nominees or held in escrow for the purpose of a prospective purchase of an Angolan diamond concession. The company has thus accounted for the ownership of 18.4 million shares for purposes of the company's financials. The only thing that has changed is the method by which these shares are accounted for.

"Because the shares have been loaned we have been advised to investment account rather than equity account the shares. This does not mean that we will leave any shares out of accounts as has been alleged. The audited financial statements of RG&E will detail the situation in full and these financial statements will be published as soon as possible."

Remember that this is at least a $4 stock if the market agree that R&E still controls the GOLD shares!

You can read more here: http://business.iafrica.com/company/468312.htm

I added to my position last Thursday at 1.3 as discussed earlier.

I have now bought my 3rd and last stake in RANGE. I didn't manage to get in at the bottom but I bought well below $1.

Kebble has now resigned as CEO. I think this will help solve some of the controversy around the company:

http://www.mg.co.za/articlePage.aspx?articleid=249138&area=/insight/insight__economy__business/

The 20F will be out any day now so we can just sit back and cross the fingers. The stock could drop a bit back again if there is some further delay due to the change of the CEO.

Just dug this up. A little more info to add to an already weird story (Dated: Aug 18, 2005)

email from Jean Nortier ( CFO ) at Aflease.....

Randgold & Exploration have now disposed of all interests in Aflease, HOWEVER, Aflease now owns about 10% of R&E ( RANGE ) AND will become an active shareholder in the next few days...( I am referred then, to www.miningmx.com for more info and quotes from the CEO ).

In my opinion, AFLEASE gold interests could go to Randgold ( GOLD ) or RandGold & Exploration ( RANGE ) . RANGE owns 31 % of GOLD.
I think this sell-off of RANGE is to present an accumulation for those in the know.

So, SXR, holders....you will own now some RANGE...and perhaps much more soon. Here's some news on the gold assets of AFLUY....



Neal Froneman, CEO, Aflease

» Kebble bed nuclear reaction
» Kebble's house of cards
» Western Areas gains 7% on coup speculation
» Kebble facing Western Areas putsch



'Aflease may call shareholders' meeting,' Froneman

In an interview on 702 @ 18:15 on Tuesday, 16 August 2005
[miningmx.com] -- Neal Froneman, CEO of Aflease Gold & Uranium Resources (Aflease) said that his company would request a special shareholders meeting by the end of the week unless shareholders were given clarity on the so-called missing Randgold Resources shares held by Randgold & Exploration.


"We have a trigger point and if certain issues are not cleared up we will have little option but to request a shareholder meeting," Froneman told Radio 702. "We will certainly become very active by the end of the week if matters are not cleared up," he said.

Froneman declined to give full details of what the "trigger point" was, saying it was confidential.

Bloomberg reported last week that Aflease and Trinity Holdings (shareholders of Randgold and Exploration) were considering asking management to quit last week. "We require more transparency from a public company, shareholders have had enough," Neal Froneman, CEO of Aflease, said at the time.
We have a trigger pointFroneman also told Classic FM that Aflease would create a separate gold vehicle for its pure gold assets. He said that during a recent capital raising road show major shareholders indicated that while they supported Aflease's drive to become a more focused uranium company, they did not want the company to dispose of its gold assets entirely.

"We will put our pure gold assets in a subsidiary, which will be listed separately," he said. "This would allow us to raise capital for our gold mining assets without diluting the value to Aflease shareholders."
End.

Quote from: usedcasting on August 30, 2005, 03:26:32 PM
Just dug this up. A little more info to add to an already weird story

You are right this is indeed a weird story and certainly not for investors with heart problems!

By the end of the day it is a bet that the assets is still intact when all the power games is settled and the accountants start working.

It seems the annual report now is due on September 15. I think the odds are good that we will win the bet 

I can see that Gold stocks are popular on the Board so I thoughts it was time to remind everybody about the most undervalued Gold stock on any US exchange!

As said repeatedly this is not a stock for the weak hearted investor but the last 4 weeks have been quite profitable for the brave investor 

The run has been fueled by a change in management and renewed confidence in the company's balance sheet.

The new CEO was recently interviewed in Engineering News:

QuoteHe said his immediate focus, as well as the first test of his independence, would come with the much-anticipated publication of the R&E accounts, which should take place within days, followed by the JCI accounts by the end of the month, or in early October. At the time of going to press, both companies were still suspended from trading on the JSE pending the finalisation of the accounts.

Gray insisted that there would be 'total disclosure', 'good news or bad', regarding the whereabouts of Randgold Resources shares, currently worth more than $200-million. Randgold Resources CEO Dr Mark Bristow, following an extensive share-register interrogation, had only been able to trace 4,4-million shares owned by R&E, but Kebble insisted that the company still owned nearly 19-million shares.

"We will account for the shares in detail," Gray promised, adding that there would be a full explanation in the statements as to where the shares were and what would be done with them.

"I can confirm that some of the speculation is way off, but I don't want to get dragged into any further debate. What I think is right for the new team is to tell the market what the actual position is, and that will be done," he concluded.

I especially like the "I can confirm that some of the speculation is way off". It seems like the investor who has been able to separate the fundamentals of the company from the power battle will be rewarded generously 

Hmmmm''' guess I had a little luck with that post

There should be 100 to 200% more in this stock If the audited 20F reflects my expectations.

The coming weeks will be very exciting.

BTW i can see it is a bit windy in the Mexican Gulf. From my perspective this is a storm in a glass of water 

Mike

RANGY.PK TODAY

  usedcasting...what are you trying to say

Please try to explain.

Thanks.

Sorry, what I'm getting at is that the symbol has changed today from Range to Rangy.pk.

I have found no news. Don't know implications.

u-