RANGY

[usedcasting]

Still no information on Rangy delisting. Can only get Level 2 quotes or end of day. Closed at $1.60 tuesday and $1.35 wednesday. Does not look good but really hard to tell.

Good trading all!

uc

[cumulina]

My broker told me today that they were late filing...somthing.

If it's just that, it might be a good opportunity to pick up some, but I don't know.

I wish Mike would give an update on this, as he knows a lot about the company.

Hellooooooo....Michael!!!!!   Where are you???

[Michael]

Hi Cumulina,

The removal company arrived this morning so I am busy!!! Should arrive to Mozambique on Monday. I will be a bit off line in the meanwhile.

Your brooker is right Rangy's 20F i seriously delayed and that is why Rangy keep changing name! If you read this thread from the start you will get the whole story. I agree that this is a great buying opportunity (with the normal warning about the risk with a stock like Rangy  )

Below is the latest news I have(September 15). It seems like the 20F will be released very soon:

The new CEO was recently interviewed in Engineering News:

He 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 

[Michael]

and here is todays news. I am not finish reading it but KPMG sounds good to me!

Randgold announces a change of Auditors and receipt of Notice of Delisting from
The Nasdaq National Market                                                     
The Group"s auditors, Charles Orbach & Co., have notified Randgold of their     
resignation from the audit of the Company"s financial statements as of and for 
the year ended December 31, 2004.  The reason given for the resignation was that
material financial information to conduct and complete the audit was not       
available timeously.  KPMG Inc. has agreed to accept the appointment as auditors
to Randgold, subject to completing certain client acceptance procedures.       
Randgold remains committed to finalising and publishing its audited results as 
of and for the year ended 31 December 2004 as soon as is practicably possible, 
and to complete and file its Form 20-F with the U.S. Securities Exchange       
Commission shortly thereafter.                                                 
It is anticipated that the audited annual financial statements of the Group will
reflect material differences compared to the reviewed preliminary results for   
the year-ended December 31, 2004, which were published on April 29, 2005, and as
a consequence Randgold hereby gives notice withdrawing the previously published
preliminary results and that such preliminary results should not be relied upon
by investors.                                                                   
The principle changes in terms of accounting treatment relative to those       
utilised in preparing the reviewed preliminary results are as follows:         
AC110 - Investments in Associates                                               
This standard requires that if a company has significant influence over an     
investment it should equity account for the investment.  As a result of the     
scrip lending arrangement entered into by the Group, Randgold does not currently
believe that significant influence over Randgold Resources Limited ("RRL") can 
be demonstrated, and that the method of accounting for the investment in RRL   
should be changed to one of fair value in accordance with AC133 - Financial     
Instruments: Recognition and Measurement ("AC133"). As a consequence of applying
AC133 on the RRL investment, the preliminary results as previously published are
expected to be revised to show the impact of taking the change in the market   
value of RRL to equity reserves and bringing account a portion of the           
attributable income on an equity method.  In the preliminary reviewed results, 
RRL was accounted for on the equity method.  The Group expects that the nature 
of these changes will be material in terms of the previously reported reviewed 
preliminary results.                                                           
Kabusha                                                                         
A subsidiary of Randgold, Kabusha Mining and Finance (Pty) Ltd"s ("Kabusha")   
audited financial statements have changed significantly from those used to     
prepare the reviewed preliminary financial results published. The auditors of   
Kabusha are different from those of Randgold.  Kabusha"s audited financial     
statements disclosed that a significant portion of its listed investments were 
disposed during the year ended 31 December 2004, whilst these were still shown 
as investments in the reviewed preliminary financial results.  A further       
complication in the consolidation of the Kabusha accounts into those of         
Randgold, is the liability that was settled by JCI Ltd for the amount owing by 
Kabusha to Benoryn for the Aflease shares purchased. This amount was not       
reflected in the accounts used to compile the reviewed preliminary results.     
Listed Investments                                                             
In terms of SA GAAP, the fair value adjustments on listed investments were     
accounted for in an equity reserve in the reviewed preliminary results and the 
diminution in value was considered as not to be permanent nature. Due to the   
continued low market price of these investments subsequent to year-end, Randgold
expects that it will adopt a conservative approach and account for this         
diminution in the Income Statement.                                             
Angolan investments                                                             
When preparing the reviewed preliminary results, the book value of the Angolan 
assets were shown at the original acquisition cost. Discount cash flow         
valuations for the concessions, some of which are early grassroots exploration 
opportunities, are not amenable to this valuation methodology, and hence       
expected that the audited financial statements will reflect an impairment of   
these assets.                                                                   
The total impact on, and the period of time to complete, the Group"s audited   
financial statements cannot be known until the audit is completed by the Group"s
auditors, and the Company"s Audit Committee and Board complete their           
deliberation thereof. Consideration will be given to publishing unaudited       
results in the interim after consultation with JSE Limited in the light of the 
withdrawal of the previously published preliminary results.                     
Randgold received notice from The Nasdaq National Market indicating that the   
Company"s securities were delisted from The Nasdaq National Market effective as
of the opening of business on September 21, 2005 due to the Company"s failure to
timeously file its Form 20-F for the year-ended December 31, 2004, as required 
under Nasdaq Marketplace Rule 4310(c)(14).                                     
The delisting notice followed the Company"s filing with The Nasdaq National     
Market of a compliance plan requesting an extension of time for the Company to 
regain compliance with the Nasdaq Marketplace Rules. The Company supported its 
request for an extension at a hearing held before the Nasdaq Listing           
Qualifications Panel.  The Company currently intends to appeal the delisting   
decision to the Nasdaq Listing and Hearing Review Council, however, such appeal
will stay the delisting and there can be no assurance that any such appeal would
be successful.                                                                 
The Company is currently examining other available trading alternatives for its
securities in the United States, including Over-the-Counter ("OTC") trading.   
FORWARD-LOOKING STATEMENT DISCLAIMER                                           
Certain statements in this announcement, as well as oral statements that may be
made by the Company"s officers, directors or employees acting on its behalf     
related to such information, contain "forward-looking statements" regarding the
Company"s financial reporting, business, operations, economic performance,     
financial condition and trading markets within the meaning of the U.S. Private 
Securities Litigation Reform Act of 1995, specifically Section 27A of the U.S. 
Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of   
1934. All statements, other than statements of historical facts, are "forward- 
looking statements."                                                           
This includes those statements concerning the Company"s ability to retain new   
auditors and complete its audited financial statements for the year ended       
December 31, 2004, the time period for completing its audit and the impact of   
the changes to the Company"s preliminary results to be reflected in the audited
financial statements, the Company"s decision whether or not to appeal the notice
of delisting from The Nasdaq National Market and the outcome of any such appeal,
whether the Company will determine to seek or will be successful in seeking any
other trading alternative for its securities in the United States, the economic
outlook for the mining industry, expectations regarding commodity prices, the   
completion and commencement of commercial operations of certain of the Company"s
exploration and production investments, its liquidity, capital resources and   
expenditures.                                                                   
Although the Company believes that the expectations reflected in such forward- 
looking statements are reasonable, no assurance can be given that such         
expectations will prove to be correct. Actual results could differ materially   
from those implied by or set out in the forward-looking statements. Among other
factors, these include the willingness of a new auditor to accept an audit     
engagement with the Company, the ability of any new auditors to complete the   
audit and the outcome of any such audit the Company"s annual financial         
statements as of and for the year ended December 31, 2004, the outcome of any   
appeal of the delisting to The Nasdaq National Market that the Company may make,
the ability of the Company to obtain any other trading alternative for the     
Company"s securities in the United States, the ability of the Company to       
implement improved systems to correct its late reporting, the JSE Limited"s     
willingness to lift its suspension of the trading of the Company"s securities on
that exchange, the ability to obtain the necessary information with respect to 
its investments, subsidiaries and associated entities, changes in economic and 
market conditions, the success of business and operating initiatives, including
development of mining operations, changes in regulatory environment and other   
government actions, fluctuations in commodity prices and exchange rates,       
business and operational risk management and the risks identified in Item 3 of 
the Company"s most recent annual report on Form 20-F filed with the SEC and its
other filings and submissions with the SEC. All forward-looking statements     
attributable to the Company, or persons acting on its behalf, are qualified in 
their entirety by these cautionary statements. The Company expressly disclaims 
any obligation to release publicly any updates or revisions to any forward-     
looking statements to reflect any changes in expectations, or any change in     
events or circumstances on which those statements are based, unless otherwise   
required by law.                                                               
21 September 2005                                                               
Johannesburg                             

[cumulina]

Good to hear that you're busy!

"Removal company" sounds like you are being removed...quite drastic, I think!  

Watched something about Mozambique on TV yesterday, looks like a very pretty place with lots of opportunities. Looking fwd. to reports from there.
Happy moving! 

I can neither buy nor sell RANGY.PK, so I'll just cross fingers and see what happens.

Cheers.

[Michael]

Well I am not sure how the market will react to the news but it seems to be good.

We get rid of those questionable auditors and get a recognize company instead.

The most interesting in the press release is what they don't write  There is nothing about reducing their stake in GOLD (Randgold Resources). They will however account for them at fair value. Having in mind that the value of GOLD's share has increased with 40% since end of 2004 that sounds like great news 

As said 100 times before this is not a stock for the weak hearted but it could be a quite profitable investment.

Mike

[Michael]

Sorry for these long messages but this is a complicated story.

According to the article below Rangy will most likely write off the 8.5 million Gold shares. I think this is very unlikely but let us assume it is correct. The net value of Rangy's assets are still worth more than $3.1 per share or more than 129% above todays price at 1.35. Having in mind that most of these assets are public quoted companies this is still a no brainer for me 

Unpacking one Kebble mess
Barry Sergeant
Posted: Tue, 20 Sep 2005 18:00 | © Moneyweb Holdings Limited, 1997-2005


Dollar gold bullion may have reached 18-year highs in the past few days, but that only partially explains why Randgold & Exploration (R&E) rose some 80% in just over a month, to above $1.60 a share, on the Nasdaq exchange in the US.

R&E, which remains suspended in Johannesburg, where it has a primary listing, is set to again start trading when its audited annual report is published. On the Nasdaq, R&E is labeled "delinquent" for being in default of filing its 2004 audited figures.

Given the recent massive increase in R&E's Nasdaq stock price, it is apparent that certain investors have taken a fairly firm view on what the audit will say. Brett Kebble, formerly CEO at R&E, and related companies Western Areas and JCI Limited, stepped down on August 30.

At R&E, the main controversy focused on the exact status of 18.4-m shares R&E purportedly holds in Randgold Resources, a separate and highly successful company, which is also quoted on the Nasdaq, hut holds its primary listing in London.

At prevailing stock prices, 18.4-m shares in Randgold Resources are worth $290-m. However, for many months, Randgold Resources itself has stated that it can only trace 4-m of such shares. In a detailed interview with Moneyweb on July 7, Kebble conceded that most of the "missing" 14.4-m shares had in fact been sold, but that R&E remained the "beneficial" owner of all the disputed shares, which would be returned in mid-2006.

Audited figures for R&E were due on September 15, but according to a company spokesperson, publication date has been delayed to September 30, at the earliest. According to those familiar with the likely findings of the audit on R&E, the 14.4-m "missing" shares will remain missing, but there will at least be some degree of mitigation.

Of the 14.4-m "missing" shares, 9.9-m were lent, but sold, in and around the Inkwenkwezi black economic empowerment (BEE) deal. The deal's driver was that Inkwenkwezi would acquire 13.7-m Western Areas shares from Anglo American. Apparently Inkwenkwezi will be declared in default, and the shares it has in fact purchased in Western Areas will be ceded – in practice surrendered - to R&E.

At current stock prices, 13.7-m shares in Western Areas would cost some R343-m, but a repurchase of 9.9-m shares in Randgold Resources would be three times higher, at about R1-bn. For Inkwenkwezi, the arithmetic is clearly impossible.

Western Areas itself is currently involved in a rights offer, where it is set to issue 35.5-m shares to raise R639-m. In a nutshell, along with the 9.8-m shares R&E already holds in Western Areas, R&E is set to end up with a 21% stake in Western Areas, after the rights issue. R&E would then hold about 32-m Western Areas shares, worth just over R800-m at current quoted prices.

Back to the likely outcome of the audit, it is thought that the balance of the "missing" Randgold Resources shares (18.4-m less 9.9-m), most of which were "lent" into an Angolan diamond "deal," will be written off.

Based on figures published on April 29, 2005, R&E's "reviewed" results for fiscal/calendar 2004, R&E would still be holding a number of other investments. Provided the stakes are still held, R&E has material investments in Anglo Platinum (worth R78-m), JCI (R8-m), Harmony (R20-m), and Simmers (R27-m). At current stock prices, the R&E stake in Aflease is worth around R550-m, and the 4-m shares in Randgold Resources some R400-m.

Deducting known liabilities and the cash required to follow the Western Areas rights issue, R&E's net asset value (NAV) works out to just under R20 a share, or $3.10 a share at prevailing exchange rates. This includes the full 21% stake in Western Areas.

If all these figures are more or less correct, investors currently buying R&E stock in the US at $1.62 a share have a 47% discount "comfort" factor. But there is still piles and piles of "accounting" to be done beyond the audited figures. Early last year, R&E traded close to $6 a share; even at current stock prices, R&E's market capitalization is just $122-m. The "missing" 14.4-m Randgold Resources shares, alone, are currently worth $226-m. 

[cumulina]

Hi, Michael!

I hope your big move went according to plans.

I can't tell you how much I'm looking forward to hear your comments on RANGY when you get the time.

I bought at $1.57, whereafter it just went dead! Litterally.
By coinsidence I stumbeled over some news (sent to you in personal message) but I don't know what (if any) it'll do to the stock.

Cheers.

[Michael]

Well where to start......

I remember I once said this stock is about Money, power and hatred but not even I thought it might lead to murder!

The now late Brett Kebble had many enemies and his assassination might have nothing to do with Rangy but then it might. The South African media talks about "The Classic Diamond murder":

"Was mining magnate Brett Kebble the victim of a classic diamond murder?" the Beeld newspaper asked in an article on Thursday.

The newspaper said the question was being asked amid growing speculation that missing shares in Kebble's Randgold Resources were related to his diamond interests in Angola and Lesotho.

So we might have lost 4.5 million GOLD shares unless somebody else is brave enough to recover them (don't ask me to volunteer!). At this point in time it is really not so important for shareholders of RANGY. Clarity is what we need. The NAV of RANGY is more than 150% higher than the PPS even if all the GOLD shares in question has disappeared. What we are waiting for is an audited report documenting the Assets.

I think it will still take some time. KPMG is not a fast mover, which obviously is a bit inconvenient but makes the final result so much more reliable.

We will see where this story will end. I am still confident in my investment

[cumulina]

Soooo.............Michael.

I don't know if anybody else besides you and I are still holding this strange stock?

There was news (of sort ) yesterday:

Announcements and Media Coverage
Company Announcements
Update on forensic investigation at Randgold & Exploration Company Limited
14 December 2005 - Shareholders are advised that the forensic audit is expected to be delayed for an additional two months beyond the targeted completion date of 31 December 2005.

Forensic auditors were appointed on 11 October 2005 to assess various transactions, and any other issues identified during the audit and/or by the directors.

Substantial progress has been made in the forensic audit. However, the scope of the investigation has been revisited to address further issues not originally identified. The investigation has revealed prima facie evidence that there has been misappropriation of Company assets, including during prior financial periods. Work is in progress to determine the exact extent of the misappropriation, which could be substantial, as well as to initiate, if necessary, the relevant legal processes, including the necessary actions for the recovery of misappropriated assets.

It is planned to have KPMG commence in January 2006 a review of the annual financial statements for the financial year ended 31 December 2004 and the period to June 2005. Assuming that no further unforeseen issues become known in the interim, publication of preliminary results is anticipated by the end of the first quarter of 2006.

R&E shares are currently suspended on JSE Limited and delisted on Nasdaq due to the delay in the publication of the annual financial statements.

Shareholders are advised not to rely on prior period financial statements. Shareholders will be kept informed of further developments.

http://www.randgold.co.za/investor_centre/announcements/company_news/news_141205.asp

When you said early october that it might take some time, you were right.

I'll add the current chart...just for fun 

[Michael]

Hi Cumulina,

Sorry I think I missed your mail but anyhow I am still a strong holder of Rangy (even with a nice profit!).

Some interesting news from GOLD today:

Press Release Source: Randgold Resources

Randgold Resources Ld announces Holding(s) in Company
Monday January 23, 11:33 am ET


Jersey, Channel Islands--(MARKET WIRE)--Jan 23, 2006 --
RANDGOLD RESOURCES LIMITED
Incorporated in Jersey, Channel Islands
Reg. No. 62686
LSE Trading Symbol: RRS
Nasdaq Trading Symbol: GOLD
SALE OF RANDGOLD & EXPLORATION SHARES IN RANDGOLD RESOURCES

London, 23 January 2006 (London:RRS.L - News) (NasdaqNM:GOLD - News) - Randgold Resources announced today that it was informed by Societe Generale SA (SG) on 20 January 2006 that SG had acquired 4 000 000 Randgold Resources shares on 19 January 2006.

Based on available information, Randgold Resources believes that these shares - which represent some 5% of the company's issued share capital - were formerly owned by a wholly owned subsidiary of Randgold & Exploration Company (RG&E) and have since been sold by SG at a price of US$16.50 to a number of investors.

Dr Mark Bristow, chief executive of the London and Nasdaq listed gold miner, said according to the company's records, the shares concerned represented RG&E's only identifiable remaining holding in Randgold Resources. Randgold Resources believes that their sale terminates the last link between the two companies and underlines Randgold Resources' status as a fully independent business with a broad shareholder base.

If this is correct RANGY's net proceed should be around $60 million or 50% of their market cap.

I personally believe that they still control more GOLD shares but that is probably more religion than cool facts at this point of time. But even without the additional GOLD shares and safe from more surprises the NAV should still be significant higher than the present market cap.

If the Board has decided to sell the GOLD shares it could be a sign that they might sell of the remaining assets of the company which should be good news for the existing shareholders. The latest increase in Gold should ensure a good price for those assets.

The Chart has actually performed very nice especially having in mind the strange developments around the stock which by the way there are a couple of books being written about. I would sure like to read those. Much can be said about RANGY but it is certainly one of the most exciting investments I have still made!

Mike

[waldipup]

whats this sg stuff ("has aquired"). did rangy get paid or is kebbles ghost still looting the co. and the shares were taken to pay kebble debts?

[Michael]

Hi Waldipup,

I am pretty sure that the pipe between Rangy and Kebbles personal finances has been blocked but Kebble's ghost is unfortunately still hunting Rangy's HQ!

What really bother me about this transaction is that the R&E shareholders are being informed by a third party. I had hoped that the new management would have a more open and transparent investor relationship policy.

As I have bought RANGY several times since I mentioned it first on 3SOF I have a quite large holding in this rather exotic company. I have therefore decided to sell half my holding in RANGY today to lock in some profit.

Mike

[waldipup]

hey,mike- thanks for the reply. i dont blame you for selling until at least this issue is cleared up.like i said before, when i read the info on the stock transfer,it sounded like a forced transfer rather than a sale for cash. since when does sociate general, or whatever,which sounds like the govt., aquire the shares of a sale and "place them" with investors? until the details of this "sale" is clarified-ie: did they get cash or did the govt. take the shares away to pay past bills for kebble(or some other obligation). maybe i'm reading too much into this, but it's a strange announcement.and why do they say the 2 co's have no more related business?are they getting nothing for all the other gold shares also? hopefully if they cannot recover the loaned shares they will at least get western areas shares instead, which have skyrocketed over the past few months.

[calven]

Im getting in on a retracement back to 1.40ish