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Gold/Mining/Energy : RANDGOLD and EXPLORATION (RANGY)

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To: baystock who wrote (401)	12/4/1999 10:38:00 AM
From: Bob Dobbs	Read Replies (1) of 448

SUBSTANTIAL DIVIDEND FROM WESTERN AREAS PRECEDES RESTRUCTURING Johannesburg, 2 December - Western Areas Limited today announced that it would make a cash distribution of 575 cents per share subject to shareholder approval of the required partial reduction in its share premium account. At the same time, the company indicated that an announcement about the terms of the proposed restructuring of the JCI/Randgold group would be made within a matter of days. Western Areas deputy chairman Brett Kebble said finalisation of the restructuring terms had quantified the company's cash requirements and enabled it to dividend the balance of its cash pile of some $250 million - resulting from the sale of half of the Western Areas mine to Placer Dome - to its shareholders. "We are driven by the imperative of achieving superior returns on equity. It follows from this that we have no interest in sitting on cash that cannot be employed in the short term to enhance returns. Whatever cash resources are not required should be dividended to shareholders," Kebble said. Issued on behalf of Western Areas Limited by du Plessis Associates dPA contact Kathy du Plessis on Tel: +27(11) 728 4701, cell: (0)83 266 5847 or e-mail gold@dpa.co.za ----------------------------------- WESTERN AREAS LIMITED (Incorporated in the Republic of South Africa) (Registration number 59/03209/06) ("Western Areas") CASH DISTRIBUTION BY WESTERN AREAS OF 575 CENTS PER SHARE TO ITS MEMBERS AND FURTHER CAUTIONARY ANNOUNCEMENT 1. THE WESTERN AREAS DISTRIBUTION The board of directors of Western Areas has resolved that Western Areas will make a cash distribution ("the Western Areas distribution") of 575 cents per Western Areas share. The Western Areas distribution will be implemented by way of a partial reduction of the share premium account of Western Areas in terms of section 90 of the Companies Act. In order to implement the Western Areas distribution it will be necessary to amend the Articles of Association of Western Areas. 2. REQUIREMENTS FOR IMPLEMENTATION The Western Areas distribution will only be implemented if all the special and ordinary resolutions to amend the Articles of Association of Western Areas and to effect the Western Areas distribution are passed at a general meeting of members of Western Areas; and the special resolution is registered by the Registrar of Companies 3. THE RESTRUCTURING AND FURTHER CAUTIONARY ANNOUNCEMENT The terms of the corporate restructuring referred to in previous cautionary announcements are being finalised and an announcement in this regard is imminent. Members are advised to continue to exercise caution in their dealings in Western Areas shares. 4. CIRCULAR TO MEMBERS A circular containing the salient details of the Western Areas distribution and a notice convening the general meeting will be posted to members of Western Areas as soon as practically possible. In addition, an announcement giving the date on which members must be registered to qualify to receive the distribution, and the date of payment, will be published in the press. Johannesburg 3 December 1999

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