Randgold Resources considers options.(Brief Article)(Statistical Data Included)
Mining Journal, June, 2001
Randgold Resources Ltd is facing problems stemming from a US$48 million convertible debt securities issue made nearly five years ago by Randgold and Exploration, its parent and 61.4% shareholder. The issue, which financed the acquisition of the Malian assets of BHP Ltd, including Morila, matures this September and is secured by 18.6 million Randgold Resources shares. However, the price of Randgold and Exploration shares is below the conversion price, and thus the debt holders will want cash. Various corporate restructuring options have been considered (MJ, November 10, 2000, p.382).
At a presentation to the Association of Mining Analysts in London last week, Dr Bristow, managing director of Randgold Resources, said that another possibility is for Randgold...
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