Randgold Resources delays maiden dividend
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David McKay
Posted: Mon, 07 Feb 2005
[miningmx.com] -- RANDGOLD Resources said it would reconsider paying a maiden dividend within the next six to twelve months citing exceptional development potential as the main reason for withholding funds. Newly elected chairman Phillipe Liétard told miningmx that the matter had been discussed thoroughly, however.
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The reduction in the direct stake held by Randgold & Exploration (RG&E), which had fallen to about 6% from 32% in the past 18 months, had also raised the prospect of corporate activity. RG&E is controlled by the Kebble family and is a business relationship that has dissuaded other companies from dealing with Randgold Resources in the past.
There have been questions regarding whether RG&E had retained the voting rights on its direct ownership. Roger Williams, Randgold Resources financial director, said the Kebble’s had no voting rights beyond their 6% holding.
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