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JCI Posted: Wed, 06 May 2009 [miningmx.com] -- JCI Limited, JCI Investment Finance and Randgold & Exploration (R&E) have signed a memorandum of understanding (MOU), following the failure of the scheme of arrangement proposed by R&E in April to JCI and its shareholders, the company announced late on Tuesday. The parties said the MOU is a precursor to a settlement agreement to be concluded between the companies on terms acceptable to them by end-May. "The MOU contemplates that the implementation of the settlement agreement will bring about a full and final settlement of all of R&E's claims against JCI and vice-versa," the parties said. The companies will now endeavour to conclude a binding settlement agreement by 31 May 2009. The settlement agreement if concluded is an alternative to the proposed merger and will result in a similar financial outcome for the shareholders of both companies.
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