Validation of share purchases: Rand
Rand Mining (ASX: RND) has previously advised the market that it was proposing to seek Court Orders to clarify the position of 1,135,000 shares previously purchased by Rand in Tribune Resources Limited.
This is because the purchase of those shares was deemed to be void due to the operation of section 259C of the Corporations Act. On 26 July 2019 Rand successfully obtained these Court Orders.
The effect of these Court Orders is that the purchase of those shares is not invalid. As part of the Court Orders, Rand has undertaken to dispose of these shares within 6 months or such longer period approved by ASIC.
Rand is in the process of determining who to appoint as an investment banker or stock broker in order to conduct the sale.