GDF - Gold Reef Resorts - Further Information Regarding A Circular Posted To
GDF
GDF
GDF - Gold Reef Resorts - Further Information Regarding A Circular Posted To
Shareholders On 14 August 2008
Gold Reef Resorts Limited(Incorporated in the Republic of South
Africa)(Registration number: 1989/002108/06)Share code: GDF & ISIN:
ZAE000028338("the Company")
FURTHER INFORMATION REGARDING A CIRCULAR POSTED TO SHAREHOLDERS ON 14 AUGUST
2008
Shareholders are referred to the circular dated 14 August 2008 regarding the
proposed adoption of the First Addendum to the Gold Reef Share Scheme ("the
Scheme"), whereby certain terms and provisions of the Scheme will be amended,
and the proposed approval by shareholders of an offer of up to 4 million
ordinary shares in the Company at the par value of two cents per share ("Par
Value") to key executives and management ("the Offer").
Further to the above, concerns have been raised by certain minority shareholders
of the Company that BJ Biyela, JS Friedman, SB Joffe and C Neuberger ("the
Executive Directors") will also participate in the Offer to the extent of 976
500 ordinary shares. The Executive Directors, after considering the sentiment of
the minority shareholders, have therefore requested that the Remuneration
Committee exclude them from the current offer on the basis that the offer only
be extended to the rest of management.
Notwithstanding the above, the Remuneration Committee is still of the view that
the issue of shares at Par Value is currently the most correct and appropriate
way of incentivising and retaining its key management. The Company therefore
intends to continue with the current Offer at the general meeting to be held on
3 September 2008, the only difference being that the Executive Directors be
excluded from the Offer. Accordingly, ordinary resolution number 2 will be
proposed in modified form to reflect the above.
Johannesburg
19 August 2008
Investment bank and sponsor
Nedbank Capital
Legal advisors to Gold Reef
Edward Nathan Sonnenbergs Inc
Date: 19/08/2008 16:56:12 Produced by the JSE SENS Department.
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