MKL
MKL
MKL - Makalani Holdings Limited - Makalani Gold Reef asset redeemed
Makalani Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/000726/06)
Share code: MKL
ISIN: ZAE000066700
("Makalani" or "the Company")
MAKALANI GOLD REEF ASSET REDEEMED
Unitholders of Makalani are advised that its portion of the funding provided for
the Gold Reef Resorts Limited ("Gold Reef") black economic empowerment ("BEE")
transaction ("the Gold Reef investment") was redeemed on 17 October 2008.
Makalani had previously provided funding of approximately R293 million to enable
certain BEE parties to subscribe for shares in Gold Reef.
Recent corporate action involving Tsogo Sun Holdings (Proprietary) Limited
("Tsogo") resulted in the sale of Gold Reef shares held by various BEE
shareholders to Tsogo, and consequently the redemption of the funding provided
by the Company.
The consideration received on the redemption of the Gold Reef investment was
R320.3 million being the outstanding balance on the funding.
This announcement appears for record purposes only.
Sandton
23 October 2008
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/10/2008 17:05:10 Produced by the JSE SENS Department.
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