| Mon 20 Apr 2009, 14:57 | | GDF - Gold Reef - Further Announcement Regarding The Sale Of Gold Reef Shares By |
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GDF
GDF
GDF - Gold Reef - Further Announcement Regarding The Sale Of Gold Reef Shares By
Certain Empowerment Shareholders
GOLD REEF RESORTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1989/002108/06)
JSE Share Code : GDF ISIN : ZAE000028338
("Gold Reef" or "GRR")
FURTHER ANNOUNCEMENT REGARDING THE SALE OF GOLD REEF SHARES BY CERTAIN
EMPOWERMENT SHAREHOLDERS
Gold Reef shareholders are referred to the announcement on 16 October 2008,
whereby shareholders were advised, inter alia, that the acquisition by Main
Street 581 (Proprietary) Limited ("Main Street") (an indirect wholly-owned
subsidiary of Tsogo Sun Holdings (Proprietary) Limited) of the shares of certain
empowerment shareholders of Gold Reef required the approval of certain
Provincial Gambling Boards which have jurisdiction in respect of the Gold Reef
Group`s casino licences.
The Provincial Gambling Boards in question are the Gauteng Gambling Board (the
"Gauteng Board"), the KwaZulu-Natal Gambling Board (the "KZN Board"), the
Western Cape Gambling and Racing Board, the Free State Gambling and Racing Board
(the "Free State Board") and the Eastern Cape Gambling and Betting Board
(collectively the "Five Gambling Boards"). Main Street has made applications to
all Five Gambling Boards. Gold Reef and its subsidiary licence holding
companies have made representations to the Five Gambling Boards. Public
hearings have been held by the Gauteng Board, the KZN Board and the Free State
Board. The KZN Board and the Gauteng Board approved the acquisition by Main
Street on 12 March 2009 and 17 April 2009 respectively. The decisions of the
other three Provincial Gambling Boards have not yet been received.
The KZN Board advised (in a letter to Gold Reef dated 27 March 2009 containing,
inter alia, reasons for the approval), inter alia, that "the acquisition of
15,09% of the Voting Pool shares by Main Street ... has resulted in an obvious
dilution of the BEE shareholding in GRR and in Akani Msunduzi ..." and further
advised that "the Board expects GRR to comply fully with its conditions of
licence and in this regard instructs GRR to ensure that within twelve (12)
months of the date of this letter, it is fully compliant with its conditions of
licence and, in particular, that the black shareholding in the Voting Pool shall
constitute at least 25,1% of the issued shareholding in GRR."
The board of directors of Gold Reef awaits the decisions of the other three
Provincial Gambling Boards. In addition, the board of directors of Gold Reef is
considering the best approach to ensure that it continues to comply with its
aforestated objectives of ensuring sufficient empowerment in Gold Reef for both
strategic and regulatory reasons, including complying with all licence
conditions.
Johannesburg
20 April 2009
Legal Advisors to Gold Reef Sponsor to Gold Reef
Edward Nathan Sonnenbergs Nedbank Capital
Date: 20/04/2009 14:57:02 Produced by the JSE SENS Department.
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