GDF
GDF
GDF - Gold Reef Wins Review of SRP Ruling
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")
GOLD REEF WINS REVIEW OF SRP RULING
Shareholders are referred to the announcement on 17 April 2008 and the earlier
announcement on 4 February 2008, in which shareholders were advised, inter alia,
that on 1 February 2008 the Securities Regulation Panel ("SRP") ruled that
". Gold Reef Resorts Limited is in breach of Rules 13, 16, 19 and 20." The SRP`s
ruling was in response to a complaint by Tsogo Sun Holdings Limited ("Tsogo").
The SRP provided reasons for this ruling dated 14 April 2008. Gold Reef brought
a review application in the South Gauteng High Court on 25 July 2008 to review
and correct or set aside the decision of the SRP.
Shareholders are now advised that the South Gauteng High Court handed down
judgement on 13 May 2009 in favour of Gold Reef and ordered, inter alia, the
following:
"1. The decision of the Securities Regulation Panel of 1 February 2008 is
reviewed and set aside.
2. The order made by the Panel is set aside and it is substituted with
the following order:
`The complaint is dismissed.` . . ."
The Board of Gold Reef also wishes to bring to the attention of shareholders the
following statement made by the Honourable Judge at paragraph 47 of his
judgement:
"(47) Had the SRP appreciated the argument of GRR, it would have found
that there was no offer by Tsogo as defined in the Code and there was
therefore no merit in its complaint. In my view it misconceived GRR`s
contention by classifying it in the manner in which it did."
The Board of Gold Reef is pleased with the High Court`s judgment and remains
committed to growing Gold Reef`s enviable portfolio of assets, including by
exploring value-enhancing opportunities for the benefit of shareholders.
Johannesburg
14 May 2009
Legal Advisors to Gold Reef Sponsor to Gold Reef
Edward Nathan Sonnenbergs Nedbank Capital
Deneys Reitz Inc
Date: 14/05/2009 09:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
