| Fri 13 Nov 2009, 14:30 | | GDF - Gold Reef Resorts Limited - Further Announcement Regarding The Sale Of |
|
GDF
GDF
GDF - Gold Reef Resorts Limited - 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 30 June 2009 in
which shareholders were advised that the last three of the five relevant
Provincial Gambling Boards had approved the application for the acquisition
by Main Street 581 (Proprietary) Limited ("Main Street") (an indirect wholly-
owned subsidiary of Tsogo Sun Holdings (Proprietary) Limited ("Tsogo Sun"))
of the shares of certain empowerment shareholders of Gold Reef.
Shareholders are further referred to the earlier announcement on 20 April
2009 in which shareholders were advised, inter alia, that the KwaZulu-Natal
Gambling Board (the "KZN Board"), following its approval of the Main Street
application on 12 March 2009 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 (the "Board") is now pleased to advise
that the KZN Board, in a letter dated 10 November 2009, has advised Gold Reef
that "(y)our confirmation that your current BEE shareholding is 34,86%, well
in excess of the 25,1% requirement, is noted. This obviously satisfies the
requirement of your license conditions ...".
The Board is pleased with this affirmation of its efforts to ensure
sufficient empowerment in Gold Reef for both strategic and regulatory
reasons, including complying with all licence conditions. Whilst Gold Reef
remains cognisant of the tough trading conditions which are expected to
persist into the fourth quarter of the financial year with consumer activity
likely to remain relatively subdued, Gold Reef remains well positioned to
benefit from an improvement in economic conditions and strengthening of
consumer confidence.
Johannesburg
13 November 2009
Sponsor to Gold Reef
Deutsche Securities (SA) (Proprietary) Limited
Legal Advisors to Gold Reef
Edward Nathan Sonnenberg Inc.
Date: 13/11/2009 14:30:02 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.
