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GPL
GPL
GPL - Grand Parade Investments Limited - Voluntary Announcement: Acquisition by
GPI of the Route Operator Business of Playmeter Leisure Services (Pty) Ltd
("Playmeter") as a going concern
Grand Parade Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
("GPI" or "the company")
VOLUNTARY ANNOUNCEMENT: ACQUISITION BY GPI OF THE ROUTE OPERATOR BUSINESS OF
PLAYMETER LEISURE SERVICES (PTY) LTD ("PLAYMETER") AS A GOING CONCERN
The board of GPI is pleased to announce that the wholly owned group subsidiary,
Thuo Gaming Gauteng (Pty) Ltd ("Thuo GG"), has concluded a binding sale of
business agreement (subject to the fulfillment or waiver, as the case may be, of
certain conditions precedent including the approval of the Gauteng Gambling
Board ("GGB")) ("the Agreement") with Route Operator Playmeter ("the
acquisition").
In terms of the Agreement, Thuo GG will acquire the assets and contracts of
Playmeter`s route operator business, including the Route Operator and Site
licences. The purchase consideration will be settled primarily through the issue
of GPI ordinary shares and the small balance thereof be settled in cash. Full
details of the purchase consideration and the method of payment thereof will be
disclosed once regulatory approvals for the acquisition have been obtained.
A portion of the ordinary shares will be issued to certain suitably qualified
BEE vendors who will be subject to a lock-in agreement restricting the
tradability of these shares until June 2012
Playmeter`s route operator business consists of 62 Limited Payout Machines
("LPMs") across 16 sites in Gauteng and has approval from the GGB to roll-out an
additional 10 LPMs at 2 new sites, with various other applications pending
approval by the GGB. The Route Operator licence will provide Thuo GG with the
ability to operate up to 1000 LPMs in the Gauteng region.
The acquisition as contemplated above does not constitute a transaction for JSE
categorisation purposes nor is it a related party transaction and accordingly
this announcement is made on a voluntary basis.
30 November 2010
Cape Town
Sponsor - PSG Capital (Pty) Ltd
Corporate Advisor - Leaf Capital (Pty) Ltd
Legal Advisors - Bernadt Vukic Potash & Getz Attorneys
Date: 30/11/2010 09:46:01 Produced by the JSE SENS Department.
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