GoldReef - Announcement Regarding Withdrawal Of Po
GoldReef - Announcement Regarding Withdrawal Of Potential Offer And Proposed
Repurchase Of Goldreef Shares
GOLD REEF CASINO RESORTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/002108/06)
(Share code GDF ISIN ZAE000028338)
("GoldReef")
ANNOUNCEMENT REGARDING WITHDRAWAL OF POTENTIAL OFFER AND PROPOSED REPURCHASE OF
GOLDREEF SHARES
Shareholders are referred to the announcement dated 3 September 2002 ("the
announcement") in which shareholders were advised of a potential offer by a
consortium including the controlling shareholders of GoldReef ("the consortium")
to acquire the assets and assume the liabilities of GoldReef for an effective
take-out consideration of approximately R3,20 per share ("the potential offer").
GoldReef has been informed by the consortium that they will not proceed with the
potential offer.
In the announcement GoldReef shareholders were advised that as a consequence of
the potential offer, and in accordance with the JSE Listings Requirements, the
proposed pro rata share repurchase by GoldReef of 8% of its issued share capital
at R3,00 per share ("repurchase"), which was proposed in the GoldReef results
announcement dated 20 March 2002, had been placed on hold. Following the
consortiums decision not to proceed with the potential offer, the board of
directors of GoldReef has resolved to proceed with the repurchase. An
announcement detailing the financial effects and salient dates of the pro rata
share repurchase will be published in due course.
GoldReef shareholders are advised that they need no longer exercise caution when
dealing in GoldReef shares.
Johannesburg
1 November 2002
Investment bank Attorneys Corporate law
and sponsor advisers and
consultants
Werksmans
Nedcor Investment ENF
Bank Limited
Date: 01/11/2002 11:15:01 AM Produced by the JSE SENS Department
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