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Gold Reef Casino Resorts Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/002108/06)
Share code : GDF ISIN : ZAE000028338
("Gold Reef")
ANNOUNCEMENT REGARDING THE SPECIFIC PRO RATA REPURCHASE OF GOLD REEF SHARES BY
ALDISS INVESTMENTS (PROPRIETARY) LIMITED A WHOLLY OWNED SUBSIDIARY OF GOLD REEF
AND EXCESS TENDERS BY GOLD REEF SHAREHOLDERS
Shareholders are referred to the circular dated 17 December 2002 and are advised
that the pro rata repurchase of Gold Reef shares is in progress. Gold Reef has
been informed of the intentions of its major shareholders and of its directors
in regard to their acceptance of the pro rata repurchase and the excess tender
as follows -
Shareholder/director Number of Nature of Number of Number of
shares held interest shares to excess
be shares to
accepted be
tendered
Twintech Holdings 75 575 912 Nominee 6 046 073 Nil
(Proprietary)
Limited ("Twintech")
Casinos Austria *63 051 989 Direct 2 196 159 Nil
International beneficial
Holding GmbH ("CAI")
Consolidated Rand 11 150 737 Nominee 892 059 4 600 000
Parts (Proprietary)
Limited ("CRP")
A J Aaron 10 000 Direct Nil Nil
Non-executive beneficial
director
A J Aaron 75 575 912 Indirect 6 046 073 Nil
Non-executive non-beneficial
director
J S Friedman 46 000 Indirect Nil Nil
Executive director non-beneficial
S B Joffe 897 436 Direct 71 794 825 642
Executive director beneficial
S B Joffe 115 300 Indirect 9 224 106 076
Executive director4 non-beneficial
R J Khoza 27 500 Direct Unknown Unknown
Non-executive beneficial
director
R J Khoza 27 500 Indirect Unknown Unknown
Non-executive beneficial
director
A Krok 88 762 Direct 7 101 Nil
Alternate director - beneficial
non-executive
A Krok 75 575 912 Indirect 6 046 073 Nil
Alternate director - non-beneficial
non-executive
M Krok 2 330 Direct 186 2 144
Non-executive beneficial
director
M Krok ***17 663 111 Indirect 1 413 049 Nil
Non-executive beneficial
director
M Krok 356 138 Indirect 28 491 327 647
Non-executive beneficial
director
M Krok ***57 912 801 Indirect 4 633 024 Nil
Non-executive non-beneficial
director
M Z Krok 55 900 Direct Nil Nil
Non-executive beneficial
director
M Z Krok ****2 299 388 Indirect 183 951 657 143
Non-executive beneficial
director
M Z Krok ****8 851 349 Indirect 708 108 3 942 857
Non-executive non-beneficial
director
S Krok 47 134 Direct Nil Nil
Alternate director - beneficial
non-executive
S Krok 11 150 737 Indirect 892 059 4 600 000
Alternate director - non-beneficial
non-executive
F McFadden** *63 051 989 Indirect 2 196 159 Nil
Non-executive non-beneficial
director
C Neuberger** *63 051 989 Indirect 2 196 159 Nil
Executive director non-beneficial
B J Schutte 15 700 000 Indirect 1 256 000 10 000 000
Executive director beneficial
R Vierziger** *63 051 989 Indirect 2 196 159 Nil
Alternate director - non-beneficial
non-executive
* Of the 63 051 989 shares 35 600 000 do not participate in the pro rata
repurchase.
** Relates to CAI`s beneficial shareholding in Gold Reef.
*** Included in shareholding held non-beneficially by A J Aaron and A Krok
**** Included in shareholding held non-beneficially by S Krok
Gold Reef has been informed that -
after completion of the specific pro rata repurchase and the excess tender it is
the intention of Twintech (as nominee for the A Krok family trusts) and CAI to
purchase from CRP (as nominee for the S Krok family trusts) 5 331 391 and
2 196 159 shares respectively at R3 per share. After these transactions CRP
will hold 2 731 129 shares less that number of shares in respect of which its
excess tender may be accepted. Twintech and CAI have agreed to purchase those
shares from CRP because CRP has consistently reduced its shareholding over a
period and has informed Twintech and CAI that it is CRP`s intention to dispose
of all its shares in the short to medium term. Twintech and CAI believe that it
is in the interests of Gold Reef and all its shareholders that Twintech and CAI
facilitate the orderly and controlled disposal by CRP of its shares;
the Securities Regulation Panel has ruled that if Twintech`s voting rights fall
below 35% of all Gold Reef voting rights upon implementation of the pro rata
purchase and if Twintech thereafter (but within a period of six months from the
date of implementation of the pro rata repurchase) increases its percentage of
all Gold Reef voting rights to the level existing immediately prior to the
implementation of the pro rata repurchase, Twintech will not be required to make
a mandatory offer to Gold Reef shareholders.
Johannesburg
29 January 2003
Sponsor
Nedbank Corporate
Attorneys
Werksmans
Date: 29/01/2003 12:30:00 PM Produced by the JSE SENS Department
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