GOLD REEF CASINO RESORTS LIMITED -
ANNOUNCEMENT OF ODD-LOT OFFER PRICE
GOLD REEF CASINO RESORTS LIMITED
(Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share Code: GDF ISIN Code: ZAE 000028338
("GRCR")
Results of annual general meeting and announcement of odd-lot offer price
1. Introduction
Shareholders are referred to the notice of the company"s annual general meeting
dated 19 May 2003, which contained, inter alia, details of the proposed odd-lot
offer to those GRCR shareholders holding less than 200 shares ("odd-lot
holders") at the close of business on Friday 4 July 2003 ("the record date").
2. Results of annual general meeting
All special and ordinary resolutions set out in the notice, including those
required to give effect to the odd-lot offer, were passed by the requisite
majority of shareholders at the annual general meeting held today. The special
resolutions have been lodged with the Registrar of Companies for registration.
3. Odd-lot offer price
The odd-lot offer will be implemented at a price of 359 cents per GRCR ordinary
share ("the offer price"), being the volume weighted average market price of one
GRCR share on the JSE Securities Exchange South Africa over the 10 day period
prior to Tuesday 17 June 2003, plus a premium of 3%.
4. Mechanism of the odd-lot offer
The odd-lot offer will be implemented on the basis that odd-lot holders may, up
to 12:00 on Friday 4 July 2003, elect to:
* Sell their odd-lot holdings at the offer price ("the cash alternative"); or
* Purchase additional shares at the offer price in order to increase their
holdings to 200 shares ("the purchase alternative"); or
* Retain their odd-lot holdings.
Those odd-lot holders reflected as such on the record date who have not made an
election by 12:00 on Friday 4 July 2003 will be deemed to have agreed to sell
their odd-lot holdings. Their shares will be sold to those odd-lot holders who
elect the purchase alternative or to GRCR, as the case may be. To the extent
that there are insufficient odd-lot holdings arising from shareholders electing
the cash alternative to satisfy the requirements of those odd-lot holders who
have elected the purchase alternative, GRCR will issue new shares at the offer
price.
5. Salient dates
The salient dates relative to the odd-lot offer are set out below:
Date: 19/06/2003 01:28:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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