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Gold Reef - Option To Acquire An Interest In The Applicant For The Western
Gauteng Region Casino License (`THE CASINO LICENSE`)
Gold Reef Casino Resorts Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code : GDF ISIN : ZAE000028338
(`Gold Reef`)
OPTION TO ACQUIRE AN INTEREST IN THE APPLICANT FOR THE WESTERN GAUTENG REGION
CASINO LICENSE (`THE CASINO LICENSE`)
Gold Reef and Akani Leisure Investments (Proprietary) Limited, Gold Reef`s
partner in Gold Reef City Casino and Theme Park, collectively referred to
hereinafter as the Gold Reef Group, have entered into an option agreement to
acquire:
- the entire issued share capital of Silverstar Development Limited
(`Silverstar`), the applicant for the casino license; and
- all the assets and rights of the shareholders in Silverstar in respect of
the casino license, including the casino management contract.
In 1997 Silverstar made an application to the Gauteng Gambling Board for the
casino license. The award of the casino license is unresolved at present and is
pending a decision by the Supreme Court of Appeal.
The conclusion of the option agreement will result in the Gold Reef Group
advancing funds to Silverstar in the amount of approximately R25 million to
acquire land on which to develop the casino and to finalise the award of the
casino license. Gold Reef will receive security from Silverstar for the funds
advanced.
Subject to the fulfillment of various conditions precedent, including inter alia
the obtaining of the requisite approvals and the award of the casino license on
terms and conditions acceptable to the Gold Reef Group, the Gold Reef Group may
elect to exercise the option. Exercising the option will result in payments
being made to the shareholders of Silverstar and the necessary funds being
committed to develop the Western Gauteng region casino.
The timing of the fulfillment of the conditions precedent is uncertain at
present, but is anticipated to be a lengthy process. Further announcements will
be made to shareholders in due course.
The conclusion of the option agreement is not a `category` transaction in terms
of Section 9 of the Listings Requirements of the JSE Securities Exchange South
Africa.
Johannesburg
1 December 2004
Transaction sponsor
Absa Corporate and Merchant Bank - Corporate Finance
A division of Absa Bank Limited
(Registration number 1986/004794/06)
Sponsor
Nedbank Capital
For further information please contact :
Steven Joffe
mobile: 082 903 5647
Jarrod Friedman
mobile : 082 379 0000
Date: 02/12/2004 07:01:03 AM
Produced by the JSE SENS Department
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