Gold Reef Casino Resorts Limited - Option To Acquire An Interest In The
Applicant For The Western Gauteng Region Licence
Gold Reef Casino Resorts Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code : GDF ISIN : ZAE000028338
(`GRCR`)
OPTION TO ACQUIRE AN INTEREST IN THE APPLICANT FOR THE WESTERN GAUTENG REGION
LICENCE
Gold Reef shareholders are referred to the announcement dated 1 December 2004
wherein they were advised that GRCR and Akani Leisure Investments (Proprietary)
Limited (`Akani`) had entered into an option agreement to acquire the entire
issued share capital of Silverstar Development Limited (`Silverstar`), the
applicant for the casino licence for the West Rand area of Gauteng (`the casino
licence`) and all the assets and rights of the shareholders in Silverstar in
respect of the casino licence, including the casino management contract (`the
option agreement`).
At the time of publishing of the announcement on 1 December 2004, the award of
the casino licence to Silverstar was unresolved, pending a decision by the
Supreme Court of Appeal.
Judgement was handed down today in the Supreme Court of Appeal of South Africa
dismissing the appeal of the Gauteng Gambling Board and upholding the earlier
decision of the High Court ordering the award of the casino licence to
Silverstar.
While this indicates a positive development for this project, there still remain
a number of conditions precedent, salient details of which were set out in the
announcement dated 1 December 2004, to be satisfied prior to the exercise by
GRCR and Akani of the option in terms of the option agreement.
Shareholders will be informed of any further significant developments regarding
the option agreement and the fulfillment of the conditions precedent pertaining
thereto.
Johannesburg
29 March 2005
Sponsor
Nedbank Capital
Date: 29/03/2005 05:16:58 PM
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