Gold Reef - Acquisition of SABM interest in Tsogo
Gold Reef Casino Resorts Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: GDF
ISIN: ZAE000028338
(`Gold Reef`)
COMPANY ANNOUNCEMENT
In response to ongoing speculation in respect of Gold Reef`s possible
acquisition of an equity interest in Tsogo Sun Holdings (Proprietary) Limited
(`TSH`), Gold Reef wishes to inform shareholders of its actions followed to date
and the resultant outcome thereof.
Gold Reef has held discussions with SABMiller plc (`SABM`), which resulted in
Gold Reef submitting an expression of interest to SABM in respect of the
possible acquisition of SABM`s 49% interest in TSH.
Gold Reef determined an indicative equity value of SABM`s 49% interest to be
approximately R4 billion at 1 January 2006. In order to submit a firm offer
to SABM for its interest, Gold Reef requested certain information from SABM to
finalise its indicative valuation and to carry out a high level due diligence.
In response, SABM has notified Gold Reef that it is not a seller of its 49%
interest in TSH and therefore discussions between Gold Reef and SABM have
ceased.
Also, as part of its strategy, Gold Reef purchased and subsequently disposed of
a 9.9% interest in Johnnic Holdings Limited, which has an indirect interest in
TSH, resulting in a net profit of R20 million. Shareholders are referred to the
announcements published on the Securities Exchange News Service of the JSE
Limited on 26 April 2005 and 4 July 2005 in this regard.
Johannesburg
8 August 2005
Financial advisor and transaction sponsor
Absa Corporate And Merchant Bank - Corporate Finance
A division of Absa Bank Limited
Reg no 1986/004794/06
Sponsor
Nedbank Capital
Date: 08/08/2005 09:00:22 AM
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