Gold Reef Casino Resorts Limited - Option to acqui
GDF
GDF
Gold Reef Casino Resorts Limited - Option to acquire an interest
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 HOLDER OF THE WESTERN GAUTENG CASINO
LICENCE
GRCR shareholders are referred to the announcements dated 1 December 2004 and 29
March 2005 concerning the option agreements of GRCR and Akani Leisure
Investments (Proprietary) Limited ("Akani") to acquire the entire issued share
capital of Silverstar Development Limited ("Silverstar"), the holder of the
casino license for the West Rand area of Gauteng and all the assets and rights
of the shareholders in respect of the casino license including the casino
management contract ("the options").
Pursuant to the previously announced judgment of the Supreme Court of Appeal and
the issue of the West Rand casino license in April 2005, the Gauteng Gambling
Board ("the Board") on 12 May 2006 granted its approval in all material respects
to the request by Silverstar for changes to the terms of the casino license and
the design of the Silverstar Casino Resort consistent with the environmental and
planning approvals granted in late 2005. This decision of the Board represents
the final material approval required for development of the Silverstar Casino
Resort to proceed.
This decision of the Board also satisfies one of the conditions precedent to the
exercise of the options by GRCR and Akani while those that remain relate only to
the specific approvals that may be required from the relevant authorities for
exercise of the options to be given effect.
Shareholders will be informed in due course of any further significant
developments regarding the fulfilment of the remaining conditions precedent for
exercise of the options.
Johannesburg
17 May 2006
Financial Advisor
Absa Capital
Sponsor
Nedbank Capital
Date: 17/05/2006 04:31:02 PM Produced by the JSE SENS Department
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