Gold Reef - Option to acquire an interest in the h
GDF
GDF
Gold Reef - Option to acquire an interest in the holder of the Western Gauteng
Casino Licence
Gold Reef 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 HOLDER OF THE WESTERN GAUTENG CASINO
LICENCE
Gold Reef shareholders are referred to the announcements dated 1 December 2004,
29 March 2005 and 17 May 2006 concerning the option agreements of Gold Reef and
Akani Leisure Investments (Proprietary) Limited ("the acquirors") to acquire
100% of the issued share capital of Silverstar Development Limited
("Silverstar"), the holder of the casino licence for the West Rand area of
Gauteng ("the options").
Shareholders are advised that the acquirors have, to date, exercised 92% of the
options in respect of the issued share capital of Silverstar, in equal
proportions. The acquisition of a financial interest requires approval in terms
of the Gauteng Gambling Act and the acquirors will apply to the Gauteng Gambling
Board for this consent within the next 14 days. The acquirors have been advised
that the exercise of the option would not require approval from the Competition
Authorities as Silverstar falls below the minimum approval thresholds. All other
conditions precedent pertaining to the exercise of the options have been
fulfilled.
Shareholders will be informed of any further significant developments regarding
the exercise of the options.
The exercise of the options is categorised as less than a category 3 transaction
in terms of Section 9 of the JSE Limited Listings Requirements and this
announcement is made in order to provide information regarding the ongoing
activities of Gold Reef.
Johannesburg
18 July 2006
Financial advisor and transaction sponsor
ABSA CAPITAL
A division of ABSA Bank Limited
Reg no 1986/004794/06
Sponsor
Nedbank Capital
Date: 18/07/2006 01:21:06 PM Produced by the JSE SENS Department
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