PHM
PHM
Phumelela - Voluntary Announcement
Phumelela Gaming & Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM
ISIN: ZAE000039269
VOLUNTARY ANNOUNCEMENT
Shareholders were advised on 1 June 2005 that Phumelela Gaming and Leisure
Limited (PGL) had sold Newmarket Racecourse to a developer and had entered into
a Use Agreement in terms of which PGL would be entitled to use the racing
facilities for a period of seven years. Shareholders are now advised that it has
been agreed to terminate the Use Agreement in return for a payment on 31 January
2007 of R 40 million, which has been secured by a bank guarantee. The proceeds
will be utilized to relocate the floodlights and to upgrade the racetracks and
facilities at Turffontein. Night racing is planned to commence at Turffontein
during October 2007. PGL will continue to hold race meetings at Newmarket until
31 January 2007. It is expected that the R 40 million less tax and relocation
costs of the floodlights should have a favourable impact on headline earnings.
28 August 2006
Johannesburg
Sponsor and Investment Bank: Investec Bank Limited
Date: 29/08/2006 08:30:08 AM Produced by the JSE SENS Department
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