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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 previous announcements concerning
the option agreements of Gold Reef and Akani Leisure Investments
(Proprietary) Limited ("Akani") ("the acquirors") to acquire 100% of the
issued share capital of Silver Star Development Limited ("Silverstar"),
the holder of the casino licence for the West Rand area of Gauteng ("the
options").
Shareholders were advised in the announcement dated 18 July 2006 that the
acquirors had at that time exercised 92% of the options in respect of the
issued share capital of Silverstar, in equal proportions.
In addition, shareholders were advised in Gold Reef"s unaudited interim results
dated 30 June 2006 that a dispute had arisen between Gold Reef, Novomatic AG
and Century Resorts Limited in relation to the options and the termination of
the management contract. Shareholders are now advised that the dispute has
been resolved by agreement with Novomatic AG, Century Resorts Limited,
Century Casinos West Rand (Proprietary) Limited ("CCWR") and other Century
companies subject to regulatory approvals being obtained by 30 June 2007.
Shareholders are further advised that the acquirors have, in equal proportions,
acquired the remaining 8% of the issued share capital of Silverstar from
Novomatic AG. Shareholders are further advised that the 50% of the issued share
capital of Silverstar acquired by Akani has been immediately on-sold by Akani
to Akani Leisure (Silverstar Holdings) (Proprietary) Limited, a black
empowerment entity incorporated for the purpose of holding the said 50%. The
aforesaid acquisitions require the approval of the Gauteng Gambling Board and
the appropriate applications for the aforesaid approval have accordingly been
made.
In addition, Silverstar has made application to the Gauteng Gambling Board to
terminate its management contract with CCWR.
Shareholders will be informed of any further significant developments
regarding the implementation of this transaction.
The exercise of the options is a transaction which is smaller than a "Category
3" transaction in terms of Section 9 of the Listings Requirements of the JSE
Limited and this announcement is made in order to provide information regarding
the ongoing activities of Gold Reef.
Johannesburg
29 September 2006
Financial advisor and transaction sponsor
ABSA CAPITAL
A division of ABSA Bank Limited
(Reg no 1986/004794/06)
Sponsor
NEDBANK CAPITAL
Corporate law adviser
Edward Nathan
Corporate Law Advisers
Date: 29/09/2006 10:11:32 AM Produced by the JSE SENS Department
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