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GDF
GDF
Gold Reef Resorts Limited - Announcement
GOLD REEF RESORTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/002108/06)
(Share code: GDF ISIN: ZAE000028338)
("Gold Reef")
APPROVAL OF THE INTEREST ACQUIRED IN THE HOLDER OF THE WESTERN GAUTENG CASINO
LICENCE AND THE TERMINATION OF ITS MANAGEMENT CONTRACT AND THE GRANTING OF
PREFERRED BIDDER STATUS FOR THE QUEENSTOWN CASINO LICENCE
Western Gauteng Casino Licence
Gold Reef shareholders are referred to the previous announcements concerning
the option agreements of Gold Reef and Akani Leisure (Silverstar Holdings)
(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, in equal proportions and
the termination of the management contract ("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.
Shareholders were further advised in the announcement dated 29 September 2006,
that the acquirors had acquired the remaining 8% of the issued share capital of
Silverstar, in equal proportions and that the aforesaid acquisitions required
the approval of the Gauteng Gambling Board and the appropriate applications for
the aforesaid approval had accordingly been made. In addition, shareholders
were advised that Silverstar had reached agreement with Century Resorts
Limited, Century Casinos West Rand (Proprietary) Limited ("CCWR") and other
Century companies on the termination of the management contract, subject to the
approval of the Gauteng Gambling Board being obtained by 30 June 2007 and that
Silverstar had made application to the Gauteng Gambling Board to terminate its
management contract with CCWR.
Shareholders are now advised that the Gauteng Gambling Board has approved:
* the acquisition of a 100% financial interest in Silverstar by the acquirors,
in equal proportions; and
* the termination of the management contract with CCWR.
Queenstown Casino Licence
Shareholders are further advised that Gold Reef is a shareholder in the
applicant that has been named by the Eastern Cape Gambling and Betting Board as
the preferred bidder for the Queenstown Casino Licence.
Johannesburg
10 November 2006
Financial advisor and transaction sponsor Sponsor
ABSA Capital Nedbank Capital
A division of ABSA Bank Limited
Reg no 1986/004794/06
Corporate law adviser
Edward Nathan
Corporate Law Advisers
Date: 10/11/2006 09:54:41 AM Produced by the JSE SENS Department
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