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GDF
GDF
Gold Reef - Restructure of Gold Reef and Cautionary Announcement
Gold Reef Resorts Limited
Incorporated in the Republic of South Africa
(Registration number 1989/002108/06)
Share code: GDF ISIN: ZAE000028338
("Gold Reef" or "the company")
Restructure of Gold Reef and Cautionary Announcement
1. INTRODUCTION
Further to the cautionary announcements issued by Gold Reef on 27
December 2006 and 7 February 2007, whereby shareholders were
advised that Gold Reef had entered into discussions that, if
successfully concluded, may have an effect on the price of Gold
Reef`s securities, shareholders are now advised that Gold Reef has
successfully concluded negotiations with its Black Economic
Empowerment partners (excluding the BEE partners of Garden Route
Casino (Proprietary) Limited, WidgeTrade 205 (Proprietary)
Limited) ("BEE shareholders") to exchange the BEE interests in
Gold Reef`s individual casinos for Gold Reef shares. This will
result in Gold Reef acquiring the remaining shareholding in its
subsidiaries from the following BEE shareholders:
- BBE shareholders (as detailed in paragraph 1.1.1 below) of
Akani Leisure Investments (Proprietary) Limited ("ALI") (`the
ALI acquisition");
- BEE shareholders (as detailed in paragraph 1.2.1 below) of
Akani Leisure (Silverstar Holdings) (Proprietary) Limited
("ALSH") (`the ALSH acquisition");
- BEE shareholders (as detailed in paragraph 1.3.1 below) of
Akani Leisure Investment Casino Management (Proprietary)
Limited ("ALICM") (`the ALICM acquisition");
- BEE shareholders (as detailed in paragraph 1.4.1 below) of
Akani Leisure Msunduzi Investments (Proprietary) Limited
("ALMI") ("the ALMI acquisition");
- BEE shareholders (as detailed in paragraph 1.5.1 below) of
Akani Leisure Goldfields Investments (Proprietary) Limited
("ALGI") (`the ALGI acquisition");
- Reygrande Investment Holdings (Proprietary) Limited
("Reygrande") (`the West Coast Leisure acquisition");
- Satara Trading (Proprietary) Limited ("Satara") ("the
Satara acquisition")
These acquisitions will in aggregate be referred to as the
Proposed Share Exchange and will be effective 1 January 2007.
In addition to the above, in order to achieve a minimum of
25.10% black empowerment direct economic shareholding, Gold Reef
will issue a further 14 000 000 shares for cash to the Top-up
BEE participants (listed below) at R20.50 per share ("the Top-up
Transaction"). In terms of the JSE Limited ("JSE") Listings
Requirements, this is a specific issue of shares for cash to
related parties, as certain Top-up BEE participants are material
BEE shareholders in Gold Reef`s subsidiaries.
Number of shares to
be issued
Top-up BEE participants
Saddle Path Prop 20 (Proprietary) Limited 6 572 917
("SPP")
Platoon Trade and Invest 15 (Proprietary) 2 528 915
Limited ("Platoon Trade");
Y Investments Limited ("YIN"); 55 000
Xau Investments CC ("XAU") 35 228
YWCA Dube Charitable Trust ("YWCA") 7 560
Mary Jantjies Family Trust ("MJFT") 65 084
Newshelf 698 (Proprietary) Limited 2 500 000
("Newshelf 698")
Black Management Forum Investment Company 1 942 796
Limited ("BMF")
Izulu Gaming (Proprietary) Limited 292 500
("Izulu")
14 000 000
1.1 The ALI acquisition
1.1.1 Nature of business of ALI
ALI holds a direct and economic interest of 50.00% in the
ordinary share capital of Akani Egoli (Proprietary) Limited
("Akani Egoli") which operates Gold Reef City Casino and Theme
Park in Gauteng.
Gold Reef holds a direct and economic interest of 50.00% in the
ordinary share capital of Akani Egoli and a 49.97% direct and
economic interest in ALI. The remaining 50.03% of ALI is held
indirectly by the ALI BEE shareholders. This results in the ALI
BEE shareholders holding an indirect and economic interest of
25.02% in Akani Egoli.
The ALI BEE shareholders comprise:
- SPP;
- Platoon Trade;
- YIN
- G7 Investments Holdings (Proprietary) Limited;
- MJFT;
- XAU;
- YWCA;
- Newshelf 698;
- BMF
- Prime Portfolio Investments "A" (Proprietary) Limited;
and
- Newshelf 800 (Proprietary) Limited.
1.1.2 Details of the ALI acquisition
Gold Reef will acquire the remaining 50.03% interest in ALI from
the ALI BEE shareholders for approximately R384.8 million. The
effect of the ALI acquisition is that Gold Reef will:
- have a direct and economic interest of 100.00% in ALI
and consequently Akani Egoli;
The ALI acquisition will be settled by the issue of 16 881 426
shares in Gold Reef and R64.1 million in cash. The cash
component will be used by the ALI BEE shareholders to settle
various taxes arising from the ALI acquisition, to redeem
cumulative redeemable preference shares issued to Gold Reef and
to settle outstanding dividends on the cumulative redeemable
preference shares ("Outstanding ALI BEE preference shares").
The redemption of the preference shares and the settlement of
the outstanding dividends amounts to R64.2 million in aggregate.
The ALI acquisition is conditional upon the approvals of the
Gauteng Gambling Board and the Competition Commission.
1.2 The ALSH acquisition
1.2.1 Nature of business of ALSH
Gold Reef holds a direct and economic interest of 50.00% in the
ordinary share capital of Silver Star Development Limited
("Silverstar") which is the holder of the casino license in the
West Rand region of Gauteng. This casino is currently under
construction.
ALSH holds the remaining 50.00% in Silverstar. The ALI BEE
shareholders, as described in the ALI acquisition, and Saffon
Balm Trading 29 (Proprietary) Limited ("Saffron"), hold an
indirect and economic interest of 100.00% in ALSH.
1.2.2 Details of the ALSH acquisition
Gold Reef will acquire 100.00% of the economic interest in ALSH
from the ALI BEE shareholders and Saffron for approximately
R519.2 million. The effect of the ALSH acquisition is that Gold
Reef will:
- have a direct and economic interest of 100.00% in ALSH
and consequently Silverstar; and
- assume external debt of R91.8 million, which will be
immediately repaid by Gold Reef, following the successful
implementation of the Proposed Share Exchange.
The ALSH acquisition will be settled by the issue of 27 323 575
shares in Gold Reef.
The ALSH acquisition is conditional upon the approvals of the
Gauteng Gambling Board and the Competition Commission.
1.3 The ALICM acquisition
1.3.1 Nature of business of ALICM
ALICM holds a 25.00% economic interest in the Akani Egoli
management contract ("Akani Egoli Contract"), whereby Akani
Egoli pays management fees for the management of its casino
operations.
Gold Reef Management (Proprietary) Limited ("GRM"), a wholly-
owned subsidiary of Gold Reef, holds the remaining 75.00%
economic interest in the Akani Egoli Contract.
1.3.2 Details of the ALICM acquisition
Gold Reef will acquire 100.00% of the direct and economic
interest in ALICM from certain ALI BEE shareholders for
approximately R30.7million. The effect of the ALICM acquisition
is that Gold Reef will:
- have a 100.00% economic interest in the Akani Egoli
Contract
The ALICM acquisition will be settled by the issue of 1 570 361
shares in Gold Reef and R0.9 million in cash. The cash component
will be used by the ALI BEE shareholders to settle various taxes
arising from the ALICM acquisition.
The ALICM acquisition is conditional upon the approvals of the
Gauteng Gambling Board and the Competition Commission.
1.4 The ALMI acquisition
1.4.1 Nature of business of ALMI
ALMI holds a direct interest of 50.00% and a 15.00% economic
interest in Akani Msunduzi (Proprietary) Limited ("Akani
Msunduzi") which operates Golden Horse Casino in
Pietermaritzburg.
Gold Reef holds a direct interest of 50.00% and an 85.00%
economic interest in Akani Msunduzi through its direct interest
plus participating preference shares in ALMI ("ALMI preference
shares") which entitles it to 70.00% of ALMI`s equity
participation in Akani Msunduzi.
The ALMI BEE shareholders comprise:
- BMF;
- Siyimbumba Investment (Proprietary) Limited;
- Eglin Investments No 30 (Proprietary) Limited ("Eglin");
- Akani Msunduzi Management (Proprietary) Limited
("AMM")1;
- Isimfonyo Investments (Proprietary) Limited;
- Pedestal Investments (Proprietary) Limited;
- Philisizwe Investments (Proprietary) Limited;
- Phinda Investments (Proprietary) Limited;
- Rock Investments (Proprietary) Limited;
- Siyanda Co-Operative Limited;
- Siyangena Investments (Proprietary) Limited;
- Umnotho Wamangwane (Proprietary) Limited;
- YIN;
- Grey Jade Trade and Invest 77 (Proprietary) Limited;
- Grey Jade Trade and Invest 86 (Proprietary) Limited;
- Firm Edge Investments (Proprietary) Limited); and
- Loophole Trading and Investment 38 (Proprietary)
Limited.
1.4.2 Details of the ALMI acquisition
Gold Reef will acquire 100% of the ordinary share capital in
ALMI from the ALMI BEE shareholders, for approximately R105.8
million. The effect of the ALMI acquisition is that Gold Reef
will:
- have a direct and economic interest of 100.00% in ALMI
and consequently Akani Msunduzi.
The ALMI acquisition will be settled by the issue of 5 122 112
shares in Gold Reef and R8.4 million in cash. The cash component
will be used by certain ALMI BEE shareholders to settle the
Outstanding ALI BEE preference shares, referred to in 1.1.2
above. After the implementation of the ALMI acquisition the
ALMI preference shares will be redeemed.
The ALMI acquisition is conditional upon the approvals of the
Kwa-Zulu Natal Gambling Board and the Competition Commission.
1.5 The ALGI acquisition
1.5.1 Nature of business of ALGI
ALGI holds a direct interest of 40.00% and a 12.00% economic
interest in Goldfields Casino and Entertainment Centre
(Proprietary) Limited ("Goldfields Casino") which operates
Goldfields Casino in the Free State.
Gold Reef holds a direct interest of 10.00%, an indirect
interest of 50.00% through Tanglepark Trading (Proprietary)
Limited, a wholly-owned subsidiary of Gold Reef, and an 88.00%
economic interest in Goldfields Casino through its direct and
indirect interests plus participating preference shares in ALGI
("ALGI preference shares") which entitles it to 70.00% of ALGI`s
equity participation in Goldfields Casino.
The ALGI BEE shareholders comprise:
- Selang-Mabele Investments Company (Proprietary) Limited;
- Izulu;
- YIN;
- Eglin;
- Trema Investments (Proprietary) Limited;
- Dual Intake Investments 48 (Proprietary) Limited;
- Heritage; and
- Lebohang Foreisitata Trust.
1.5.2 Details of the ALGI acquisition
Gold Reef will acquire 100% of the ordinary share capital in
ALGI from the ALGI BEE shareholders, for approximately R29.1
million. The effect of the ALGI acquisition is that Gold Reef
will:
- have a direct and economic interest of 100.00% in ALGI
and consequently Goldfields Casino.
The ALGI acquisition will be settled by the issue of 1 358 174
shares in Gold Reef and R3.3 million in cash. The cash component
will be used by certain ALGI BEE shareholders to settle the
Outstanding ALI BEE preference shares, referred to in 1.1.2
above. After the implementation of the ALGI acquisition the
ALGI preference shares will be redeemed.
The ALGI acquisition is conditional upon the approvals of the
Free State Gambling and Racing Board and the Competition
Commission.
1.6 The West Coast Leisure acquisition
1.6.1 Nature of business of West Coast Leisure
Reygrande holds a direct and economic interest of 10.00% in West
Coast Leisure (Proprietary) Limited ("West Coast Leisure") which
operates Casino Mykonos in the Western Cape.
Gold Reef holds a direct and economic interest of 60.40% in West
Coast Leisure.
Club Mykonos Langebaan Limited ("CML") holds the remaining
direct and economic interest of 29.60% in West Coast Leisure.
1.6.2 Details of the West Coast Leisure acquisition
Gold Reef will acquire the 10.00% direct and economic interest
in West Coast Leisure from Reygrande for approximately R42.8
million. The effect of the West Coast Leisure acquisition is
that:
- Gold Reef will have a direct and economic interest of
70.40%; and
- CML will have a direct and economic interest of 29.60%
in West Coast Leisure.
The West Coast Leisure acquisition will be settled by the issue
of 2 250 764 shares in Gold Reef.
The West Coast Leisure acquisition is conditional upon the
approvals of the Western Cape Gambling and Racing Board and the
Competition Commission.
1.7 The Satara acquisition
1.7.1 Nature of business of Satara
Satara holds a 30.00% economic interest in the Goldfields Casino
management contract ("Goldfields Contract"), whereby Goldfields
Casino pays management fees for the management of its casino
operations.
GRM, a wholly-owned subsidiary of Gold Reef, holds the remaining
70.00% economic interest in the Goldfields Contract.
1.7.2 Details of the Satara acquisition
GRM will acquire the remaining 30.00% economic interest in the
Goldfields Contract from Satara for approximately R13.3 million.
The effect of the Satara acquisition is that Gold Reef will:
- through GRM, have a 100.00% economic interest in the
Goldfields Contract.
The Satara acquisition will be settled by the issue of 700 000
shares in Gold Reef.
The Satara acquisition is conditional upon the approvals of the
Free State Gambling and Racing Board and the Competition
Commission.
1.8 The Top-up Transaction
Gold Reef will issue 14 000 000 Gold Reef ordinary shares for
cash to the Top-up BEE participants at R20.50 per share. In
terms of the JSE Listings Requirements, this is a specific issue
of shares for cash to related parties as the Top-up BEE
participants are material BEE shareholders in Gold Reef`s
subsidiaries.
A portion of the proceeds from the issue of shares for cash will
be utilised for the cash component of the consideration paid in
the Proposed Share Exchange and related expenses.
2. RATIONALE
The Proposed Share Exchange is in line with Gold Reef`s objective
of consolidating its gaming platform by increasing its exposure to
its existing operations. Gold Reef is of the view that the
Proposed Share Exchange will create long-term financial benefits
for its shareholders.
Gold Reef`s intention is to increase the BEE direct and economic
interest in Gold Reef to a minimum of 25.10%, thus satisfying an
important component of the Code of Good Practice issued by the
Department of Trade and Industry on broad-based BEE and complying
with the Gaming Board`s recommendations on BEE. The Proposed Share
Exchange will result in a BEE direct and economic interest in Gold
Reef of 21.30%. The Top - up Transaction is required to attain the
intended 25.10% target.
3. VOTING POOL AGREEMENT
In order to, inter alia, ensure that the aforesaid 25.10% target
is maintained, a Voting Pool Agreement will be concluded between
the BEE shareholders and Gold Reef (the "Voting Pool Agreement")
whereby the BEE shareholders cannot dispose of their shareholding
for three years and thereafter only to previously disadvantaged
individuals and/or with the approval of the relevant Gambling
Boards .
4. DIRECTORS
Gold Reef is committed to Black Economic Empowerment throughout
the entire Group and not only at shareholder level. Therefore,
following the successful implementation of the Proposed Share
Exchange and the Top-up Transaction, the following appointments to
the board will be made:
4.1 Bongani Biyela (34) Executive Director of Strategy and Business
Development
Bongani obtained the Higher Diploma in Marketing Management (Natal
Tech), Management Advance Program - MAP3 (Wits Business School)
and is currently studying a Bachelor of Business Administration
(Midrand University).
He has ten years experience in the gaming industry, including
nearly four years as General Manager of Gold Reef City Casino, and
holds non-executive directorships in a number of private
companies.
4.2 Richard Moloko (42) Non-executive
Richard obtained a Bachelor of Procureas (University of the
North), LLM in International Law (Harvard University), LLB (Wits
University) and an HDip Tax (Wits University).
He has nine years experience in the gaming industry after joining
Akani Egoli in 1998, holds non-executive directorships in a number
of private companies and is Chairperson of the Umsobomvu Youth
Fund.
4.3 Patrick September (64) Non-executive
Patrick holds a B.Sc (Hons) (University of London) and an M.Sc
(University of London).
He has six years experience in the gaming industry after joining
Akani Msunduzi in 2001. He holds non-executive directorships in a
number of private companies and is Chairperson of Business against
Crime in Kwa-Zulu Natal.
Subsequent to the above appointments, 25.00% of Gold Reef`s board
members will be previously disadvantaged individuals.
5. RELATED PARTY TRANSACTION
In terms of section 10 of the JSE Listings Requirements the
various transactions forming part of the Proposed Share Exchange
are regarded as related party transactions as the BEE shareholders
are material shareholders in Gold Reef`s subsidiaries. The ALI,
ALSH and ALICM transactions have been aggregated for
categorisation purposes, due to common shareholders and this is,
as a result, a category 2 transaction. The JSE has ruled that
Gold Reef must obtain one overall fair and reasonable opinion for
the Proposed Share Exchange and three individual fair and
reasonable opinions for the acquisitions that make up the category
2 transaction. The financial effects of the Proposed Share
Exchange are shown collectively, and not on an individual
transaction basis.
The Top-up Transaction is a specific issue of shares for cash to
related parties as certain Top-up BEE participants are currently
material shareholders in Gold Reef`s subsidiaries which are the
subject of the proposed share exchange. As a result the issue is
subject to a fair and reasonable opinion and shareholder approval
being obtained.
6. OPINIONS AND RECOMMENDATIONS
The board of directors of Gold Reef, in accordance with the JSE
Listings Requirements, has appointed Grant Thornton and Merchant
Sponsors (Proprietary) Limited ("GT") as an independent expert to
the Gold Reef board to furnish opinions in relation to the terms
and conditions of the Proposed Share Exchange, the terms and
conditions of the ALI, ALSH and ALICM acquisitions and the
specific issue of shares for cash to the Top-up BEE participants.
GT will consider the terms and conditions of the Proposed Share
Exchange, the ALI acquisition, the ALSH acquisition, the ALICM
acquisition and the specific issue of shares for cash to the Top-
up BEE participants and will opine on whether these transactions
are fair and reasonable to shareholders. Their opinions will be
contained in a circular to Gold Reef shareholders.
7. CONDITIONS PRECEDENT TO THE PROPOSED SHARE EXCHANGE AND TOP-UP
TRANSACTION
The Proposed Share Exchange is subject to, inter alia, the
following conditions precedent:
7.1 the Voting Pool Agreement becoming unconditional (Gold Reef being
entitled to waive such requirement);
7.2 the receipt of all regulatory approvals (to the extent they are
required), potentially being the approval of the Competition
Commission, the approval of the relevant Gambling Boards, the approval
of the JSE and the approval of the Securities Regulation Panel on
Takeovers and Mergers;
7.3 Gold Reef obtaining shareholder approval for the Proposed Share
Exchange.
The Top-up Transaction is subject to, inter alia, the following
conditions precedent:
7.4 Gold Reef obtaining shareholder approval for the Top-up
Transaction; and
7.5 the fulfilment of the conditions precedent in the Proposed Share
Exchange.
The agreements giving effect to the Proposed Share Exchange and
the Top-up Transaction, contain warranties which are considered
normal for transactions of this kind.
8. PRO FORMA FINANCIAL EFFECTS
The unaudited pro forma financial effects of the Proposed Share
Exchange and Top-up Transaction on Gold Reef`s earnings per share
("EPS"), headline earnings per share ("HEPS"), normalised earnings
per share, ("NEPS"), net asset value per share ("NAV") and
tangible net asset value per share ("TNAV") are set out below.
This unaudited pro forma financial information has been prepared
for illustrative purposes only and because of its nature may not
give a fair reflection of Gold Reef`s financial position and
results of operations, nor the effect and impact of the Proposed
Share Exchange and Top-up Transaction going forward, and is the
responsibility of Gold Reef`s directors.
Before After the % After % Net %
(1) Proposed Change the Change Change
Share (3) Top-up
Exchange Transac
(2)(4) tion
(4)
EPS 54.0 35.6 (34.07%) 36.5 2.47% (32.45%)
(cents)
HEPS 56.7 37.7 (33.47%) 38.5 2.04% (32.11%)
(cents)
NEPS 56.7 54.7 (3.53%) 55.6 1.69% (1.90%)
(cents)
(5)
NAV 595.7 645.0 8.27% 717.0 11.16% 20.36%
(cents)
TNAV 408.5 200.1 (51.02%) 294.9 47.39% (27.81%)
(cents)
Number of 203 961 273 167 5.40%
shares in
issue for
purposes 259 167 27.07% 33.93%
of
calculatin
g EPS,
HEPS,
NEPS, NAV,
TNAV
(`000s)
Excluding the ALSH acquisition the unaudited pro forma financial
effects would be as follows:
Before After % After % Net %
(1) the Change the Change Change
Proposed (3) Top-up
Share Transac
Exchange tion
(2)(4) (4)
EPS (cents) 54.0 40.0 (25.91%) 40.8 1.81% (24.57%)
HEPS (cents) 56.7 42.4 (25.25%) 43.0 1.39% (24.21%)
NEPS (cents) 56.7 61.4 8.21% 62.0 1.06% 9.35%
(5)
NAV (cents) 595.7 477.0 (19.92%) 566.6 18.78% (4.88%)
TNAV (cents) 408.5 269.5 (34.01%) 370.9 37.62% (9.19%)
Number of 203 96
shares in 1
issue for
purposes of 231 844 13.67% 245 844 6.04% 20.53%
calculating
EPS, HEPS,
NEPS, NAV,
TNAV (`000s)
Notes:
1. Based on the published unaudited interim results of Gold Reef for
the six months ended 30 June 2006.
2. Based on the assumption that the transaction was effected on 1
January 2006 for income statement purposes and 30 June 2006 for
balance sheet purposes.
3. The dilutive effect on EPS and HEPS of the Proposed Share
Exchange is due to the ALSH acquisition. Silverstar Casino is under
construction and will not contribute to earnings until its expected
opening date in December 2007. However, the Gold Reef shares will be
issued to the ALSH BEE shareholders on implementation of the Proposed
Share Exchange. The Proposed Share Exchange is expected to be earnings
enhancing in the medium term, once the Silverstar Casino commences
trading. The dilutive effect of the transactions is also exaggerated
by the non-recurring write-off of the acquisition value of the
Goldfields contract, Akani Egoli contract and the IFRS 2 expense
arising from the Top-up Transaction. This has been adjusted for in
NEPS.
4. The above financial effects were calculated using an estimated
R20.70 as the value of the shares issued to the BEE shareholders on
implementation date for the Proposed Share Exchange and Top-up
Transaction for fair value accounting and IFRS 2 purposes.
5. NEPS excludes the non-recurring write-off of the acquisition
value of the Goldfields contract, Akani Egoli contract and the IFRS 2
expense arising from the Top-up Transaction.
9. GENERAL MEETING
A general meeting of Gold Reef shareholders is scheduled to be
held at Gold Reef City, Gate 4, Northern Parkway, Ormonde,
Johannesburg, on Wednesday 25 April 2007 at 10:00, for the
purposes of considering, and if deemed fit, approving the Proposed
Share Exchange and the Top-up Transaction.
10. SALIENT DATES AND TIMES
The expected dates and times in relation to the Proposed Share
Exchange and Top-up Transaction are set out below:
Proxy forms to be received by 23 April 2007
10:00 on
General meeting to be held at 25 April 2007
10:00 on
Results of the general meeting 25 April 2007
published on SENS on
Results of the general meeting 26 April 2007
published in the press on
Notes:
1. Any changes to the above dates and times will be released on SENS
and published in the South African press.
2. All times given are local times in South Africa.
11. DOCUMENTATION
A circular containing the details of the Proposed Share Exchange
and the Top-up Transaction will be posted to shareholders on 29
March 2007.
12. WITHDRAWAL OF CURRENT CAUTIONARY ANNOUNCMENT AND ISSUE OF NEW
CAUTIONARY ANNOUNCEMENT
The cautionary announcements issued by Gold Reef on 27
December 2006 and 7 February 2007 relating to the above
transactions are hereby withdrawn.
Further and unrelated to the above, shareholders are advised that
Gold Reef is currently in discussions which are at an early stage.
This may or may not result in a transaction that may have a
material impact on the price of its securities and accordingly
shareholders are advised to continue exercising caution when
dealing in their Gold Reef securities until a further announcement
is made.
Johannesburg
9 March 2007
Financial advisor and transaction Sponsor
sponsor
Absa Capital Logo Nedbank Capital Logo
Legal advisors Corporate law and tax
advisors
Edward Nathan Sonnebergs Werksmans
Incorporated Logo
Legal advisors To BEE Shareholders Independent experts
Grant Thornton Logo
Webber Wentzel Bowens Logo
Merchant Sponsors Logo
_______________________________
1 AMM is currently warehousing this shareholding pending resolution
of a dispute over the shareholding.
Date: 09/03/2007 13:18:42 Produced by the JSE SENS Department.
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