All Gold Reef Assets And Liabilities Will Be Sold

A consortium of controlling shareholders, presumed to include the Krok family, is considering making an offer to buy out all the assets and liabilities of gaming group Gold Reef Casino Resorts. The offer was set to be made before October 31. The total consideration to be offered was actually 3.25 rand per share, which included 5 cents for transaction costs and secondary tax on companies.

Austrian gaming group Casinos Austria is in the process of completing the purchase of a 16.7% stake in Gold Reef for 106.8 million rand via an asset swap transaction, which valued Gold Reef shares at 3.00 rand per share. This brings its shareholding in Gold Reef to 17%, making it the second-largest shareholder in Gold Reef behind the Krok family.

The offer is obviously a vote of confidence in the future growth prospects of South Africa's casino industry.

Gold Reef also said in the cautionary it would not be proceeding with its pro-rata share repurchase of 8% of its issued share capital until after October 31, by which date the consortium had agreed to indicate whether or not it would go ahead with the buyout proposal. ©

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