RECM AND CALIBRE LIMITED - Prepared comments from RAC shareholder meeting

Prepared comments from RAC shareholder meeting

RECM and Calibre Limited
(Incorporated in the Republic of South Africa)
Registration number 2009/012403/06
Preference Share Code: RACP
ISIN: ZAE000145041
("RAC" or "the Company")


PREPARED COMMENTS FROM RAC SHAREHOLDERS MEETING


At a directors meeting with participating preference shareholders, which was held directly after the
Company’s Annual General Meeting on 27 July 2022, the following prepared comments were
shared with attendees. In the interest of sharing the information equally with all shareholders, the
statement is also published on SENS and on the RAC website www.racltd.co.za.

Goldrush

Goldrush has continued to trade well during the first four months of the new financial year. This
has led to the rolling 12-month EBITDA at the end of July being expected to exceed R380m.

Subsequent to year-end, Goldrush refinanced a liability to a machine supplier and consolidated this
debt with its current bankers. In the process it received discounts of R35m.

Bingo operations have benefited from the lifting of the final mask mandates in late May.

The company is on track to deploy additional Limited Pay-out machines in line with its strategy for
the year.

Retail sports betting continues with strong in-store growth, while the online division has seen further
improvement in sales.

Balance sheet management

Effective 15 July 2022, RAC distributed the remaining Astoria shares it still owned to its
shareholders. This represented the equivalent distribution of 55c per RAC share when measured
at Astoria’s current share price, or the equivalent of R1.13 per RAC share if measured at Astoria’s
NAV.

The distribution of Astoria concludes the final step in the removal of the cross-holding between the
two companies.

RAC’s banking arrangements have been renegotiated to reduce the cost of funding and provide us
with more flexibility. This means we can repay debt without penalty, buy back shares or pay
dividends. We have already started to make use of this enhanced level of flexibility


Cape Town
27 July 2022

Sponsor
Questco Proprietary Limited

Date: 27-07-2022 11:01:00
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