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Prepared comments from RAC shareholders 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 31 July 2024, 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.
This statement, together with a recording of the meeting will be made available on the RAC website
at www.racltd.co.za.
General
Dear fellow shareholders and friends,
Today's meeting is the final one of this kind. From 14 August 2024, the participating preference
shares of RAC will be trading as Goldrush Holdings Ltd, under the alpha code GRSP, being the
listed holding company for our 59.4% share in Goldrush Group (Pty) Ltd ("Goldrush Group").
With the name change, which reflects the economic reality of the company, also comes an
accounting change which will see Goldrush Holdings Ltd present consolidated accounts going
forward. Beyond this, nothing else changes. We believe that the current structure of RAC serves
all parties well. The responsibility of the executives of Goldrush Holdings Ltd will be to see to all
affairs relating to the Company's listing, as well as guidance on capital allocation within the broader
Goldrush Group, while the management team of Goldrush Group will remain responsible for the
day-to-day operations – a job they have excelled since they founded the business.
Goldrush update for the first four months
The Bingo division traded slightly lower than the same time last year, with the number of active
customers slightly down, while average spend has remained constant.
The Limited Payout Machine ("LPM") division operated less machines than the first four months of
the prior year due to the closure of underperforming sites. An increase in the average gaming
revenues per LPM meant that revenue is in line with the previous year.
The Sports Betting division is trading in line with the previous year, despite its usual lumpier revenue
pattern.
The Online division grew strongly compared to the same period last year, continuing the growth
trajectory it has experienced over the past year.
The aggregate revenue for Goldrush Group for the period is therefore 5% ahead of the same period
last year.
Operating costs have been managed accordingly, with added relief from reduced diesel costs in
this period.
Cape Town
31 July 2024
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 31-07-2024 11:00:00
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