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Clarifying statement regarding the award of National Lottery Licence
Goldrush Holdings Limited
(previously RECM and Calibre Limited)
(Incorporated in the Republic of South Africa)
Registration number 2009/012403/06
Preference Share Code: GRSP
ISIN: ZAE000145041
("Goldrush Holdings" or "the Company")
CLARIFYING STATEMENT REGARDING THE AWARD OF NATIONAL LOTTERY LICENCE
Shareholders are referred to the announcement released on SENS on 28 May 2025 ("the 28 May
Announcement"), in which they were advised that Sizekhaya Holdings (RF) Ltd ("Sizekhaya"), a
company in which Goldrush Group (Pty) Ltd ("Goldrush") (a subsidiary of Goldrush Holdings) holds 50%
of the issued shares, was awarded the licence to operate the South African National Lottery and Sports
Pools for an 8-year period commencing 1 June 2026 ("the Licence").
Shareholders were further advised that, pursuant to the award of the Licence and as per the relevant
regulations, Sizekhaya will, on activation of the Licence, issue shares to a government entity (to be
determined by the Minister of Trade, Industry and Competition) ("Government Shares"), resulting in
Goldrush's interest in Sizekhaya diluting to 40%.
Subsequent to the publication of the 28 May Announcement, we have received many questions and
have noted media statements relating to the award of the Licence.
In order to share the relevant facts with the public, we set them out below.
Facts relating to shareholders of Sizekhaya
• In the process of assembling the consortium to bid for the Licence ("the Consortium"), all
prospective shareholders of Sizekhaya ("Prospective Shareholders") were legally and
independently vetted and approved, prior to the submission of the bid for the Licence.
The standard against which Prospective Shareholders were scrutinised was in compliance with
both:
• the Lotteries Act 57 of 1997; and
• the Request for Proposal ("the RFP") for the Fourth National Lottery and National Sports
Pools licence, as provided by the National Lotteries Commission.
• Bellamont Gaming (Pty) Ltd ("Bellamont"), of which Moses Tembe and Khumo Bogatsu are directors
and shareholders, will be a 5.6% shareholder in Sizekhaya after the issue of the Government
Shares.
Moses Tembe is a previous chairman of Phumelela Gaming and Leisure Ltd, previous board
member of Tsogo Sun (KZN) and previous Deputy Chairman of Gold Circle Horse Racing and
Betting. Leading these highly regulated gaming and JSE-listed entities made Moses one of the
most suitable candidates for the position of Chairman of Sizekhaya.
Khumo is an advocate of the High Court with extensive leadership experience in the corporate
sector. Through Bellamont, Khumo would have an indirect 1.6% shareholding in Sizekhaya. Her
shareholding in Bellamont was specifically investigated since she is the sister-in-law of the Deputy-
President of South Africa. There were no legal impediments found at the time which would preclude
her participation in the Consortium.
• Sandile Zungu, founder and chairman of Zungu Investments (Pty) Ltd ("Zungu Investments"), is an
indirect 5.6% shareholder in Sizekhaya. He is a past Chairman of Goldrush. Through Zungu
Investments, Sandile has a diverse investment portfolio and has acted as chairman and director on
the boards of many listed and unlisted entities. He is not an active political office bearer.
Facts relating to perceived conflicts of interest of members of the bid evaluation committee
• Goldrush Holdings, Goldrush and Sizekhaya played no role in the appointment of members of the
bid evaluation committee for the award of the Licence ("the Evaluation Committee"). Those
members were only appointed after the bids for the Licence were submitted on 3 February 2024.
• Thiran Marimuthu, a member of the Evaluation Committee is known to the management team of
Goldrush. He interacted professionally with the team during his tenure at the Gauteng Gambling
Board, which regulates all gambling businesses in the Gauteng Province, including several
Goldrush subsidiaries. Thiran also interacted with other lottery bidders due to his association with
the industry.
Thiran attended the 25-year anniversary event of Goldrush at the invitation of Goldrush as did
shareholders, suppliers and regulators in the gaming industry (past and present). Thiran was
invited based on this past working relationship with Goldrush.
• Another member of the Evaluation Committee, Anne Marie Pooley, acquired an establishment in
Gauteng during February 2024, which already housed Limited Payout Machines ("LPMs") supplied
by the Goldrush LPM division. There are only three owners of LPM operators' licences in Gauteng,
being Goldrush, Grand Slots, (ultimately owned by JSE-listed Sun International Ltd) and Vslots
(ultimately owned by JSE-listed Hosken Consolidated Investments Ltd). Anybody that acquires an
existing establishment in Gauteng with LPMs will have a high probability of having Goldrush LPMs
on the premises.
• We refer shareholders to the media statement by the portfolio committee of Trade and Industry
where internal investigations found no conflicts of interest involving members of the Evaluation
Committee. This statement can be found at:
https://www.parliament.gov.za/press-releases/media-statement-committee-notes-national-lottery-
licence-award-process-and-explanation-conflict-interest-questions
Further information about the operations of the National Lottery
• This is the first time in South Africa's history that the general public has the opportunity to benefit
from ownership of the lottery operator. Goldrush Holdings, the holding company of Goldrush, is a
public company and listed on the JSE. It has more than 1 200 shareholders, of which by far the
majority are individuals. Any member of the public can buy shares in the Company and in that way
benefit from the ownership of the lottery operator.
• Sizekhaya has the responsibility and right to operate the National Lottery. It can only profit from
efficiencies in doing so. Payments to the winners of the regular lottery draws are governed by the
rules of the Licence that was issued to Sizekhaya. The allocation of grants from the National
Lotteries Distribution Trust Fund ("NLDTF") is handled by the trustees of NLDTF and not by
Sizekhaya.
It is Sizekhaya's aim to run the lottery operation as professionally as possible – in that way it will
benefit the most people – the beneficiaries of the NLDTF, as well as all the shareholders in Goldrush
Holdings.
Both Goldrush and Sizekhaya are advised on legal matters by Cliffe Dekker Hofmeyr Incorporated.
Cape Town
2 July 2025
JSE Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 02-07-2025 03:10:00
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