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GPL - Grand Parade Investments Limited - Proposed restructure - changes to pro forma financial effects, update regarding circular to shareholders and other matters GRAND PARADE INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) (Registration number: 1997/003548/06) Share code: GPL ISIN: ZAE000119814 ("GPI" or "the Company") PROPOSED RESTRUCTURE - CHANGES TO PRO FORMA FINANCIAL EFFECTS, UPDATE REGARDING CIRCULAR TO SHAREHOLDERS AND OTHER MATTERS Shareholders are referred to the Company`s detailed announcement on 16 May 2011 on SENS and on 17 May 2011 in the press ("the Announcement") regarding a proposed transaction between GPI and Sun International Limited ("SIL"), defined in the Announcement and referred to below as "the Proposed Restructure". UPDATE REGARDING THE CIRCULAR TO SHAREHOLDERS GPI is currently in the process of finalising the circular ("the Circular") to shareholders in respect of the Proposed Restructure and it is anticipated that the Circular will be posted to GPI shareholders during August 2011. CHANGES TO PRO FORMA FINANCIAL EFFECTS OF THE PROPOSED RESTRUCTURE The pro forma financial effects of the Proposed Restructure, as disclosed in the Announcement, have been updated and in terms of section 9.17 of the JSE Listings Requirements, the following updated pro forma financial effects are required to be disclosed: Unaudited Pro Forma Before After Change (cents) (cents) (%)
Earnings/(loss) per share 4.75 3.52 (26%) Headline earnings/(loss) per share 11.56 12.91 12% The assumptions on which the updated pro forma financial effects are based, remain in line with those set out in the Announcement, save that transaction costs and breakage fees are now estimated to be R14.6 million, R4 million less than previously estimated. Detailed pro forma financial effects will be disclosed in the Circular. RELATED PARTY Since the Announcement was made, the JSE has indicated that it considers GPI and SIL to be related parties for purposes of the JSE Listings Requirements as SIL is a material shareholder of SunWest International (Pty) Limited, in which GPI in turn holds 50.01% of the voting rights of the issued share capital. Accordingly, the JSE views the Proposed Restructure as a related party transaction. NO FURTHER SIGNIFICANT CHANGES Save as set out above, there has been no significant change affecting any matter contained in the Announcement and no other significant matter has arisen that would have been required to be mentioned in the Announcement, if it had arisen at the time of the preparation of the Announcement. Cape Town 3 August 2011 Sponsor PSG Capital (Pty) Limited Date: 03/08/2011 16:58:09 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
