Wrap Text
Reviewed results for the year ended 30 June 2012
Grand Parade Investments Limited
Incorporated in the Republic of South Africa
Registration number: 1997/003548/06
ISIN: ZAE000119814
Share code: GPL
("GPI" or "the company" or "the group")
Reviewed results for the year ended 30 June 2012
Highlights
- Concluded agreement with Sun International to restructure certain common assets
- Increased Revenue by 33%
- Increased LPM GGR by 25%
- Increased Net profit after tax by 1 206%
- Increased Adjusted HEPS by 30%
- Net cash generated of R335,9 million
- Special dividend of 60 cents per share paid during January 2012 from the proceeds of the Sun International deal
- Final ordinary dividend of 12,5 cents per share and a special dividend of 7,5 cents per share totaling 20 cents
per share recommended, representing 100% increase
CONDENSED GROUP STATEMENT
OF COMPREHENSIVE INCOME
Reviewed Audited
30 June 30 June
2012 2011 %
Notes R'000s R'000s change
Revenue 1 435 667 326 442 33%
Cost of sales 2 (231 248) (184 343) 25%
Gross Profit 204 419 142 099 44%
Operating costs 3 (146 209) (124 539) 17%
Profit from operations 58 210 17 560 231%
Profit from equity-accounted
investments 4 130 465 119 566 9%
Profit on disposal of investments 5 60 248 151
Reversal of impairment of investment 6 336 15 000
Realisation of fair value reserve 7 35 588
Impairment of investment (128 485)
Net income before finance costs and
taxation 284 847 23 792 1 097%
Finance income 1 781 1 745 2%
Finance costs 8 (24 225) (32 916) (26%)
Net profit/(loss) before taxation 262 403 (7 379) 3 656%
Taxation 9 (11 598) (15 292) (24%)
Net profit/(loss) for the year 250 805 (22 671) 1 206%
Other comprehensive income
Unrealised fair value losses on available-
for-sale investments, net of tax (5 676) (4 491)
Realisation of fair value reserve (35 588)
Changes in reserves from equity
accounted investments, net of tax 13 197
Total comprehensive income/(loss) for
the year 209 541 (13 965)
Net profit/(loss) for the year
attributable to:
Ordinary shareholders 250 805 (22 671)
250 805 (22 671)
Total comprehensive income/(loss)
attributable to:
Ordinary shareholders 209 541 (13 965)
209 541 (13 965)
Basic and diluted earnings/(loss) per
share (cents) 53,45 (4,89) 1 193%
Adjusted basic and adjusted diluted
earnings/ (loss) per share (cents) 53,68 (4,95) 1 184%
Headline and diluted headline earnings
per share (cents) 10 34,75 19,13 82%
Adjusted headline and diluted adjusted
headline earnings per share (cents) 10 29,09 22,38 30%
Dividends paid per share (cents)* 70,00 7,50 833%
* Final dividend declared in respect of the previous financial year and
paid in December, which include the special dividend of 60 cents paid in
January 2012.
Reviewed Audited
30 June 30 June
2012 2011
Headline earnings reconciliation R'000 R'000s
Net profit/(loss) attributable to
ordinary shareholders 250 805 (22 671)
Realisation of fair value reserve (35 588)
Reversal of impairment of investment (336) (15 000)
Profit on disposal of investments (60 248) (151)
Loss on sale of property, plant and
equipment 447 759
Impairment of investment 128 485
Adjustments by jointly-controlled
entities 412
Loss on disposal of plant and
equipment 412
Adjustments by associates (2 855)
Realised investment profits (1 987)
Profit on sale of investment (868)
Tax effect of above 7 950 (285)
Headline earnings 163 030 88 694
Reversal of employee share trust (95) 751
Reversal of transaction costs 13 907 2 133
Change in intended recovery of jointly-
controlled entity (10 918) 10 918
Preference share redemption fee 2 100
Reversal of cancellation fees (32 271)
Tax effect on above 170
Adjusted headline earnings 135 923 102 496
Reconciliation of shares
Shares in issue (before deducting
treasury shares) (000's) 460 680 470 460
Shares in issue (after deducting
treasury shares) (000's) 459 510 468 240
Weighted average number of shares in
issue (000's) 469 195 463 757
Adjusted weighted average number of
shares in issue (000's) 467 166 457 937
The shares in issue and weighted average number of shares in issue have
been reduced by 1 170 000 treasury shares held by the GPI Share Incentive
Trust.
CONDENSED GROUP STATEMENT
OF FINANCIAL POSITION
Reviewed Audited
30 June 30 June
2012 2011
Notes R'000s R'000s
ASSETS
Non-current assets 11 1 405 914 1 631 715
Non-current asset held for sale 12 451 000
Current assets 13 461 804 112 179
Total Assets 1 867 718 2 194 894
EQUITY AND LIABILITIES
Total equity 14 1 616 869 1 756 792
Non-current liabilities
Deferred tax liabilities 11 525 23 618
Cumulative redeemable preference shares 15 101 670 193 157
Interestbearing loans and borrowings 15 37 134 89 500
Provisions 173 126
Current liabilities 16 100 347 131 701
Total Equity & liabilities 1 867 718 2 194 894
Net asset value (before deducting treasury
shares) (cents) 351 373
Adjusted net asset value (after deducting treasury
shares) (cents)* 352 375
Tangible net asset value (before deducting
treasury shares) (cents) 312 347
Adjusted tangible net asset value (after deducting
treasury shares) (cents)* 313 349
* The adjusted net asset value and adjusted tangible net asset value have
been reduced by goodwill and intangible assets.
CONDENSED GROUP STATEMENT
OF CASH FLOWS
Reviewed Audited
30 June 30 June
2012 2011
R'000s R'000s
Cash flows from operating activities
Net profit/(loss) before taxation 262 403 (7 379)
Non cash flow items
Depreciation and amortisation 38 610 36 010
Loss on sale of property, plant and equipment 447 759
Profit on disposal of investments (60 248) (151)
Reversal of impairment of investment (336) (15 000)
Realisation of fair value reserve (35 588)
Impairment of loans 217
Profit from equity-accounted investments (130 465) (119 566)
Impairment of investment 128 485
Realisation of expenses previously recognised
against share premium 1 189
Adjustments for:
Finance costs per the statement of comprehensive
income 24 225 32 916
Finance income per the statement of comprehensive
income (6 797) (3 405)
Dividends received per the statement of
comprehensive income (26 971) (2 009)
Net working capital changes (18 342) (28 491)
Income tax paid (25 704) (11 907)
Finance income operations 1 781 1 745
Net cash inflow from operating activities 24 421 12 007
Cash flows from investing activities
Acquisition of plant and equipment (35 647) (28 299)
Acquisition of land and buildings (25 002)
Acquisition of intangible assets (3 672) (2 577)
Proceeds from the disposal of plant and equipment 117 127
Proceeds from the disposal of investments 733 935
Loans advanced (1 257)
Proceeds from loan repayments 1 110
Net investments made in jointly controlled investment (32 839)
Net cash paid for business combination (5 976)
Finance income investments 5 016 1 660
Dividends received 182 686 143 683
Net cash inflow from investing activities 857 286 75 779
Cash flows from financing activities
Finance costs paid (20 735) (28 304)
Shares bought back (24 321)
Preference shares redeemed (125 726) (24 163)
Dividends paid (322 405) (33 666)
Loans repaid (52 000) (16 000)
Finance lease raised 424 2 915
Finance lease repaid (1 045) (479)
Share issue expenses on new share issue (33)
Net cash outflow from financing activities (545 808) (99 730)
Net increase/(decrease) in cash and cash equivalents 335 899 (11 944)
Cash and cash equivalents at the beginning of the
year 69 248 81 192
Cash and cash equivalents at the end of the year 405 147 69 248
SEGMENTAL ANALYSIS
IFRS 8: Operating segments require a "management approach" whereby
segment information is presented on the same basis as that used for internal
reporting purposes to the chief operating decision maker/s who have
been identified as the Board of Directors. During the year management
changed their approach to reviewing the performance of the group from
an investment ownership approach to an industry approach. The approach
was changed to review the risks of the group more effectively.
Revenue Finance Income
Reviewed Audited Reviewed Audited
30 June 30 June 30 June 30 June
2012 2011 2012 2011
R000's R000's R000's R000's
Land Based Casinos 18 821 2 009
Limited Payout Machines 403 583 322 222 1 500 1 443
Management Services(1) 96 532 281 302
Property
Other 13 167 1 679
435 667 326 442 1 781 1 745
(1) The intercompany charges have been set off against this amount.
Depreciation and
Finance costs Amortisation
Reviewed Audited Reviewed Audited
30 June 30 June 30 June 30 June
2012 2011 2012 2011
R000's R000's R000's R000's
Land Based Casinos
Limited Payout Machines (195) (844) (15 661) (13 295)
Management Services (5 429) (7 199) (22 785) (22 604)
Property
Other (18 601) (24 873) (164) (111)
(24 225) (32 916) (38 610) (36 010)
Profit from equity-
accounted investments Taxation
Reviewed Audited Reviewed Audited
30 June 30 June 30 June 30 June
2012 2011 2012 2011
R000's R000's R000's R000's
Land Based Casinos 130 465 119 566
Limited Payout Machines (9 826) (6 259)
Management Services (3 015) 2 948
Property 55
Other 1 188 (11 981)
130 465 119 566 (11 598) (15 292)
Profit After Tax Total Assets
Reviewed Audited Reviewed Audited
30 June 30 June 30 June 30 June
2012 2011 2012 2011
R000's R000's R000's R000's
Land Based Casinos 231 032 4 514 1 109 060 1 811 118
Limited Payout Machines 24 026 18 479 273 277 254 448
Management Services 7 741 (4 620) 72 270 77 914
Property (140) 28 574
Other (11 854) (41 044) 384 537 51 414
250 805 (22 671) 1 867 718 2 194 894
Total Liabilities
Reviewed Audited
30 June 30 June
2012 2011
R000's R000's
Land Based Casinos (1 769) (13 697)
Limited Payout Machines (38 982) (39 266)
Management Services (70 570) (82 862)
Property (216)
Other (139 312) (302 277)
(250 849) (438 102)
ACCOUNTING POLICIES
AND BASIS OF PREPARATION
The condensed consolidated annual financial information has been prepared
on the historical cost basis, except where stated otherwise, and in accordance
with International Financial Reporting Standards (IFRS) and the Listing
Requirments of the JSE, and is presented in terms of disclosure requirements
set out in IAS 34: Interim Financial Reporting and the Companies Act of South Africa
No. 71, of 2008, as amended. The accounting policies applied are consistent with those
applied in the financial results for the year ended 30 June 2011, with the exception
of the following new and amended standards which are effective for the financial year
beginning on or after 1 January 2011:
- IAS 24 Related Party Transactions (Amendment), which clarifies the
definitions of a related party. The adoption of the amendment did not have
any impact on the financial position, performance, cash flows or disclosure
of the group.
- IFRIC 14 Prepayments of a minimum Funding Requirement (Amendment),
which permits a prepayment of future service costs by the entity to be
recognised as a pension asset. The group is not subject to minimum funding
requirements, and therefore the amendment of the interpretation has no
effect on the financial position or performance of the group.
- IFRS 7 Financial Instruments: Disclosures (Amendment) Transfers of
Financial Assets, which requires additional quantitative and qualitative
disclosures relating to transfers of financial assets. The amendment is not
expected to impact the group.
Audit opinion
Our auditors, Ernst & Young Inc., have reviewed the condensed consolidated
financial information contained herein. Their reviewed report in which
they expressed their unqualified opinion is available for inspection at the
company's registered office.
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Capital Available-
redemption Ordinary for-sale Non-
reserve share Share Treasury fair value controlling Accumulated
fund capital premium shares reserve interest profits Total
R'000s R'000s R'000s R'000s R'000s R'000s R'000s R'000s
Balance at 30 June 2010 277 115 727 186 (11 669) 40 690 4 978 1 010 803 1 772 380
Total comprehensive income/(loss) for the year 8 706 (22 671) (13 965)
Dividends paid (34 238) (34 238)
Ordinary shares issued 2 23 168 23 170
Share issue expense (33) (33)
Transfer to capital redemption reserve fund 24 (24)
Treasury shares issued 3 726 7 218 10 944
Acquisition of non-controlling interest (4 978) 3 512 (1 466)
Balance at 30 June 2011 301 117 754 047 (4 451) 49 396 957 382 1 756 792
Total comprehensive income/(loss) for the year (41 264) 250 805 209 541
Dividends paid (327 768) (327 768)
Share bought back (2) (24 319) (24 321)
Treasury shares issued 520 2 105 2 625
Balance at 30 June 2012 301 115 730 248 (2 346) 8 132 880 419 1 616 869
NOTES TO THE FINANCIAL STATEMENTS
1. Revenue
Revenue comprises Gross Gaming Revenue ("GGR") from our Limited Payout Machines ("LPM") operations, dividends
received from National Casino Resort Manco (Proprietary) Limited ("National Manco") and Real Africa Holdings Limited
("RAH"), interest earned on positive cash balances and other LPM operating cost recoveries.
GGR is the term used for the net revenue generated by an LPM from the amount of cash played through the LPM
less pay-outs to players.
Reviewed Audited
30 June 30 June
2012 2011
R000's R000's
Gross Gaming Revenue 395 606 316 192
Grandslots 249 634 213 597
Kingdomslots 119 259 99 550
Grand Gaming: Slots 26 713 3 045
Other operating income 8 074 6 581
Other investment income 31 987 3 669
Revenue 435 667 326 442
Other investment income increased from the prior year due to dividends of R13,2 million received from RAH, dividends of R4,4 million
received from National Manco and dividends of R1,2 million received from Winelands Manco. In addition R8,1 million of preference
share dividends was received and interest earned on positive cash balances.
2. Cost of sales
Cost of sales is directly related to GGR and comprises direct costs such as commissions to site owners, gambling levies
and monitoring fees, and has increased by 25.4% in line with the increase in GGR.
3 Operating costs
Operating costs include transaction costs of R13,9 million, which are expensed and reversed for adjusted headline
earnings per share.
4. Profit from equity-accounted investments
Profit from equity-accounted investments comprises profits from jointly-controlled entities and profits from associates.
Overall profits from equity-accounted investments for the financial year increased by R10,9 million or 9.1% from the
prior year.
Profit from jointly-controlled entities
SunWest International (Proprietary) Limited ("SunWest") attributable earnings consists of attributable earnings from
GrandWest Casino and Entertainment World ("GrandWest") and The Table Bay Hotel. Western Cape Casino Resort
Manco (Proprietary) Limited ("Western Cape Manco") attributable earnings consist of management fees received
from SunWest.
Profit from associates
Profit from associates consists of attributable earnings from Akhona Gaming Portfolio Investments (Proprietary)
Limited ("Akhona GPI").
5. Profit on disposal of investments
As disclosed in the interim results, the restructure of common assets with Sun International Limited ("SUI") ("restructure")
was concluded on 2 December 2011. The group received proceeds of R733,9 million from SUI for the disposal of these
investments and recognised a profit on the disposal of R60,3 million.
6. Reversal of impairment of investment
In terms of IAS 36 Impairment of Assets, an entity must determine whether there is any indication of impairment
at each reporting date. IAS 36 requires assets to be impaired to the higher of market value or value in use based on
discounted cash flow valuations. At year-end there is no indication that any investment must be impaired.
As disclosed in the interim results, the group reversed R0,3 million of previously recognised impairment losses of its
investment in Worcester Casino (Proprietary) Limited ("Golden Valley Casino").
7. Realisation of fair value reserve
As a result of the disposal of the group's interest in RAH and in terms of IAS39 Financial instruments Recognition
and Measurement, R35,6 million of previously recognised fair value adjustments were realised through the statement
of comprehensive income.
8. Finance costs
Finance costs decreased by 26.4% due to lower debt levels. The group repaid its R40,0 million term loan with Grindrod
Bank Limited ("Grindrod") and redeemed R125,7 million preference shares with Sanlam Capital Markets ("SCM") from
the cash received from the restructure. The group also repaid R12,0 million of its term loan with SCM.
9. Taxation
The taxation in the statement of comprehensive income is relatively low compared to the profit before taxation due
to exempt income earned, permanent differences as well as differences between the accounting and tax values of the
investments sold in the restructure.
10. Headline and adjusted headline earnings
Headline earnings per share increased by 81.7%, whilst adjusted headline earnings per share increased by 30.0% to 29.09 (2011:
22.38) cents per share. The increase primarily arises from the returns on available cash, the decreased finance charges
as well as the improved performance of the Slots group.
11. Non-current assets
Non-current assets decreased mainly as a result of the SUI restructure.
During May 2012 GPI acquired an office building in a prime location in Adderley Street, Cape Town. The acquisition is
focused on reducing the rental expense in the group and to establish a landmark Head Office for the GPI group. The
building is currently being redeveloped and we expect to take occupation during February 2013.
12. Non-current asset held for sale
As disclosed in the results at 30 June 2011 the investment in RAH was reclassified as a non-current asset held for sale.
The investment was sold as part of the restructure.
13. Current assets
Current assets have increased due to the cash received as part of the restructure and consists of cash and cash
equivalents of R405,1 million, inventory of R2,1 million and other receivables of R54,6 million.
14. Total equity
GPI acquired 9,78 million (2.1%) of its own shares during the year at an average price of 249 cents per share.
15. Non-current liabilities
By utilising part of the R794,1 million cash received from SUI in terms of the restructure, the group repaid its R40,0 million
term loan with Grindrod and redeemed R125,7 million preference shares with SCM.
The cumulative redeemable preference shares outstanding relate to the facility with The Standard Bank of South Africa
Limited and Depfin Investments (Proprietary) Limited.
The balance on the interest-bearing borrowings mainly relates to the term loan with SCM, of which R12,0 million was
repaid during the year.
16. Current liabilities
Current liabilities consist of the current portion of the SCM term loan of R16,0 million, the cumulative redeemable
preference share current portion of R30,6 million and trade and other payables of R53,8 million.
COMMENTARY
RESTRUCTURE WITH SUI
The restructure was the most significant transaction during the year and had a
material effect on this year's results. The effects of this transaction have however
been removed from the adjusted headline earnings for the year in order to normalise
the earnings.
On 2 December 2011 the restructure with SUI was completed, resulting in our
economic interests in SunWest and Golden Valley Casino reducing to 25.1% each and
the disposal of our entire interest in RAH.
The group received R794,1 million in cash from the transaction, R733,9 million was
received due to the sale of investments and R60,2 million via dividends from the
Western Cape Manco as a result of it receiving management contract cancellation
fees from SunWest. The proceeds were utilised to redeem R125,7 million in preference
shares from SCM, repay a R40.0 million term loan from Grindrod and to pay a special
dividend of 60 cents per share, totalling R282,3 million.
REVIEW OF GPI'S JOINTLY-CONTROLLED ENTITIES
SunWest
GrandWest's revenue increased by 7.9% compared to the prior year whilst its
attributable earnings after the payment of the once-off cancellation fee increased
by 5.9% despite the adverse economic environment in the Western Cape over the
last year. GrandWest's EBITDA margin recovered by 19.8% from R627,4 million last
year to R751,7 million this year.
GrandWest's initial 10-year casino exclusivity in the Cape Metropole expired during
December 2010. The Provincial Government of the Western Cape is still considering
whether to permit the relocation of one of the other casino licenses in the Western
Cape Metropole to the CBD. We continue to monitor any further developments
in this regard.
The Table Bay Hotel's revenue increased by 4.0% compared to the prior year, whilst
its attributable loss increased by 37.2% mainly due to a 5.3% drop in the average
room rate year-on-year from R2 060 last year to R1 956 this year and the occupancy
rate decreasing from 48.1% to 47.5%.
Golden Valley Casino
On 2 December 2011 the group sold 21.3% of its investment in Golden Valley Casino to
SUI, which reduced its economic stake in Golden Valley Casino to 25.1% (2011: 45.4%).
Golden Valley Casino's revenue increased by 6.7% compared to the prior year, whilst
its attributable earnings before the payment of the once-off cancellation fees
increased by 158.4%. After the payment of the cancellation fees its attributable loss
decreased by 66% compared to the prior year.
The investment is yet to produce a positive earnings contribution, however
management expects this investment to generate earnings over the short term.
Western Cape Manco
Western Cape Manco attributable earnings increased by 421.2% for the year, due to
the cancellation fee received in respect of the management contract with SunWest,
which formed part of the restructure. Going forward Western Cape Manco will not exsist.
REVIEW OF GPI'S ASSOCIATE INVESTMENTS
Akhona GPI
GPI's share of Akhona GPI's earnings decreased by 30.0% mainly as a result of GPI's decreased
shareholding from 74.05% to 59.0%. Akhona GPI did not equity account its investment
in Dolcoast due to the information not being available at this time. Akhona GPI recognised
R6,5 million as its share of equity accounted profit from Dolcoast during the prior year.
PERFORMANCE OF GPI'S LPM SLOTS OPERATIONS
Western Cape
The Western Cape LPM market continued to be the best performing province in the
country in terms of LPM revenue. As at 30 June 2012, with two licenced operators in
the Western Cape, Grandslots enjoyed a 56.8% (2011: 56.4%) market share.
With the Western Cape being the biggest contributor to our LPM revenues, it is very
encouraging that Grandslots achieved a 16.9% increase in its revenue to R249,6 million,
despite a 2.0% decrease in the number of active LPMs.
KwaZulu-Natal
Our KwaZulu-Natal based LPM operations, Kingdomslots, showed exciting growth
during the year where it achieved a 19.3% increase in revenue to R119,3 million.
Kingdomslots remained the market leader in the province: with four licensed
operators Kingdomslots enjoyed a 41.2% (2011: 42.6%) market share at 30 June 2012.
Kingdomslots increased its number of active LPM's slightly during the year by 1.9%.
Gauteng
Grand Gaming Slots achieved revenue of R26,7 million during its first full year of
operations. Legislative delays at the Provincial Gambling Board resulted
in a slow roll out of only 62 machines during the year. However it is encouraging
that we were able to increase our overall market share in Gauteng by 1% to 14.5%
at 30 June 2012 (2011: 13.6%).
RELATED PARTY TRANSACTIONS
The group, in the ordinary course of business, entered into various arm's-length
transactions with related parties. Any intra-group related party transactions and
balances are eliminated in the preparation of the financial statements of the group
as presented.
DIVIDENDS
Notice is hereby given of the declaration of an ordinary cash dividend of 20 cents
(gross) per share (2011: 10 cents per share), subject to the applicable tax levied in
terms of the Income Tax Act (Act No 58 of 1962, as amended). The 20 cents dividend
consists of a 12.5 cents ordinary dividend per share and a 7.5 cents special dividend per share.
In terms of paragraphs 11.17(a)(i) to (x) and 11.17(c) of the JSE Listing Requirements
the following additional information are disclosed:
- The dividend has been declared out of income reserves;
- Local dividends tax rate is 15%;
- Gross local dividend amount is 20 cents per share;
- Net local dividend amount is 20 cents per share;
- GPI has Secondary Tax on Companies (STC) credits that it will utilise. The full dividend of 20 cents
per share will be covered by STC credits.
- Income tax reference number 9037038024
- Ordinary shares in issue 460 679 901
In compliance with the requirements of Strate and the JSE Limited, the following salient
dates will apply to the payment of the dividend:
Dividend declared Monday, 27 August 2012
Last date to trade "cum" the dividend Thursday, 20 September 2012
Trading commences "ex" the dividend Friday, 21 September 2012
Record date Friday, 28 September 2012
Date of payment of the dividend Monday, 1 October 2012
Shares certificates cannot be dematerialised or rematerialised between Friday,
21 September 2012 and Friday, 28 September 2012, both days inclusive.
SUBSEQUENT EVENTS
On 18 July 2012 Grand Gaming Slots opened the first Type B LPM licenced site in
Gauteng. The Type B licence permits the site to operate up to 40 LPM's in a single
venue as opposed to the current Type A licence which only permits the site to operate up to
five LPM's per venue. This is the first license of its type in Gauteng.
Our offer to acquire the
remaining 41% we do not already own in Akhona GPI, in order to give the group full control of this
investment was concluded on 17 August 2012 for R27,8 million. The acquisition will give the group greater exposure to Sibaya Casino.
DIRECTORATE
Although there were some changes to the Board of GPI during the year, we believe
that every member has contributed to the success and growth of our business.
Since the interim results, Mr Ralph Freese resigned as a non-executive director, and
Mr Alex Abercrombie, a non-executive director, was appointed as an executive
director. On 20 August 2012 Mr Colin Priem was appointed to the Board of Directors
as a non-executive director.
PROSPECTUS
The group is committed to investing in gaming operations in order to achieve its
stated objective of becoming a major and respected force in the African gaming and
leisure industry. To this extent we will continue to play an active role to maximise the
value of our investments.
We will, via our Slots operations, look to increase our LPM footprint by investing
in new and existing route operator licences in jurisdictions that prove to be
economically viable. We will also look to expand our number of Type B licences
to offer more widely based gaming entertainment facilities, to expand on our
current client base and to increase our market share in the Gauteng market, and to
maintain our status as the market leader in the Western Cape and KwaZulu-Natal.
Via Grand Capital we will look to invest in non-gaming assets that will have a positive
impact on the overall value of the group.
Directors: H Adams (Executive Chairman), A Abercrombie, AE Keet CA(SA)
(Chief Executive Officer), AW Bedford #, RJ Hoption CA(SA), Dr NV Maharaj #*,
N Mlambo#, MF Samaai#, S Petersen CA(SA) (Financial Director), C Priem#
(# non-executive * lead independent)
Registered office: 12th Floor Convention Tower, Heerengracht Street, Foreshore,
Cape Town, 8001. (PO Box 6563, Roggebaai, 8012)
Registration number: 1997/003548/06
ISIN: ZAE000119814
Share code: GPL
Company Secretary: LC Parton
Transfer secretaries: Computershare Investor Services (Proprietary) Limited,
70 Marshall Street, Johannesburg, 2001
Attorneys: Bernadt Vukic Potash & Getz Attorneys
Corporate advisors: Leaf Capital (Proprietary) Limited
Sponsor: PSG Capital (Proprietary) Limited
For and on behalf of the board
H Adams AE Keet S Petersen
Chairman Chief Executive Officer Financial Director
Cape Town
27 August 2012
Prepared by D Pienaar CA(SA)
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