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SUN INTERNATIONAL LIMITED - Sun Internationals proposed partnership with a strategic international hotel operator in its African Assets

Release Date: 22/12/2014 17:10
Code(s): SUI     PDF:  
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Sun International’s proposed partnership with a strategic international hotel operator in its African Assets

SUN INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1967/007528/06)
Share code: SUI
ISIN: ZAE000097580
("Sun International" or "Company")

TRANSACTION UPDATE – SUN INTERNATIONAL'S PROPOSED PARTNERSHIP WITH A STRATEGIC
INTERNATIONAL HOTEL OPERATOR IN ITS BOTSWANA, LESOTHO, NAMIBIA, SWAZILAND AND ZAMBIA
OPERATIONS ("AFRICAN ASSETS")


1. INTRODUCTION

Sun International shareholders ("Shareholders") are referred to the announcement dated 18 August
2014 (the "Announcement") regarding Sun International disposing of a significant portion of its
interests in the African Assets to Minor International Public Company Limited ("MINT")
("Transaction"), the detail of which is set out in the Announcement.


2. FULFILMENT OF CERTAIN CONDITIONS PRECEDENT

Shareholders were originally advised that the agreements to give effect to the Transaction were inter-
conditional as the African Assets were being sold as a "portfolio" ("Original Terms"). All conditions
precedent to the Transaction have now been fulfilled, save for certain of the regulatory conditions to
the Namibia component of the Transaction, which is taking longer than expected. The parties have also
decided to delay implementation of the Swaziland component of the Transaction. The Original Terms
have now been amended to allow the Transaction to be implemented without the Swaziland
component of the Transaction and without that portion of the Namibia-component of the Transaction
which remains subject to regulatory approval ("Revised Terms").

The Revised Terms ensure that Sun International and MINT are able to execute earlier on their strategic
rationale for the Transaction as detailed per the Announcement, whilst the parties continue to work
towards completing the Namibia-and Swaziland components of the Transaction within a reasonable
time period.

As a result of the Revised Terms, the Transaction has become unconditional and will now be
implemented in so far as it does not relate to Swaziland and the excluded portion of the Namibia-
component of the Transaction. A further announcement will be released by Sun International to inform
Shareholders once the balance of the Transaction is to be implemented.

By order of the board of directors of Sun International Limited

Sandton
22 December 2014

Investment Bank to Sun International
Investec Bank Limited

Sponsor to Sun International
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Legal advisor to Sun International
Cliffe Dekker Hofmeyr

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