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The partial disposal of shareholdings in Sunwest International Pty Ltd and Worcester Casino Pty Ltd
SUN INTERNATIONAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1967/007528/06)
Share code: SUI
ISIN: ZAE000097580
(“SIL”)
THE PARTIAL DISPOSAL OF SHAREHOLDINGS IN SUNWEST INTERNATIONAL PROPRIETARY
LIMITED AND WORCESTER CASINO PROPRIETARY LIMITED
Shareholders are referred to the Stock Exchange News Service announcement released on the
Johannesburg Stock Exchange on 4 April 2016 in which shareholders were notified that terms had been
agreed between SIL, Grand Parade Investments Limited (“GPI”) and Tsogo Sun Gaming Proprietary Limited
(“Tsogo”) regarding a proposed disposal by GPI and SIL of a 10% interest each in SunWest International
Proprietary Limited (“SunWest”) and a 10% interest each in Worcester Casino Proprietary Limited
(“Worcester”) (collectively the “Western Cape Assets”) to Tsogo (“Proposed Transaction”).
The disposal by SIL of its 10% economic interest in SunWest and Worcester ( (“Sun Disposal”) was conditional
upon confirmation from the Sun International Employee Share Trust, by not later than 30 April 2016, that it
had waived its pre-emptive rights in terms of the current shareholders agreement. Shareholders are advised
that this waiver has now been obtained by SIL and that the Sun Disposal has become unconditional. The
purchase consideration of R675 million is to be settled through the payment of 18 monthly cash installments
of R37.5 million and shareholders are further advised that the first instalment payment has been made by
Tsogo.
The Proposed Transaction also entails GPI disposing of a 10% economic interest in the Western Cape Assets
on the same terms as the Sun Disposal (“GPI Disposal”). The GPI Disposal is conditional on GPI obtaining the
approval of its shareholders by 30 June 2016, which date may be extended by 30 days at the instance of
GPI. In the event that GPI shareholder approval is not obtained by this date then SIL will increase the shares
disposed of under the Sun Disposal such that Tsogo acquires a further 10% stake in the Western Cape Assets
from SIL, bringing Tsogo’s aggregate interest in the Western Cape Assets to 20%.
Sandton
25 April 2016
Legal Advisor
Cliffe Dekker Hofmeyr
Competition Law Advisor
Baker & McKenzie
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 25/04/2016 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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