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Amendment To Sunwest And Worcester Transaction
GRAND PARADE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
(“GPI”)
AMENDMENT TO SUNWEST AND WORCESTER TRANSACTION
Shareholders are referred to the detailed announcements published by
the Company dated 4 April 2016 and 10 May 2016 relating to the disposal
by GPI and Sun International Limited of a 10% interest each in SunWest
International Proprietary Limited (“SunWest”) (in the case of GPI a
10% economic interest and 19.96% voting interest) and a 10% interest
each in Worcester Casino Proprietary Limited (“Worcester”) to Tsogo
Sun Gaming Proprietary Limited (“Tsogo”)(“the Transaction”).
In terms of the Transaction, the purchase consideration of R675
million due to GPI was to be settled in one lump sum payment and 16
equal monthly installments. As at the date of this announcement an
amount of R300 million has been paid by Tsogo and an amount of R375
million was due to be paid in 10 monthly installments of R37.5 million
each.
Shareholders are hereby advised that GPI and Tsogo have agreed to
amend the Transaction to accelerate the payment of the balance of the
purchase consideration (“Amendment”). In terms of the Amendment, Tsogo
will now make one final payment in the amount of R360 million to GPI
on 30 November 2016, which payment shall constitute full and final
payment of all amounts due to GPI in terms of the Transaction.
The funds received by GPI in terms of the Amendment will be utilized
to reduce outstanding debt facilities, return value to shareholders
and will provide GPI with capacity to fund new acquisitions.
The discount of R15 million provided to Tsogo in respect of the
accelerated payment amounts to 2.22% of the total purchase
consideration and is not considered to be material by GPI. In addition,
GPI is of the view that the Amendment is not in conflict with the
transaction as approved by shareholders at the general meeting on 28
June 2016.
Pursuant to the JSE Listings Requirements, GPI has received
confirmation from the JSE that it has no objection to the Amendment
not being referred to shareholders for approval, for the reasons set
out above. Accordingly, GPI will not be referring the Amendment back
to shareholders.
Cape Town
25 November 2016
Sponsor
PSG Capital Proprietary Limited
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