HOSKEN CONSOLIDATED INVESTMENTS LIMITED - Further announcement on the restructure of HCIs gaming businesses

Further announcement on the restructure of HCI’s gaming businesses

HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI ISIN: ZAE000003257)

(“HCI”)

FURTHER ANNOUNCEMENT ON THE RESTRUCTURE OF HCI’s GAMING BUSINESSES

Shareholders are referred to the announcement released on the Stock
Exchange News Service of the JSE (“SENS”) by HCI on 14 December 2016
(“Initial Announcement”), in which HCI announced its intention to
consolidate its gaming interests under Tsogo Sun Holdings Limited
(“Tsogo”).

The consolidation of HCI’s gaming interests consisted of the sale by Niveus
Investments Limited (“Niveus”) of all its interests in Vukani Gaming
Corporation Proprietary Limited (“Vukani”) and Galaxy Gaming and
Entertainment Proprietary Limited (“Galaxy”) and all their associated
entities, trusts and businesses (collectively “Gameco”) to Tsogo
(“Discontinued Transaction”).

Shareholders are hereby advised that Niveus and Tsogo have agreed that the
Discontinued Transaction will no longer be implemented in the manner set
out in the Initial Announcement. Niveus has elected to rather distribute
its interest in the Gameco to its shareholders, pro rata to their
shareholding in Niveus (“Unbundling”).

Shareholders are also advised that HCI and Tsogo have reached an in
principle agreement, subject to conditions, regarding the terms upon which
Tsogo will acquire HCI’s entire interest in Gameco post the Unbundling
(“Tsogo Transaction”).

The Tsogo Transaction is a related party transaction for Tsogo and is
subject to a number of conditions precedent and regulatory approvals,
including a due diligence by Tsogo and a fair and reasonable report.

Shareholders are referred to the detailed SENS announcements by Niveus and
Tsogo for further information.

Categorisation

This is a voluntary announcement as the size of the transaction is below
the threshold of a category 2 transaction in terms of the JSE Listings
Requirements.


Cape Town

14 March 2017

Financial advisor and Sponsor

Investec Bank Limited

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