SUN INTERNATIONAL LIMITED - Clarification announcement: proposed acquisition by Sun International of 50% of EDSs equity interest in Sun Dreams

Release Date: 01/06/2017 17:30
Code(s): SUI
 
Wrap Text
Clarification announcement: proposed acquisition by Sun International of 50% of EDS’s equity interest in Sun Dreams

SUN INTERNATIONAL LIMITED                              
(Incorporated in the Republic of South Africa)                       
(Registration number: 1967/007528/06)                               
Share code: SUI                                                   
ISIN: ZAE000097580                                                                
("Sun International" or “the Company”)                                                                   
 
CLARIFICATION ANNOUNCEMENT: PROPOSED ACQUISITION BY SUN INTERNATIONAL OF 50% OF EDS’s 
EQUITY INTEREST IN SUN DREAMS  
 
Shareholders are referred to the announcement released on the Stock Exchange News Service on 30 May 
2017 (“Announcement”), regarding the proposed acquisition by the Company, through its subsidiary Sun 
Latam SpA, (“Sun Latam”), of 50% of the interest held by Entretenimientos Del Sur Limitada (“EDS”) in Sun 
Dreams Sociedad Anonima (“Sun Dreams”) ( the “proposed acquisition”). 
 
In order to supplement and clarify the Announcement, the following additional information is disclosed: 
 
NET ASSET VALUE OF AND PROFITS ATTRIBUTABLE TO SUN DREAMS 
 
The net asset value of Sun Dreams, as at 31 December 2016 amounted to R4.9 billion. 
 
For the year ended 31 December 2016, Sun Dreams reported profit after tax of R 239 million and adjusted 
headline earnings of R 76 million. Adjusted headline earnings reported in the reviewed condensed 
consolidated financial statements of Sun International for the year ended 31 December 2016 included the 
following: 
 
-       reversal of deferred tax assets of R87 million (R47 million attributable to the group) of Ocean Sun 
        Casino and Sun Nao Casino; 
-       amortisation of R104 million of Dreams SA intangibles (R41 million after tax attributable to the 
        group).  As indicated in the Profit and Dividend announcement for the financial year ended 30 
        June 2016, the intangibles recognized on the Dreams SA purchase price allocation will be 
        amortised with the amortisation charge being recognized as an adjusted headline earnings 
        adjustment. 
         
      
Sandton 
1 June 2017 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 

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