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Gold Reef Resorts Ltd & Mainstreet 581(Pty)Ltd	Update Date: 11/24/08
Date Announced: 10/09/08
Value (million $USD): 100.9 million U.S. Dollar 940.5 million South African Rand

Status: Pending

TRANSACTION DETAILS
Date Announced	10/09/08
Date Originally Announced	10/09/08
Format	Acq. Part. Int.	Acquisition techniques	Privately Negotiated Purc
Attitude	Neutral	Agency	n/a
Value	100.9 million U.S. Dollar 940.5 million South African Rand	Advisor Fees	n/a

SYNOPSIS

SOUTH AFRICA - Mainstreet 581 (Pty ) Ltd, an indirect wholly-owned unit of Tsogo Sun Holdings (Pty) Ltd, a 51:49 joint venture between Tsogo Investments and SABMiller PLC, agreed to raise its stake to 19.87% from 4.86%, by acquiring a further 15.01% stake, or 41.8 mil ordinary shares, in Gold Reef Resorts Ltd, an Ormonde-based owner and operator of casino and resorts, from Clidet No 754 (Pty) Ltd, Clidet No 755 (Pty) Ltd, Parmtro Investments No 95 (Pty) Ltd, Platoon Trade and Invest 15 (Pty) Ltd, Reygrande Investment Holdings (Pty) Limited, Saddle Path Props 20 (Pty) Ltd, Saffron Balm Trading 29 (Pty) Ltd, and Y-Investments Ltd, for 22.5 South African rands ($2.413 US) in cash per share, or a total value of 940.5 mil rands ($100.858 mil), in a privately negotiated transaction.

TARGET
Name	Gold Reef Resorts Ltd (Johannesbu : GDF-JO)
Industries	Hotels and motels; Amusement parks
City	Ormonde
State	n/a
Nation	South Africa
Incorporated in	n/a
Public Status	Public
Business Description	Gold Reef Resorts Ltd owns and operates casinos and resorts. It operates as a gaming and entertainment company in South Africa. Its interests incorporate Akani Egoli, which operates the Gold Reef City Casino and Theme Park; Akani Msunduzi, which operates Golden Horse; West Coast Leisure, which operates Casino Mykonos; Garden Route Casino, which operates Garden Route Casino; and Goldfields Casino, which operates Goldfields Casino. The Group also operates GRM which currently provides management services to its own projects with the aim of targeting independent operations in the future. The company was founded in 1989.
Advisors	NULL
Target Sales	211.1 million U.S. Dollar 1.43 billion South African Rand

ACQUIROR
Name	Mainstreet 581(Pty)Ltd
Industries	n/a
City	n/a
State	n/a
Nation	South Africa
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Mainstreet 581 (Pty) Ltd, located in South Africa, owns and operates hotels.
Advisors	NULL
Acquiror Sales	n/a

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