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Real Africa Rejects Sun International Bid

20 Jun 2006

SOUTH AFRICA – As reported by South Africa Business Day: "Real Africa Holdings' board has again urged shareholders to ignore Sun International's unsolicited bid of R5,90 a share, saying that the offer was "neither fair nor reasonable".

"Real Africa Holdings' directors contend the value is at least R6,40 a share, excluding the litigation against Sun International.

"Afrisun Leisure, in which Real Africa Holdings has a two-thirds stake, is taking Sun International to court over a three-year-old dispute on the sale of interests in SunWest, the business that owns and operates the Table Bay Hotel and the GrandWest casino.

"Afrisun, a shareholder in SunWest, argues that Sun International's sale of 1,5-million SunWest shares for R75 a share to Grand Parade Investments was in breach of SunWest shareholders' agreement.

"In its bid for Real Africa Holdings, Sun International is after the minority interests it has in the group's casinos through Afrisun, which has shareholdings in GrandWest, Carnival, Sibaya and BoardWalk casinos…"

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