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Sun International Offer Deemed Unacceptable

13 Apr 2006

JOHANNESBURG, South Africa – As reported by Reuters: "Investment firm Real Africa Holdings Ltd. said on Wednesday a 2.2 million rand cash offer to acquire it by South Africa's top casino operator, Sun International, undervalued it and was unacceptable.

"Sun said last month that it hoped to buy Real Africa at 5.90 rand per share, which represented a premium of 13.5 percent to the closing share price of 5.20 rand on March 27.

"Sun has since then bought hundreds of thousands of shares in Real Africa in the open market.

"…Real Africa said it was ready to discuss any proposal which will enhance shareholder value…"

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