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Gold Reef boosted by offer rumors

22 February 2008

JOHANNESBURG, South Africa -- As reported by the South Africa Business Report: "News that Tsogo Sun has approached the board of Gold Reef group about a potential offer has seen the Gold Reef share recover some of the losses it suffered after the controversial withdrawal of the R9 billion proposed buyout offer early this month. Yesterday the Gold Reef share closed R2.50 higher at R26.

"This was R8 off the R34 that the Ethos-led buyout consortium had offered shareholders in a deal that was abandoned following 11th hour scrutiny by the Securities Regulation Panel (SRP) last month.

"...During the SRP's hearings in January, Tsogo Sun was asked if its R34.50 offer still stood.

"...Analysts said it was evident Gold Reef realised that any developments with this deal would be closely scrutinised."

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