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Group structure

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Group structure

SunWest

The group’s effective interest including the share held by RAH equals 34.30%. SunWest is accounted for as a joint venture.

RAH

GPI’s stake of a 30.57% interest in RAH indirectly increased GPI’s exposure to:

  • SunWest (effective increase of 4.26%)
  • Golden Valley (effective increase of 2.26%)
  • Western Cape Manco (effective increase of 3.98%)
  • Sibaya (effective increase of 4.19%)

Importantly, it also exposed GPI to other high-quality urban casinos and regional management companies outside of the Western Cape, namely:

  • Carnival City (effective stake of 6.60%)
  • Boardwalk (effective stake of 2.48%)
  • Afrisun KZN Manco (effective stake of 4.17%)
  • Gauteng Manco (effective stake of 11.03%)
  • Emfuleni Manco (effective stake of 8.08%)

Golden Valley Casino

GPI has a 44.42% direct interest, with the group’s effective interest including the share held by RAH equalling 46.68% and 7.72% indirect stake through Stripe Investments, a 100% held subsidy.

Western Cape Manco

Western Cape Manco renders management services to GrandWest Casino in terms of its management contract which runs co-terminus with the main operating management contract between Sun International Management Limited and GrandWest Casino. These contracts have a fifteen-year term and commenced on the first day of the month following the issue of the licence. GPI directly owns 50% of Western Cape Manco and this investment is accounted for as a joint venture. The group’s effective interest including the share held by RAH equals 53.98%. GrandWest pays out 3% of its revenue and 15% of its adjusted EBITDA in respect of all these management services. WC Manco's fees are comprised of 1% of this revenue and 3% of this adjusted EBITDA, with the balance of the fees being attributed to the services provided by Sun International Management Limited.

National Manco

GPI holds a 5.67% direct shareholding in National Manco and this investment is classified as available-for-sale.

Akhona GPI

GPI holds a 75% interest in Akhona GPI which owns a 23% stake in Dolcoast Investments (Proprietary) Limited , which in turn holds a 22.4% stake in Sibaya Casino in KwaZulu-Natal, together with a direct 20% shareholding in Kingdomslots. Akona GPI through its 100% subsidiary, Wild Rush Trading 97 owns a further 10% in Kingdomslots.

GPI Slots

Through GPI Slots, GPI previously owned 25.1% interest in the LPM operations of Grandslots. Subsequent to the acquisition of the LPM's business on 30 June 2010, this investment became a subsidiary.

BVI 575

BVI is a wholly-owned special purpose vehicle established to obtain preference share funding.

Utish

Utish is a wholly-owned special purpose vehicle established to obtain preference share funding.