Document:

exv10w2

 

EXHIBIT 10.2

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Award Document

Performance Award — OTHER EMT

You have been selected to receive a Performance Award under the Hub International Limited
Amended and Restated 2005 Equity Incentive Plan (the “Plan”), as specified below:

     Name of Participant: [INSERT NAME]

     Address: [INSERT ADDRESS]

     SSN: [INSERT SSN]

     Performance Award: As set forth on the attached Exhibit A.

     Grant Date: [INSERT DATE]

     Vesting Date: As set forth on the attached Exhibit A

     THIS AWARD DOCUMENT represents the grant of a Performance Award by Hub International Limited,
a corporation organized under the laws of Canada (the “Company”), to the Participant named above,
in consideration of services provided and to be provided to the Company and/or its Subsidiaries
pursuant to the provisions of the Plan and Section 9 thereof. All capitalized terms shall have the
meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. Exhibits A
and B of this Award Document (“Exhibit A” and “Exhibit “B”, respectively ) shall constitute an
integral part of this Award Document as though fully set out herein and is hereby incorporated
herein by reference in its entirety.

     1. Performance Period. The Performance Period shall commence and terminate as provided on
Exhibit A to this Award Document.

     2. Form of Performance Award. The Performance Award shall consist of cash or Restricted Share
Units, in the amount(s) as set forth on Exhibit A. If denominated as Restricted Share Units, each
Restricted Share Unit shall represent and have a value equal to one common share of the Company,
subject to adjustment as provided in Section 11(b) of the Plan.

     3. Achievement of Performance Condition(s). The amount of cash or the number of Restricted
Share Units to be earned under this Performance Award shall be based upon the performance
condition(s) set forth on Exhibit A, which in the case of a Performance Award to a Covered Employee
shall be one or more Performance Goals.

     4. Termination Provisions. Unless otherwise specified in Exhibit A, upon the Participant
ceasing to be an Eligible Individual for any reason whatsoever prior to the completion of the
Performance Period and any additional vesting period described in Exhibit A, the Participant’s
Performance Award shall be forfeited and cancelled without any payment to such Participant.

 

 

     5. Change in Control Provisions. In the event of a Change of Control prior to the completion
of the Performance Period and, if applicable, any additional vesting period described on Exhibit A,
the Restricted Share Units or the Target amount of cash set forth on Exhibit A for the Performance
Award, unless previously forfeited, shall automatically vest and become non-forfeitable, the
Performance Period shall be deemed to have ended as of the date of the Change of Control, and the
Participant shall be entitled to payment; provided that the Cash Annual incentive Award shall be
based on the increase, if any, in Adjusted EPS earned by the Company to and including the last day
of the fiscal quarter immediately preceding the fiscal quarter in which the Change in Control
occurs relative to Adjusted EPS for the same time frame for the prior year, as if such period
represented the full Performance Period for each respective year.

     6. Dividend Credits. No dividends shall be declared or paid or credits made in respect of
Restricted Share Units awarded pursuant to this Performance Award.

     7. Form and Timing of Payment of Performance Shares. Payment of the earned and vested portion
of the Performance Award shall be made in either Shares or cash or a combination of Shares and
cash, as provided on Exhibit A. The earned and vested Performance Award shall be paid as soon as
administratively practicable following the close of the Performance Period and the Committee’s
determination of the final amount payable under the Performance Award, but, in any event, no later
than March 15 of the year following the year in which the Performance Award vests.

     8. Tax Withholding. The Company shall have the power and the right to deduct or withhold, or
require the Participant or beneficiary to remit to the Company, an amount sufficient to satisfy
federal, state, provincial, and local taxes, domestic or foreign, required by law or regulation to
be withheld with respect to any taxable event arising as a result of this Performance Award.

     9. Nontransferability. Until actually delivered to the Participant in settlement of the
Performance Award, the Performance Award and any Shares or cash underlying such Performance Award
shall not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other
than by will or by the laws of descent and distribution.

     10. Administration. This Award Document and the rights of the Participant hereunder are
subject to all the terms and conditions of the Plan, as the same may be amended from time to time,
as well as to such rules and regulations as the Committee may adopt for administration of the Plan.
It is expressly understood that the Committee is authorized to administer, construe, and make all
determinations necessary or appropriate to the administration of the Plan and this Award Document,
all of which shall be binding upon the Participant.

     11. Specific Restrictions Upon Shares. If the Performance Award provides for the issuance of
Shares, the Participant hereby agrees with the Company as follows:

	 	(a)	 	the Participant shall acquire any Shares issuable with respect to the
Performance Award granted hereunder for investment purposes only and not with a
view to resale or other distribution thereof to the public in violation of the
Securities Act of 1933, as amended (the “1933 Act”), and shall not dispose of any
such Shares in transactions which, in the opinion of counsel to the Company,
violate the the1933 Act, or the rules and regulations thereunder, or any applicable
Canadian, state or provincial securities or “blue sky” laws.

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	 	(b)	 	if any Shares acquired with respect to the Performance Award shall be
registered under the 1933 Act, no public offering (otherwise than on a national
securities exchange, as defined in the Exchange Act) of any such Shares shall be
made by the Participant under such circumstances that he or she (or such other
person) may be deemed an underwriter, as defined in the 1933 Act; and
	 
	 	(c)	 	the Company shall have the authority to endorse upon the certificate or
certificates representing the Shares acquired hereunder such legends referring to
the foregoing restrictions.

     12. Miscellaneous.

	 	(a)	 	Adjustments to Shares. If the Performance Award provides for
the issuance of Shares, subject to Section 11(b) of the Plan, if there is any
change in the outstanding Shares of the Company by reason of a stock dividend or
split, a recapitalization, or a consolidation, combination or exchange of shares,
or if there is any other change (including, possibly, an extraordinary dividend)
which the Committee in its sole discretion determines is a sufficiently fundamental
change to warrant the action hereinafter described, the Committee shall make,
subject to any prior approval required of relevant stock exchanges or other
applicable regulatory authorities, if any, an appropriate substitution or
adjustment in the number and kind of Shares subject to this Performance Award, and
if applicable, the limits described in Section 4 of the Plan to prevent dilution or
enlargement of rights; provided, however, that no substitution or adjustment shall
obligate the Company to transfer fractional Shares. In the event of the
reorganization or the amalgamation, merger or consolidation of the Company with
another corporation, the Committee may make such provision for the protection of
the rights of Eligible Individuals and Participants as the Committee in its
discretion deems appropriate to prevent dilution or enlargement of rights. The
determination of the Committee, as to any such substitution or adjustment or as to
there being no need for the same, will be final and binding on all parties.
	 
	 	(b)	 	Notices. Each notice relating to the Plan or this
Performance Award shall be in writing and delivered by recognized overnight
courier or certified mail to the proper address or, optionally, to any individual
personally. All notices to the Company or the Committee shall be addressed to the
Company at its registered office, Attn: Corporate Secretary. All notices to the
Participant, to his or her beneficiaries or to other persons acting for or on
behalf of such persons which are not delivered personally to an individual shall
be addressed to such person at the last address for such person maintained in the
records of the Committee or the Company.
	 
	 	(c)	 	Failure To Enforce Not a Waiver. The failure of the Company to
enforce at any time any provision of this Award Document shall in no way be
construed to be a waiver of such provision or of any other provision hereof.
	 
	 	(d)	 	Governing Law. All questions concerning the construction,
validity and interpretation of this Award Document shall be governed by and
determined in accordance with the laws of the Province of Ontario, Canada
applicable to

3

 

	 	 	 	contracts to be performed entirely within such province and without giving effect
to principles of conflicts of laws, except that questions concerning the relative
rights of the Company and the Participant with respect to Shares shall be
governed by the corporate law of Canada.

	 	(e)	 	Provisions of Plan. The Performance Award provided for herein
is granted pursuant to the Plan and said Performance Award and this Award Document
are in all respects governed by the Plan and subject to all of the terms and
provisions thereof, whether such terms and provisions are incorporated in this
Award Document solely by reference or expressly cited herein. In the case of a
Performance Award denominated as one or more Restricted Share Units, the terms and
conditions of such Restricted Share Unit(s) shall be governed by Section 9 of the
Plan and not by Section 8 of the Plan. If there is any inconsistency between the
terms of this Award Document and the terms of the Plan, the Plan’s terms shall
completely supersede and replace the conflicting terms of this Award Document.
	 
	 	(f)	 	Code section 162(m). It is intended that payments pursuant to
this Award Document to a Participant who is a “Covered Employee” constitute
“qualified performance-based compensation” within the meaning of section
1.162.27(e) of the Income Tax Regulations. To the maximum extent possible, this
Award Document and the Plan shall be so interpreted and construed. Except in the
case of a Change of Control, and, if provided in Exhibit A, the Participant’s
death, disability or involuntary dismissal without Just Cause, no amounts in excess
of the number of Restricted Share Units or cash earned under this Award Document,
as provided on Exhibit A (determined at the end of the Performance Period and based
on actual, calculated results) shall be paid to the Participant. However, the
Committee may reduce the number of Restricted Share Units or cash paid to a Covered
Employee below the calculated amount earned under this Award Document or pay no
amount at all to the Participant.
	 
	 	(g)	 	Section 16 Compliance. If the Participant is subject to
Section 16 of the Exchange Act, except in the case of death or disability, at least
six months must elapse from the date of acquisition of the Performance Award
granted hereunder to the date of the Participant’s disposition of such Performance
Award or the underlying Shares.
	 
	 	(h)	 	No Right to Employment. As more particularly set forth in
Section 10(c) of the Plan, nothing in the Plan or this Award Document shall be
construed to give the Participant any right or claim to receive grants of Awards
under the Plan or to continue in the employ of the Company of any of its
Subsidiaries.
	 
	 	(i)	 	Code Section 409A. It is intended that this Performance Award
not provide for a “deferral of compensation” subject to Code Section 409A. The
Company reserves the right to make conforming amendments to the Plan and this Award
Document consistent with this intent.
	 
	 	(j)	 	Conditional Award. This Performance Award is made under the
Plan, subject to the approval of the Plan by the Company’s shareholders at the
Annual and Special Meeting of Shareholders to be held on May 4, 2006. If
shareholders do not approve the Plan, this Performance Award shall be deemed to
have been made

4

 

	 	 	 	under the Company’s existing 2005 Equity Incentive Plan (the “Existing Plan”) and
the provisions of the Existing Plan shall be applied accordingly.

Dated as of [INSERT DATE]

	 	 	 	 	 
	 	 	HUB INTERNATIONAL LIMITED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 

5

 

EXHIBIT A — Schedule I

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Performance Award — Award Document

Cash Annual Incentive Award

Participant: [INSERT NAME]

Grant Date: [INSERT DATE]

Participant’s Annual Base Salary: $[INSERT SALARY]

Vesting Date: [INSERT DATE]

THIS EXHIBIT A, Schedule I to the Award Document dated [INSERT DATE] (the “Award Document”)
provides for a Performance Award that is an Annual Incentive Award as follows:

1. Performance Period: The Performance Period shall commence on [INSERT DATE] and terminate on
[INSERT DATE].

2. Form and Amount of Performance Award: A cash Annual Incentive Award shall be potentially
payable as follows:

	 	 	 
	Increase in	 	Potential Percent of Annual
	Adjusted EPS over	 	Base Salary (shown above)
	Prior Year	 	That May Be Awarded
	Adjusted EPS	 	 
	(“Performance	 	 
	Goal”)	 	 
	 
	20%
	 	150.0% (Maximum)
	15%
	 	112.5%
	10%
	 	75.0%
	5% (“Target”)
	 	37.5%
	Below 5%
	 	0.0%

In the event that the Company’s Increase in Adjusted EPS over Prior Year Adjusted EPS is:
(a) greater than 5% but less than or equal to 10%, the Potential Percent of Annual Base Salary That
May Be Awarded shall be increased ratably; (b) greater than 10% but less than 15%, the Potential
Percent of Annual Base Salary That May Be Awarded shall not be increased from 75%; and (c) greater
than

 

 

15% but less than or equal to 20%, the Potential Percent of Annual Base Salary That May Be Awarded
shall be increased ratably. Such ratable increase, if any, shall be by 3.75% of Annual Base Salary
with each incremental one-half of one percent (0.5%) increase in Adjusted EPS over Prior Year
Adjusted EPS (after rounding to the nearest one-half percentage point).

In determining the actual cash Annual Incentive Award earned by the Participant, the amount
calculated under this Paragraph 2 shall be subject to adjustment by the Committee, based upon the
Committee’s evaluation of the Participant’s performance with respect to the Participant’s
Individual Performance Criteria set forth in Paragraph 3 of this Schedule I to Exhibit A.

The percentage of Annual Base Salary payable as an Annual Incentive Award at a 5% Increase in
Adjusted EPS over Prior Fiscal Year shall constitute the Target for purposes of the Change of
Control provisions of Section 5 of the Award Document.

“Adjustable Item”, “Adjusted EPS”, “Adjustment Threshold”, “EPS”, “Extraordinary Item” and
“GAAP” have the meanings given thereto in Exhibit B attached to the Award Document.

3. Individual Performance Criteria: The Committee has established the following Individual
Performance Criteria for the Participant:

[INSERT INDIVIDUAL PERFORMANCE CRITERIA]

At its sole discretion, the Committee may adjust up to 40% of the calculated amount determined
under Paragraph 2 of this Schedule I to Exhibit A, based upon the Committee’s evaluation of the
Participant’s performance with respect to the Individual Performance Criteria set forth in
Paragraph 3 of this Schedule I. If the Participant is a Covered Employee, no such adjustment shall
result in the payment of an Award that exceeds the calculated amount determined under Paragraph 2,
above.

4. Vesting/Termination of Employment Provisions. Except as provided in Subparagraphs (i), (ii)
and (iii), below, the Annual Incentive Award shall be forfeited if the Participant has had a
Termination of Employment on or before the Vesting Date.

	 	(i)	 	In the event of the Participant’s Termination of Employment by reason of death
or Disability prior to the Vesting Date, the Participant shall be entitled to a
prorated Annual Incentive Award if the Target Performance Goal is attained. The
prorated Annual Incentive Award to which the Participant shall be entitled shall be an
amount determined by multiplying the Potential Percent of Annual Base Salary payable at
Target by a fraction, the numerator of which is the number of whole months during the
Performance Period that the Participant was an Eligible Individual and the denominator
of which is the number of whole months of the Performance Period. Payment of a prorated
Annual Incentive Award under this Section 4(i) shall be made as soon as
administratively practicable after the date of the Participant’s Termination of
Employment (but, in any event, no later than March 15 of the year immediately following
the year in which the Participant’s Termination of Employment occurs).
	 
	 	(ii)	 	In the event of the Participant’s Termination of Employment by reason of
involuntary dismissal without Just Cause prior to the Vesting Date, the Participant
shall be entitled to a prorated Annual Incentive Award. The prorated Annual Incentive

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	 	 	 	Award to which the Participant shall be entitled shall be an amount determined by
multiplying the Potential Percent of Annual Base Salary payable at Target by a
fraction, the numerator of which is the number of whole months during the
Performance Period that the Participant was an Eligible Individual and the
denominator of which is the number of whole months of the Performance Period.
Payment of a prorated Annual Incentive Award under this Section 4(ii) shall be made
as soon as administratively practicable after the date of the Participant’s
Termination of Employment (but, in any event, no later than March 15 of the year
immediately following the year in which the Participant’s Termination of Employment
occurs).
	 
	 	(iii)	 	In the event of a Change of Control, the provisions of Section 5 of the Award
Document shall apply.

5. Form of Payment: Upon determining the final amount payable to the Participant under this
Annual Incentive Award, the Committee shall make a payment of such amount to the Participant in
cash.

	 	 	 	 	 
	 	 	HUB INTERNATIONAL LIMITED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 

3

 

EXHIBIT A — Schedule II

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Performance Award — Award Document

Restricted Share Units — Long Term Incentive Award 

Participant: [INSERT NAME]

SSN: [INSERT SSN]

Grant Date: [INSERT DATE]

THIS EXHIBIT A, Schedule II to the Award Document dated [INSERT DATE] (the “Award Document”)
provides for a Performance Award that is a Long Term Incentive Award as follows:

1. Performance Period: The Performance Period shall commence on [INSERT DATE] and terminate on
[INSERT DATE, FIVE YEARS FROM COMMENCEMENT].

2. Form and Amount of Performance Award: [INSERT NUMBER, REPRESENTING 50% OF BASE SALARY]
Restricted Share Units (“RSUs”), each convertible into one share of Common Stock the Company,
without payment of cash consideration.

3. Performance and Vesting Conditions: Except as provided in Paragraph 5 of this Exhibit A, this
Long Term Incentive Award shall be forfeited unless:

	 	(i)	 	the Company achieves an average annual increase of at least 5% in Adjusted
EPS over fiscal [INSERT YEAR] , compounded over the period of five years
from [INSERT YEAR] to [INSERT YEAR, FIVE YEARS FROM COMMENCEMENT]
(the “Performance Goal”);
	 
	 	(ii)	 	the Participant has not had a Termination of Employment on or before [INSERT
DATE, FIVE YEARS FROM COMMENCEMENT] (the “Vesting Date”)..

“Adjusted EPS” has the meaning given thereto and as determined by the Committee in Exhibit B
attached to this Performance Award.

“Performance Period” means the period commencing on the first day of the calendar year in which
this Long Term Incentive Award is granted and ending on the Vesting Date.

4. Individual Performance Criteria: None.

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5. Termination of Employment Provisions:

	 	(i)	 	In the event of the Participant’s Termination of Employment by reason of death
or Disability prior to a Vesting Date, the Participant shall be entitled to a prorated
Long Term Incentive Award if the Performance Goal is attained. The prorated Long Term
Incentive Award to which the Participant shall be entitled shall be the whole number of
RSUs determined by multiplying the number of RSUs set forth in Paragraph 2 of this
Schedule II to Exhibit A by a fraction, the numerator of which is the number of whole
months during the Performance Period that the Participant was an Eligible Individual
and the denominator of which is the number of whole months of the Performance Period.
Payment of a prorated Performance Award under this Section 5(i) shall be made as soon
as administratively practicable after the date of the Participant’s Termination of
Employment (but, in any event, no later than March 15 of the year immediately following
the year in which the Participant’s Termination of Employment occurs). For the purpose
of determining whether the Performance Goal has been attained under this Section 5(i),
Adjusted EPS shall be measured and compounded over the period from [INSERT
COMMENCEMENT YEAR] to the fiscal year in which the Participant’s
Termination of Employment occurred by reason of death or Disability. 

	 
	 	(ii)	 	In the event of the Participant’s Termination of Employment by reason of
involuntary dismissal without Just Cause prior to a Vesting Date, the Participant shall
be entitled to a prorated Long Term Incentive Award. The prorated Long Term Incentive
Award to which the Participant shall be entitled shall be the whole number of RSUs
determined by multiplying the number of RSUs set forth in Paragraph 2 of this Schedule
II to Exhibit A by a fraction, the numerator of which is the number of whole months
during the Performance Period that the Participant was an Eligible Individual and the
denominator of which is the number of whole months of the Performance Period. Payment
of a prorated Performance Award under this Section 5(ii) shall be made as soon as
administratively practicable after the date of the Participant’s Termination of
Employment (but, in any event, no later than March 15 of the year immediately following
the year in which the Participant’s Termination of Employment occurs).
	 
	 	(iii)	 	In the event of a Change of Control, the provisions of Section 5 of the Award
Document) shall apply.

6. Dividend Credits: Dividend equivalents with respect to the RSUs contingently granted herein
shall not be credited under this Long Term Incentive Award.

7. Form of Payment: Upon determining the final amount payable to the Participant under this Long
Term Incentive Award, including any acceleration of such determination pursuant to Paragraph 5
hereof, within thirty (30) days thereafter the Committee shall cause the Company to deliver to the
Participant the number of Shares determined by the Committee to have been earned.

8. Reaffirmation of Covenants. The Participant acknowledges and agrees that this Long Term
Incentive Award is made, in part, by the Company in further consideration of any covenants to keep
information confidential, not to compete or not to solicit or accept business from clients or

5

 

employees made by the Participant in favour of the Company, its Subsidiaries or any of their
predecessors (the “Covenants”). The Participant agrees that if the Participant violates any of the
Covenants prior to or within thirty (30) days after the Vesting Date (or any earlier determination
of the amount payable as contemplated in Paragraph 5 of this Schedule II to Exhibit A), the
Participant shall forfeit any right to receive any further payment or other benefit (including, but
not limited to, any shares of Common Stock) under this Schedule II to Exhibit A.

	 	 	 	 	 
	 	 	HUB INTERNATIONAL LIMITED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

	 
	 	 	 	 
	 

	 	Its:	 	 
	 

	 	 	 	 

6

 

EXHIBIT B 

Hub International Limited

Amended and Restated 2005 Equity Incentive Plan

Performance Award — Award Document

Adjusted EPS

	 	 	 
	Definitions	 	 
	Adjustable Item:

	 	Unless otherwise determined by the Committee, any non-recurring or out-of-the-ordinary item that is
described and applied in normalizing the Company’s earnings in the Company’s press release for the
applicable fiscal year. In respect of [INSERT YEAR] through [INSERT YEAR, FIVE YEARS
AFTER COMMENCEMENT] , after such determinations by the Committee and in addition to any other items
subsequently determined by the Committee to be Adjustable Items, Adjustable Items includes only the
following as at the date of this Performance Award:
	 
	 	 
	 

	 	[INSERT ITEMS]
	 
	 	 
	Adjusted EPS:

	 	EPS, adjusted to reflect Extraordinary Items and rounded to the nearest one one-hundredth of a dollar per
share; and Adjusted EPS for [INSERT DATE] has been determined by the Committee to be
$ [INSERT AMOUNT] , calculated as follows:
	 
	 	 
	 

	 	[INSERT DATE] Item                      Net Earnings                      Diluted EPS
	 

	 	 
	 
	 	 
	 

	 	[INSERT DATA]
	 
	 	 
	Adjustment Threshold:

	 	The amount of all Adjustable Item(s) that alone, or in combination with other Adjustable Items for the
same year on a net aggregate basis, before calculating Adjusted EPS, impacts the calculation of EPS by at
least $0.01
	 
	 	 
	EPS:

	 	The Company’s reported earnings per share for the respective fiscal year(s) of reference, calculated in
accordance with GAAP.
	 
	 	 
	Extraordinary Items:

	 	(a) Any “Extraordinary Item” as defined in accordance with GAAP; and (b) any other item that is an
“Adjustable Item” to the extent that it, either alone or together with other Adjustable Item(s), exceeds
the Adjustment Threshold.
	 
	 	 
	GAAP:

	 	Generally accepted accounting principles in Canada.

1Sale of Shares Agreement - Newcastle

     

    Exhibit
      10.170

    SALE
      OF SHARES AGREEMENT

     

    between

     

    CHICORY
      INVESTMENTS (PROPRIETARY) LIMITED

     

    DYNAMO
      INVESTMENTS LIMITED

     

    HARVEST
      MOON INVESTMENT HOLDINGS (PROPRIETARY) LIMITED

     

    IZULU
      GAMING (PROPRIETARY) LIMITED

     

    KHULANI
      HOLDINGS LIMITED

     

    LIBALELE
      LEISURE (PROPRIETARY) LIMITED

     

    MALESELA
      GAMING (PROPRIETARY) LIMITED

     

    OAKLAND LEISURE INVESTMENTS (NEWCASTLE)
      (PROPRIETARY) LIMITED

     

    PURPLE
      RAIN PROPERTIES NO 62 (PROPRIETARY) LIMITED

     

    RUVUMA
      INVESTMENT (PROPRIETARY) LIMITED

     

    SAPHILA
      INVESTMENTS (PROPRIETARY) LIMITED

     

    
      
        
        

      

      
        --1--

        
          

        

      

      
        
        

      

    

    

     

    VIVA
      LEISURE INVESTMENT HOLDINGS (PROPRIETARY) LIMITED

     

    THE
      VIVA TRUST

     

    and

     

    CENTURY
      CASINOS AFRICA (PROPRIETARY) LIMITED

     

    
      	1.  	
              DEFINITIONS
                AND INTERPRETATION

            

    

     

    
      	1.1.  	
              In
                this Agreement, unless clearly inconsistent with or otherwise indicated
                by
                the context -

            

    

     

    
      	1.1.1.  	
              “the
                / this Agreement” means the agreement set out in this document and the
                appendices (if any) hereto;

            

    

     

    
      	1.1.2.  	
              “Business
                Day” means any day other than a Saturday, Sunday or statutory public
                holiday in the Republic of South
                Africa;

            

    

     

    
      	1.1.3.  	
              “the
                BEE Act” means the Broad-Based Black Economic Empowerment Act, No. 53 of
                2003;

            

    

     

    
      	1.1.4.  	
              “the
                Closing Date” means the date upon which all conditions upon which the
                closing of the sale of the Sold Shares is dependant, are either fulfilled
                or, to the extent that such conditions may be waived, are waived,
                or such
                later or other date as may be agreed in writing between the
                Parties;

            

    

     

    
      	1.1.5.  	
              “the
                Company” means Balele Leisure (Proprietary) Limited, Registration No.
                1998/002723/07, a private company duly registered and incorporated
                with
                limited liability in accordance with the company laws of the Republic
                of
                South Africa;

            

    

     

    
      	1.1.6.  	
              “the
                Companies Act” means the Companies Act, No. 61 of 1973, as
                amended;

            

    

     

    
      
        
        

      

      
        --2--

        
          

        

      

      
        
        

      

    

    
      	1.1.7.  	
              “the
                Competition Act” means the Competition Act, No. 89 of
                1998;

            

    

     

    
      	1.1.8.  	
              “the
                Closing Date Financial Statements” means the financial statements of the
                Company for the period from 1 March 2005 to the Closing Date which
                the
                Sellers shall be required to deliver to the Purchaser in accordance
                with
                the provisions of clause 10.1
                hereof;

            

    

     

    
      	1.1.9.  	
              “Erf
                6350 Newcastle” means Erf 6350 Newcastle (Extension No. 34), registration
                division HS in the Newcastle Transitional Local Council Area, Province
                of
                Kwazulu Natal, measuring 28,9284 hectares, held by the Company under
                deed
                of transfer no. T1149/99;

            

    

     

    
      	  1.1.10. 
              	
              “the
                Existing Shareholders’ Agreement” means the shareholders’ agreement
                entered into between the members of the Company prior to the Signature
                Date and effective as between the members of the Company as at the
                Signature Date;

            

    

     

    
      	1.1.11. 
              	
              “the
                2005 Financial Statements” means the audited annual financial statements
                of the Company for the financial year of the Company which ended
                on 28
                February 2005 as approved by the directors of the
                Company;

            

    

     

    
      	1.1.12. 	
              “the
                Income Tax Act” means the Income Tax Act, No. 58 of
                1962;

            

    

     

    
      	1.1.13. 
              	
              “Newcastle”
                means Newcastle Hotel and Property Development (Proprietary) Limited,
                Registration No. 2001/000346/07, a private company duly registered
                and
                incorporated with limited liability in accordance with the company
                laws of
                the Republic of South Africa;

            

    

     

    
      	1.1.14. 
              	
              “the
                New Shareholders’ Agreement” means the agreement referred to in clause
                6.2.2
                hereof to be signed between the members of the
                Company;

            

    

     

    
      	1.1.15. 
              	
              “the
                Parties” means the Purchaser and the Sellers collectively and “Party”
                shall mean either the Purchaser or, collectively, the Sellers, as
                the
                context may indicate or require;

            

    

     

    
      
        
        

      

      
        --3--

        
          

        

      

      
        
        

      

    

    
      	1.1.16. 
              	
              “the
                Permanent Casino” means the new casino which the Company plans to
                construct as soon as reasonably possible in the future on the land
                more
                fully described as “the proposed subdivision of Erf 15450 Newcastle which
                is in the process of being subdivided and which shall be in extent
                +- 25
                (twenty-five) hectare” which Newcastle is in the process of acquiring from
                the Newcastle Municipality and which will thereafter be acquired
                by the
                Company from Newcastle as provided in clause 6.2.8
                hereof;

            

    

     

    
      	1.1.17. 
              	
              “Polo
                Grill” means Polo Grill Casino Limited, a company incorporated in Zambia
                with registration number 51418 of which Winlen owns 25% (twenty-five
                percent) of the issued share capital;

            

    

     

    
      	1.1.18. 	
              “the
                Purchaser” means Century Casinos Africa (Proprietary) Limited,
                Registration No. 1996/010501/07, a private company duly registered
                and
                incorporated with limited liability in accordance with the company
                laws of
                the Republic of South Africa;

            

    

     

    
      	1.1.19. 	
              “the
                Purchaser’s Attorneys” means Bowman Gilfillan Attorneys, of SA Reserve
                Bank Building, 60 St George’s Mall, Cape Town,
                8001;

            

    

     

    
      	1.1.20. 	
              “the
                Purchase Price” means the purchase price referred to in clause
                3
                hereof;

            

    

     

    
      	1.1.21. 	
              “the
                Sellers” means Chicory Investments (Proprietary) Limited, Registration No.
                1985/000896/07, Dynamo Investments Limited, Registration No.
                1995/004006/06, Harvest Moon Investment Holdings (Proprietary) Limited,
                Registration No. 1998/010314/07, Izulu Gaming (Proprietary) Limited,
                Registration No. 1998/008061/07, Khulani Holdings Limited, Registration
                No. 1979/006828/06, Libalele Leisure (Proprietary) Limited, Registration
                No. 1998/011953/07, Malesela Gaming (Proprietary) Limited, Registration
                No. 1998/018625/07, Oakland Leisure Investments (Newcastle) (Proprietary)
                Limited, Registration No. 1997/009965/07, Purple Rain Properties
                No 62
                (Proprietary) Limited, Registration No. 1997/020100/07, Ruvuma Investment
                (Proprietary) Limited, Registration No. 1997/016346/07, Saphila
                Investments (Proprietary) Limited,, Registration No. 1998/011294/07,
                ,
                Viva Leisure Investment Holdings (Proprietary) Limited, Registration
                No.
                1997/015979/07, and The Viva Trust No. IT
                954/1991;

            

    

     

    
      
        
        

      

      
        --4--

        
          

        

      

      
        
        

      

    

    
      	1.1.22. 	
              “the
                Sellers’ Attorneys” means Franke & Associates, 16 Old Main Road,
                Gillitts, 3603;

            

    

     

    
      	1.1.23. 	
              “the
                Signature Date” means the date on which the Party which signs this
                Agreement last in time, so signs;

            

    

     

    
      	1.1.24. 	
              “the
                Sold Shares” means:

            

    

     

    
      	1.1.24.1.  	
              763
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Chicory
                Investments (Proprietary) Limited;

            

    

     

    
      	1.1.24.2.  	
              3,824
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Dynamo
                Investments Limited;

            

    

     

    
      	1.1.24.3.  	
              1,057
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Harvest
                Moon Investment Holdings (Proprietary)
                Limited;

            

    

     

    
      	1.1.24.4.  	
              6,949
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Izulu
                Gaming (Proprietary) Limited;

            

    

     

    
      	1.1.24.5.  	
              5,903
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Khulani
                Holdings Limited;

            

    

     

    
      	1.1.24.6.  	
              760
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Libalele Leisure (Proprietary)
                Limited;

            

    

     

    
      	1.1.24.7.  	
              540
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Malesela Gaming (Proprietary)
                Limited;

            

    

     

    
      	1.1.24.8.  	
              1,436
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Oakland
                Leisure (Newcastle) (Proprietary)
                Limited;

            

    

     

    
      	1.1.24.9.  	
              764
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Purple
                Rain Properties No 62 (Proprietary)
                Limited;

            

    

     

    
      
        
        

      

      
        --5--

        
          

        

      

      
        
        

      

    

    
      	  
                1.1.24.10.  	
              413
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Ruvuma
                Investment (Proprietary) Limited;

            

    

     

    
      	 1.1.24.11.  	
              3,928
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Saphila
                Investments (Proprietary) Limited;

            

    

     

    
      	1.1.24.12.  	
              6,080
                ordinary R1,00 (one rand) par value shares in the Company owned by
                Viva
                Leisure Investment Holdings (Proprietary)
                Limited;

            

    

     

    
      	1.1.24.13.  
              	
              1,571
                ordinary R1,00 (one rand) par value shares in the Company owned by
                The
                Viva Trust,

            

    

     

    representing
      in total approximately, but not less than, 60% (sixty percent) of the issued
      share capital of the Company as at the Signature Date;

     

    
      	 
              1.1.25. 	
              “the
                Temporary Casino” means the casino situated at Erf 6350 Newcastle from
                which the Company has conducted the business of a casino operator
                in the
                past;

            

    

     

    
      	 
              1.1.26. 	
              “the
                VAT Act” means the Value-Added Tax Act, No. 89 of
                1991;

            

    

     

    
      	1.1.27. 	
              “Winlen”
                means Winlen Casino Operators (Proprietary) Limited, Registration
                No.
                2000/029023/07, a private company duly registered and incorporated
                with
                limited liability in accordance with the company laws of the Republic
                of
                South Africa.

            

    

     

    
      	1.2.  	
              In
                this Agreement, unless clearly inconsistent with or otherwise indicated
                by
                the context:

            

    

     

    
      	1.2.1.  	
              any
                reference to any act of Parliament or other statutory provision shall
                be
                deemed to mean a reference to such provision inclusive of any
                modification, extension, substitution or re-enactment thereof, in
                which
                event the relevant provisions of this Agreement affected by such
                modification, extension, substitution or re-enactment, shall be deemed
                to
                have been amended, mutatis
                mutandis;

            

    

     

    
      	1.2.2.  	
              any
                reference to the singular includes the plural and vice
                versa;

            

    

     

    
      
        
        

      

      
        --6--

        
          

        

      

      
        
        

      

    

    
      	1.2.3.  	
              any
                reference to natural persons includes legal persons and vice
                versa;
                and

            

    

     

    
      	1.2.4.  	
              any
                reference to a gender includes the other
                genders.

            

    

     

    
      	1.3.  	
              The
                use of the word “including” followed by a specific example or examples
                shall not be construed or interpreted as limiting the meaning of
                the
                general wording preceding it and the eiusdem
                generis rule
                shall not be applied in the interpretation of such general wording
                and/or
                such specific example or examples.

            

    

     

    
      	1.4.  	
              The
                clause headings in this Agreement have been inserted for convenience
                only
                and shall not be taken into account in the interpretation of this
                Agreement.

            

    

     

    
      	1.5.  	
              All
                appendices (if any), schedules or like documents attached to this
                Agreement shall form part, or be deemed to form part, of this Agreement,
                for all purposes mutatis
                mutandis
                as
                if incorporated into the body of this
                Agreement.

            

    

     

    
      	1.6.  	
              This
                Agreement shall be governed by and construed and interpreted in accordance
                with the law of the Republic of South
                Africa.

            

    

     

    
      	2.  	
              SALE

            

    

     

    The
      Sellers hereby sell to the Purchaser and the Purchaser purchases the Sold Shares
      free from all liens, charges and encumbrances.

     

    
      	3.  	
              THE
                PURCHASE PRICE

            

    

     

    The
      purchase price payable by the Purchaser for the Sold Shares shall be
      the sum
      of R57 500 000.00 (fifty-seven million five hundred thousand rand) or, in the
      event of the gross gaming revenue of the Permanent Casino exceeding
      R95 000 000.00 (ninety-five million rand) in the first 12 (twelve)
      months following the date of commencement of trading operations of the Permanent
      Casino, an amount of R60 000 000.00 (sixty million rand) less
      an
      amount equal to the amount (if any) payable by the Company to South African
      Revenue Service upon resolution of the dispute with South African Revenue
      Service referred to in paragraph 33
      of
      Annexure “A” hereto. 

     

    
      
        
        

      

      
        --7--

        
          

        

      

      
        
        

      

    

    

     

    
      	4.  	
               PAYMENT

            

    

     

    Payment
      of the purchase price shall be made by the Purchaser to the Sellers by way
      of
      payment to the Sellers’ Attorneys who are hereby duly authorised to receive and
      accept payment on behalf of the Sellers as follows:

     

    
      	4.1.  	
              on
                the Closing Date and against fulfillment by the Sellers of the Sellers’
                obligations in terms of clause 5
                hereof, of the sum of R40 500 000.00 (forty million five hundred
                thousand rand);

            

    

     

    
      	4.2.  	
              on
                the first day of the eighteenth month immediately succeeding the
                due date
                for payment of the sum of R40 500 000.00 (forty million five
                hundred thousand rand) in accordance with the provisions of clause
                4.1
                hereof
                of
                the sum of R17 000 000.00 (seventeen million rand) less any
                amount payable by the Sellers to the Purchaser by reason of the Sellers
                breaching any warranties, undertakings and representations of the
                Sellers
                and in particular paragraph 60
                of
                annexure “A”
                provided that until such time as the dispute with SARS referred to
                in
                paragraph 33
                of
                Annexure “A” has been resolved, the Purchaser shall be entitled to
                withhold payment from the amount payable in terms of clause 4.2
                hereof, of an amount equal to the amount in dispute and, when the
                dispute
                is finally resolved, of an amount equal to the amount (if any) found
                to be
                payable by the Company to SARS thereby reducing the purchase price
                as
                provided in clause 3
                hereof;

            

    

     

    
      	4.3.  	
              if
                the gross gaming revenue of the Permanent Casino exceeds
                R95 000 000.00 (ninety-five million rand) in the first 12
                (twelve) months following the date of commencement of trading operations
                of the Permanent Casino, thereby increasing the purchase price payable
                for
                the Sold Shares by an amount of R2 500 000.00 (two million five
                hundred thousand rand) as provided in clause 3
                hereof, of the sum of R2 500 000.00 (two million five hundred thousand
                rand) as soon as it is determined from the monthly management accounts
                of
                the Company that the gross gaming revenue of the Company in the first
                12
                (twelve) months of operation of the Permanent Casino exceeded

              R95 000
                000.00 (ninety-five million rand). 

            

    

     

    

    
      
        
        

      

      
        --8--

        
          

        

      

      
        
        

      

    

     

    
      	5.  	
              DELIVERY

            

    

     

    On
      the
      Closing Date the Sellers shall deliver to the Purchaser:

     

    
      	5.1.  	
              the
                share certificates in respect of the Sold Shares with share transfer
                forms
                relating thereto duly signed by the Sellers as transferor, currently
                dated, and reflecting the Purchaser as the
                transferee;

            

    

     

    
      	5.2.  	
              the
                actual or a certified true copy of a resolution passed by the directors
                of
                the Company:

            

    

     

    
      	5.2.1.  	
              approving
                the transfer of the Sold Shares to the
                Purchaser;

            

    

     

    
      	5.2.2.  	
              appointing
                the nominees of the Purchaser as directors of the
                Company;

            

    

     

    
      	5.3.  	
              should
                the sale to the Purchaser of the Shares in the Company sold to the
                Purchaser in terms of this Agreement constitute the whole or the
                greater
                part of the assets of one of the Sellers, the actual or a certified
                true
                copy of a resolution passed by the members of that Seller at a general
                meeting approving the sale of the relevant Shares in Balele as required
                in
                terms of section 228 of the Companies
                Act;

            

    

     

    
      	5.4.  	
              the
                written and signed resignation of such number of the directors of
                the
                Company appointed prior to the Closing Date as exceeds the number
                of
                directors of the Company which the Sellers are entitled to appoint
                in
                accordance with the terms of this Agreement and the New Shareholders’
                Agreement.

            

    

     

    
      	6.  	
              CONDITIONS
                PRECEDENT

            

    

     

    
      	6.1.  	
              This
                Agreement, save for the provisions of clauses 1,
                8,
                16,20,
                21
                and 22,
                which shall be of immediate force and effect and remain binding on the
                Parties, shall be subject to and conditional upon fulfillment of
                the
                conditions precedent referred to in clauses 6.2
                and 6.3
                by
                the dates therein set forth and of all conditions precedent by not
                later
                than 1 April 2006, provided that all such dates may be extended to
                such
                later dates as the Parties may agree in
                writing.

            

    

     

    
      	6.2.  	
              Simultaneously
                with signature of this agreement, but in any event not later than
                the
                Closing Date:

            

    

     

    
      
        
        

      

      
        --9--

        
          

        

      

      
        
        

      

    

    
      	6.2.1.  	
              the
                transfer to Winlen of beneficial ownership of all the issued shares
                in the
                Company not purchased by the Purchaser and the recordal in the share
                register of the Company of Winlen as the registered owner of such
                shares
                representing approximately, but not more than, 40% (forty percent)
                of the
                issued share capital of the
                Company;

            

    

     

    
      	6.2.2.  	
              signature
                of the New Shareholders’ Agreement by the Purchaser and Winlen after the
                sale of the Sold Shares to the Purchaser as contemplated in this
                Agreement
                and the transfer to Winlen as contemplated in 6.2.1
                of
                all issued shares in the Company not purchased by the
                Purchaser;

            

    

     

    
      	6.2.3.  	
              the
                cancellation, without payment of any consideration or damages as
                compensation for such cancellation of the existing management agreement
                between the Company and Winlen and the conclusion between the Company
                and
                the Purchaser, or any nominee of the Purchaser which is a subsidiary
                of
                Century Casinos Inc, of a management agreement providing for the
                appointment of such nominee of Century Casinos Inc to manage with
                effect
                from the Closing Date the business operations of the Company for
                a
                management fee payable monthly of 3.75% (three comma seven five percent)
                of the total gross revenues (excluding VAT and other taxes) of the
                Company, plus 7.5% (seven comma five percent) of the earnings of
                the
                Company before interest, taxation, depreciation and amortization,
                and for
                such management agreement to remain in force indefinitely while the
                Purchaser owns shares in the Company and to be subject to notice
                of
                termination by the manager, at the manager’s sole discretion, on not less
                than 6 (six) months written notice;

            

    

     

    
      	6.2.4.  	
              the
                conclusion between the Company and Mr Vathasallum Reddy of an agreement
                on
                terms acceptable to them and the Purchaser appointing Mr Vathasallum
                Reddy as a development consultant for the construction of the Permanent
                Casino;

            

    

     

    
      	6.2.5.  	
              the
                conclusion between the Company and the Purchaser of a development
                management agreement on terms acceptable to them appointing the Purchaser
                as development manager for the construction of the Permanent
                Casino;

            

    

     

    
      
        
        

      

      
        --10--

        
          

        

      

      
        
        

      

    

    
      	6.2.6.  	
              the
                conclusion between the Company and Winlen, of an agreement
                providing:

            

    

     

    
      	6.2.6.1.  	
              for
                payment by the Company to Winlen monthly of a fee equal to 1.25%
                (one
                comma two five percent) of the total revenues of the Company plus
                2.5%
                (two comma five percent) of the earnings of the Company before interest,
                taxation, depreciation and amortization for assisting the manager
                appointed in terms of clause 6.2.3
                hereof in the management of the business operations of the Company;
                

            

    

     

    
      	6.2.6.2.  	
              for
                such agreement to remain in force indefinitely while Winlen owns
                shares in
                the Company, provided that should the black empowerment status of
                Winlen
                at any time after the Signature Date reduce below the level as at
                the
                Signature Date, the agreement shall immediately and automatically
                terminate.;

            

    

     

    
      	6.2.6.3.  	
              that
                should the percentage of the issued shares of the Company owned by
                Winlen
                reduce below 40% (forty percent), the fees respectively of 1.25%
                (one
                comma two five percent) and 2.5% (two comma five percent) shall be
                reduced
                pro rata by multiplying the amount of the fees representing 1.25%
                (one
                comma two five percent) and 2.5% (two comma five percent) by the
                fraction
                x/100
                where
                “x” equals the percentage of the total issued shares of the Company owned
                by Winlen.

            

    

     

    
      	6.2.7.  	
              the
                Company divesting itself of the Company’s interest in Winlen and Polo
                Grill; 

            

    

     

    
      	6.2.8.  	
              the
                conclusion between Newcastle and the Company of an agreement of sale
                for
                the sale by Newcastle to the Company for the sum of R375 000.00 (three
                hundred and seventy-five thousand rand) of the land described in
                clause
                1.1.16
                hereof providing for transfer of the said land to be effected into
                the
                name of the Company as soon as reasonably possible. 

            

    

     

    
      
        
        

      

      
        --11--

        
          

        

      

      
        
        

      

    

    
      	6.3.  	
              By
                not later than 2 (two) weeks after signature of this Agreement on
                behalf
                of the Purchaser the approval of this Agreement and the New Shareholders’
                Agreement by the board of directors of the Purchaser.

            

    

     

    
      	6.4.  	
              The
                approval by the Purchaser of the development plans and specifications
                and
                budget for the layout and construction of the Permanent Casino.

            

    

     

    
      	6.5.  	
              The
                approval of all elements of this Agreement by all relevant regulatory
                or
                other competent authorities including (but not limited to) the SA
                Reserve
                Bank, the KwaZulu-Natal Gambling Board and the Liquor Board having
                jurisdiction over the Company’s casino operations and liquor licences,
                local, provincial and municipal authorities or any other
                authorities.

            

    

     

    
      	6.6.  	
              It
                is recorded:

            

    

     

    
      	6.6.1.  	
              that
                the requirement that the conditions referred
                to:

            

    

     

    
      	6.6.1.1.  	
              in
                clauses 6.2.2,
                6.2.8
                and 6.5
                hereof be fulfilled is for the benefit of both the Purchaser and
                the
                Sellers and shall not be capable of waiver by either or both of the
                Purchaser and the Sellers;

            

    

     

    
      	6.6.1.2.  	
              in
                clauses 6.2.1,
                6.2.3,
                6.2.5,
                6.2.7,
                6.3
                and 6.4
                hereof be fulfilled is for the benefit of the Purchaser and may be
                waived
                in writing by the Purchaser;

            

    

     

    
      	6.6.1.3.  	
              in
                clauses 6.2.4
                and 6.2.6
                hereof be fulfilled is for the benefit of the Sellers and may be
                waived in
                writing by the Sellers.

            

    

     

    
      	6.6.2.  	
              that
                the Purchaser and the Sellers are of the opinion that the sale of
                the Sold
                Shares by the Sellers to the Purchaser does not qualify as a transaction
                which requires notification to the Competition Commission and that
                it is
                for this reason that the Sellers and the Purchaser have resolved
                not to
                notify the transaction to the Competition
                Commission.

            

    

     

    

    
      
        
        

      

      
        --12--

        
          

        

      

      
        
        

      

    

     

    
      	7.  	
              RISK

            

    

     

    All
      risk
      attaching to and benefit flowing from ownership of the Sold Shares shall pass,
      or be deemed to have passed, from the Sellers to the Purchaser as from the
      Closing Date.

     

    
      	8.  	
              JOINT
                AND SEVERAL LIABILITY

            

    

     

    The
      Sellers shall each be jointly and severally liable in
      solidum
      for
      fulfillment of the obligations of each of the Sellers to the Purchaser in terms
      of this Agreement.

     

    
      	9.  	
              SECURITY

            

    

     

    
      	9.1.  	
              As
                security for payment by the Purchaser to the Sellers of the purchase
                price
                as provided in clause 4
                hereof, the Purchaser shall pledge to the Sellers in securitatem
                debiti
                so
                many of the shares issued by the Company to the Purchaser following
                the
                purchase by the Purchaser and transfer to the Purchaser of the Sold
                Shares
                as is equal to 25% (twenty-five percent) of the issued share capital
                of
                the Company immediately after the Closing
                Date.

            

    

     

    
      	9.2.  	
              In
                pursuance of the Purchaser’s obligations in terms of clause 9.1
                hereof, as soon as the shares in the Company to which the Purchaser
                shall
                be entitled have been issued to the Purchaser after the transfer
                to the
                Purchaser of the Sold Shares, the Purchaser shall deposit with the
                Purchaser’s Attorneys by way of a pledge in
                securitatem debiti
                the original share certificates in respect of shares representing
                25%
                (twenty-five percent) of the issued share capital of the Company
                immediately after the Closing Date and a securities transfer form
                or forms
                signed by the Purchaser as transferor, undated and blank as to the
                name of
                the transferee.

            

    

     

    
      	9.3.  	
              Upon
                whichever is the earlier of payment by the Purchaser to the Sellers
                on
                account of the purchase price of an amount in excess of
                R50 000 000.00 (fifty million rand) or the date or deemed date
                of breach by the Sellers of any warranties, undertakings or
                representations of the Sellers and in particular paragraph 60
                of
                annexure “A”, all of the share certificates pledged as provided in terms
                of clause 9.2
                hereof shall be released from pledge and returned to the
                Purchaser.

            

    

     

    
      
        
        

      

      
        --13--

        
          

        

      

      
        
        

      

    

    
      	9.4.  	
              For
                the avoidance of doubt, unless and until the Purchaser should fail
                to make
                payment to the Sellers of the amount payable to the Sellers in terms
                of
                clause 4.2
                hereof in circumstances entitling the Sellers to proceed to realize
                the
                shares in the Company of the Purchaser which have been pledged to
                the
                Sellers, the Purchaser shall be entitled to exercise all rights to
                which
                the Purchaser might be entitled by way of ownership of the shares
                in the
                Company pledged to the Sellers as provided in this clause 9.

            

    

     

    
      	10.  	
              WARRANTIES,
                UNDERTAKINGS AND REPRESENTATIONS OF THE
                SELLERS

            

    

     

    
      	 10.1.  	
              The
                Sellers undertake as soon as reasonably possible after the Closing
                Date,
                and in any event by not later than 1 (one) month after the Closing
                Date,
                to cause to be prepared the Closing Date Financial Statements and
                to
                deliver the Closing Date Financial Statements to the
                Purchaser. 

            

    

     

    
      	10.2.  	
              The
                Sellers give and make to the Purchaser the warranties, undertakings
                and
                representations set out in Annexure “A” hereto on the basis
                that:

            

    

     

    
      	10.2.1.  	
              the
                Sellers acknowledge that this Agreement has been entered into by
                the
                Purchaser relying on the truth of such warranties, undertakings and
                representations;

            

    

     

    
      	10.2.2.  	
              the
                warranties shall be deemed to be representations and undertakings
                by the
                Sellers in favour of the Purchaser;

            

    

     

    
      	10.2.3.  	
              unless
                the contrary is proved, each warranty shall be deemed to be a
                representation of fact which has induced the Purchaser to enter into
                this
                Agreement;

            

    

     

    
      	10.2.4.  	
              each
                warranty shall be a separate warranty and in no way be limited or
                restricted by reference to or inference from the terms of any other
                warranty;

            

    

     

    
      	10.2.5.  	
              save
                where the context clearly indicates the contrary, all warranties
                and
                undertakings given by the Sellers to the Purchaser set out in Part
                A of
                Annexure “A” hereto shall be warranted as at the Signature Date and the
                Closing Date and all warranties and undertakings given by the Sellers
                to
                the Purchaser set out in Part B of Annexure “A” hereto shall be warranted
                as at the due date thereof according to the terms of the relevant
                warranty
                / undertaking;

            

    

     

    
      
        
        

      

      
        --14--

        
          

        

      

      
        
        

      

    

    
      	10.2.6.  	
              the
                Purchaser shall not be entitled to cancel this Agreement by reason
                of a
                breach of any warranty, undertaking or representation given by the
                Sellers
                unless same is of a material nature going to the root of the contract
                and
                is not capable of being remedied by payment in money or, if the Sellers
                fail to pay the amount which may become due by the Sellers as a
                consequence of the breach of any of the warranties, undertakings
                or
                representations within 15 (fifteen) days after the amount has been
                finally
                established by agreement or by an order or judgment of a competent
                court;

            

    

     

    
      	10.2.7.  	
              should
                the warranty contained in paragraph 60.3
                of
                annexure “A” be breached, the Purchaser shall be deemed to have suffered a
                loss equal to R12 000 000.00 (twelve million rand) and shall be
                entitled to set-off the said sum against the balance of the purchase
                price
                payable by the Purchaser for the Sold Shares and the Purchaser and
                the
                Sellers shall procure that transfer of Erf 6350 Newcastle into the
                name of
                Winlen as successor-in-title of the Sellers, conditional upon Winlen
                consenting to lease Erf 6350 Newcastle to the Company for a rental
                not
                exceeding R120 000.00 (one hundred and twenty thousand rand) per
                month, inclusive of VAT from the date of registration of transfer
                until
                such time as the Company takes occupation of the Permanent Casino
                is
                effected by the Company without delay at the cost of Winlen against
                the
                reduction of the share premium account of the Company by the sum
                of
                R12 000 000.00 (twelve million rand) in accordance with the
                provisions of the Companies Act. 

            

    

     

    
      	10.3.  	
              It
                is recorded that the Sellers and the Purchaser have agreed that the
                Purchaser should be permitted to conduct a detailed commercial, financial
                and legal due diligence inquiry into the affairs of the Company in
                order
                to enable the Purchaser to satisfy itself relating to certain matters
                concerning the affairs of the Company. The fact that the Purchaser
                has
                been permitted to conduct such inquiries shall not relieve the Sellers
                of
                any of the Sellers’ obligations in terms of this Agreement, including but
                not limited to the Sellers’ obligations in terms of clause 10.2,
                such due diligence inquiries having been carried out by the Purchaser
                entirely without prejudice to all or any of the Purchaser’s rights in
                terms of this Agreement or otherwise in
                law.

            

    

     

    
      
        
        

      

      
        --15--

        
          

        

      

      
        
        

      

    

    
      	11.  	
              INDEMNITY

            

    

     

    In
      the
      event of the Company suffering any loss or damages or incurring any liability
      or
      expense contrary to any warranty and/or undertaking made by the Sellers in
      terms
      of this Agreement or by reason of the Sellers failing to fulfill any of their
      obligations under this Agreement, the Purchaser shall be deemed to have suffered
      a loss which shall bear the same proportion thereto as the Shares in the Company
      then owned by the Purchaser bears to the total issued share capital of the
      Company. Without prejudice to any of the rights of the Purchaser arising from
      any of the provisions of this Agreement, the Sellers indemnify the Purchaser
      against any such loss suffered by the Purchaser or which the Purchaser shall
      be
      deemed to have suffered.

     

    
      	12.  	
              LOAN

            

    

     

    In
      the
      event of the Company not succeeding in selling Erf 6350 Newcastle to a third
      party within a period of 60 days after the Closing Date for a selling price
      of
      R12 000 000.00 (twelve million rand), exclusive of VAT, or more as
      contemplated in paragraph 60
      of
      annexure “A” and Erf 6350 consequently being transferred to Winlen as provided
      in clause 10.2.7
      hereof,
      the Purchaser undertakes that the Purchaser shall lend, or shall procure that
      a
      company forming part of the Century group of companies shall lend to the Company
      an amount of R12 000 000.00 (twelve million rand) on such terms as
      might be acceptable to the lender and the Company, provided that such terms
      shall, inter
      alia,
      include:

     

    
      	12.1.  	
              that
                the capital amount of the loan together with all other amounts owed
                to the
                lender under the loan are repaid to the lender in full not later
                than 5
                (five) years after the advance of the first tranche of
                capital;

            

    

     

    
      	12.2.  	
              the
                capital shall be advanced to the Company in tranches as and when
                required
                by the Company;

            

    

     

    
      
        
        

      

      
        --16--

        
          

        

      

      
        
        

      

    

    
      	12.3.  	
              all
                money advanced by the lender to the Company shall earn interest at
                a rate
                not less than the prime overdraft rate of interest charged by the
                South
                African commercial bank with which the Company from time to time
                conducts
                the Company’s current bank account;

            

    

     

    
      	12.4.  	
              subject
                to the consent of the mortgagee referred to in clause 12.5
                hereof, fulfillment of the obligations of the Company to the lender
                shall
                be secured by a mortgage bond in such terms as the lender should
                require
                registered over the land on which the Permanent Casino is to be
                erected;

            

    

     

    
      	12.5.  	
              the
                mortgage bond shall rank first in priority behind any mortgage of
                the same
                land to secure the loan of R40 000 000.00 (forty million rand) to
                the
                Company contemplated in paragraph 54
                of
                Annexure “A” hereto and be prepared and registered by the Purchaser’s
                Attorneys at the Company’s exclusive
                cost.

            

    

     

    
      	13.  	
              BROKERAGE

            

    

     

    The
      Sellers and the Purchaser hereby respectively warrant and declare to the other
      that neither was introduced to the other relating to the sale of the Sold Shares
      by any business, estate or other broker or agent and consequently that no
      brokerage is payable to any person relating to the sale recorded in this
      Agreement.

     

    
      	14.  	
              BREACH

            

    

     

    
      	14.1.  	
              Should
                either the Sellers, of the first part, or the Purchaser of the second
                part
                (“the Party in Default”) commit a breach of any term, condition,
                undertaking, warranty or representation contained in this Agreement
                and
                should such breach be incapable of being remedied or should such
                breach be
                capable of being remedied and the Party in Default fail to remedy
                such
                breach within 15 (fifteen) days after receipt of written notice to
                that
                effect from the other of them, such other Party shall be entitled,
                subject
                to the provisions of clause 14.2
                hereof, without prejudice and in addition to all of such other Party’s
                rights in terms hereof or at law, to cancel this Agreement forthwith
                by
                way of written notice to such effect to the other Parties.
                

            

    

     

    
      	14.2.  	
              In
                the event that, after all conditions precedent have been fulfilled
                or
                waived, the Purchaser should, without just cause, fail to fulfill
                the
                Purchaser’s obligations to the Sellers in terms of this agreement, the
                Purchaser shall be obliged to pay the Sellers a penalty in the sum
                of R1
                000 000.00 (one million rand) (“the Break Fee”), which Break Fee the
                Parties record and agree is a genuine pre-estimate of the damages
                which in
                such event shall be suffered by the Sellers and which Break Fee shall,
                upon payment thereof by the Purchaser, be received and accepted by
                the
                Sellers in full and final settlement of all or any claims which the
                Sellers might have suffered or claim to have suffered by reason of
                the
                Purchaser having breached the Purchaser’s obligations owed the Sellers in
                terms of this Agreement.

            

    

     

    
      
        
        

      

      
        --17--

        
          

        

      

      
        
        

      

    

    
      	15.  	
              CANCELLATION
                OF MANAGEMENT CONTRACT

            

    

     

    In
      the
      event of the Purchaser failing to pay on account of the purchase price of the
      Sold Shares the amount referred to in clause 4.2
      hereof
      in circumstances entitling the Sellers to exercise their rights under clause
      9
      hereof,
      thereby resulting in the realization of so many of the shares in the Company
      owned by the Purchaser as should constitute the Purchaser the owner of less
      than
      50% (fifty percent) of the issued share capital of the Company or should the
      Sellers by reason thereof procure cancellation of this Agreement as contemplated
      in clause 14
      hereof,
      the Company shall have the right, by written notice accordingly to the Purchaser
      to terminate summarily the management contract referred to in clause
6.2.3
      hereof,
      between the Company and the Purchaser or any nominee of the Purchaser which
      is a
      subsidiary of Century Casinos Inc, provided that such termination shall be
      subject to, conditional upon, and effective from the date of, repayment to
      the
      Purchaser of all monies paid by the Purchaser to the Sellers in respect of
      the
      purchase price of the Sold Shares together with interest thereon calculated
      at
      the prime overdraft interest rate of the commercial bank with which the Company
      conducts the Company’s bank account, commencing 3 (three) months after the date
      of the notice of termination of the management contract referred to in clause
      6.2.3
      hereof
      to the date upon which the said sum is repaid to the Purchaser, upon payment
      whereof to the Purchaser the Purchaser shall be bound and obliged to transfer
      back to the Sellers the Sold Shares.

     

    
      
        
        

      

      
        --18--

        
          

        

      

      
        
        

      

    

     

    
      	16.  	
              ANNOUNCEMENTS

            

    

     

    Neither
      the Purchaser nor the Sellers shall be entitled to make any announcements within
      the Republic of South Africa concerning this Agreement or the transactions
      referred to herein, unless prior to making such announcement the prior consent
      of the other Party has been obtained in writing. The aforegoing notwithstanding,
      the Purchaser shall be entitled to make any announcement outside of the Republic
      of South Africa concerning this Agreement or the transactions referred to herein
      without obtaining the consent of the Sellers.

     

    
      	17.  	
              APPROVAL
                PENDING PAYMENT

            

    

     

    Until
      such time as the Purchaser becomes entitled to the release to the Purchaser
      as
      contemplated in clause 9.4
      hereof,
      of all shares in the Company pledged to the Sellers as provided in clause
9
      hereof,
      the Company shall not after the Closing Date, except in exceptional
      circumstances of urgency, without the approval of the majority of directors
      of
      Winlen, which approval shall not unreasonably be withheld:

     

    
      	17.1.  	
              incur
                capital expenditure (excluding capital expenditure relating to the
                Permanent Casino) exceeding with regard to any particular item
                R300 000.00 (three hundred thousand rand) in
                value;

            

    

     

    
      	17.2.  	
              incur
                loans exceeding in respect of any particular loan R250 000.00 (two
                hundred
                and fifty thousand rand) in value;

            

    

     

    
      	17.3.  	
              enter
                into any lease or other financing agreement exceeding in respect
                of any
                particular agreement R250 000.00 (two hundred and fifty thousand
                rand) in
                value;

            

    

     

    
      	17.4.  	
              cancel
                any employment contracts where the gross monthly remuneration of
                the
                employee concerned exceeds R50 000.00 (fifty thousand rand) in
                value;

            

    

     

    
      	17.5.  	
              with
                the exception of any dividend payable in terms of the provisions
                of clause
                18
                hereof, pay dividends;

            

    

     

    
      	17.6.  	
              sell
                assets exceeding R100 000.00 (one hundred thousand rand) in
                value.

            

    

     

    

    
      
        
        

      

      
        --19--

        
          

        

      

      
        
        

      

    

     

    
      	18.  	
              PROFITS

            

    

     

    
      	18.1.  	
              Winlen,
                as the successor-in-title of the Sellers shall have the right to
                payment
                by the Company of a dividend in compliance with the provisions of
                the
                Companies Act of an amount equal to the lesser
                of:

            

    

     

    
      	18.1.1.  	
              the
                net income after tax and available for dividend of the Company for
                the
                period from 1 March 2005 up to and inclusive of the Closing Date;
                and

            

    

     

    
      	18.1.2.  	
              the
                available cash resources of the Company, excluding an amount equal
                to:

            

    

     

    
      	18.2.  	
              the
                average over the preceding period of 6 (six) months of all monies
                or money
                equivalents required for the daily operation of the business of the
                Company and, in particular, the casino operated by the Company. Payment
                to
                the Sellers of any dividend, as contemplated in clause 18.1
                hereof shall be made upon approval of the Closing Date Financial
                Statements by the directors of the Company appointed after the Closing
                Date.

            

    

     

    
      	18.3.  	
              For
                the purposes of this clause 18:

            

    

     

    
      	18.3.1.  	
              “net
                income after tax and available for dividend” shall mean net income after
                tax per the Closing Date Financial Statements, excluding any income
                or
                losses from the sale or re-valuation of non current
                assets;

            

    

     

    
      	18.3.2.  	
              “available
                cash resources” shall mean the excess of current assets over current
                liabilities per the Closing Date Financial
                Statements.

            

    

     

    
      	18.4.  	
              Winlen,
                as the successor-in-title of the Sellers, shall be entitled to be
                reimbursed after the Closing Date for all professional fees and
                disbursements incurred by the Company relating to the development
                of the
                Permanent Casino between the Signature Date and the Closing Date
                with the
                approval of the Purchaser after the Signature Date. Such reimbursement
                shall take place as and when the directors of the Company should,
                in the
                sole discretion of the directors, consider that the available cash
                resources of the Company so permit, taking into account the budgeted
                cash
                requirements of the Company and the Company’s obligations to creditors of
                the Company.

            

    

     

    
      
        
        

      

      
        --20--

        
          

        

      

      
        
        

      

    

    
      	19.  	
              WINLEN
                AND POLO GRILL

            

    

     

    In
      order
      to facilitate the Company divesting itself of the Company’s interest in Winlen
      and Polo Grill and the acquisition of that interest by the Sellers, the
      Purchaser consents to the payment, prior to the Closing Date and prior to
      transfer by the Sellers to Winlen of all the issued shares in the Company not
      purchased by the Purchaser as provided in clause 6.2.1
      hereof,
      to the Sellers in compliance with the provisions of the Companies Act of an
      amount not exceeding R3 000 000.00 (three million rand) by the Company by way
      of
      reduction of the share premium account, provided that:

     

    
      	19.1.  	
              the
                entire proceeds of such payment are applied by the Sellers to settling
                in
                full the debts owed by Winlen and Polo Grill to the Company and the
                cost
                of the acquisition by the Sellers of the Company’s shares in Winlen and
                Polo Grill;

            

    

     

    
      	19.2.  	
              the
                net asset value of the Company will not as a result of such payment
                as at
                the Closing Date have been reduced to a sum less than R23 000 000.00
                (twenty-three million rand). “Net asset value” shall mean the excess of
                assets, excluding intangible assets and revaluations of assets after
                28
                February 2005 over liabilities of the Company per the Closing Date
                Financial Statements.

            

    

     

    
      	20.  	
              NOTICES
                AND DOMICILIA

            

    

     

    
      	20.1.  	
              The
                Parties choose as their domicilium
                citandi et executandi
                their addresses set out in this clause 20
                for all processes arising out of or in connection with this Agreement
                at
                which addresses all the processes and notices arising out of or in
                connection with this Agreement, the breach or termination thereof
                may
                validly be served upon or delivered to the
                Parties.

            

    

     

    
      	20.2.  	
              For
                the purposes of this Agreement the Parties’ respective addresses shall
                be:

            

    

     

    
      	20.2.1.  	
              the
                Purchaser:     
20th
                Floor, 1 Thibault Square

            

    

    Cape
      Town

    8001

    Facsimile
      No. 021-4213739

    

    
      
        
        

      

      
        --21--

        
          

        

      

      
        
        

      

    

    

    
      	20.2.2.  	
              the
                Sellers:        c/o
                Deloitte

            

    

    Deloitte
      Place

    2,
      Pencarrow Crescent

    Pencarrow
      Park

    La
      Lucia
      Ridge Office Estate

    La
      Lucia

    4051

    Facsimile
      No. 031-5607351;

     

     

    or
      such
      other address in the Republic of South Africa, not being a post office box
      or
poste
      restante,
      of
      which the Party concerned may notify the others in writing.

     

    
      	20.3.  	
              Any
                notice given in terms of this Agreement shall be in writing and shall,
                unless the contrary is proved:

            

    

     

    
      	20.3.1.  	
              if
                delivered by hand be deemed to have been duly received by the addressee
                on
                the date of delivery;

            

    

     

    
      	20.3.2.  	
              if
                delivered by courier service be deemed to have been received by the
                addressee on the 1st
                (first) Business Day following the date of such
                delivery;

            

    

     

    
      	20.3.3.  	
              if
                transmitted by facsimile be deemed to have been received by the addressee
                1 (one) Business Day after
                dispatch.

            

    

     

    
      	20.4.  	
              Notwithstanding
                anything to the contrary contained in this Agreement, a written notice
                or
                communication actually received by one of the Parties from another
                including by way of facsimile transmission or e-mail shall be adequate
                written notice or communication to such
                Party.

            

    

     

    
      	21.  	
              MISCELLANEOUS

            

    

     

    
      	21.1.  	
              The
                Parties shall at all times show the utmost good faith to each other
                in the
                implementation of the terms and conditions of this
                Agreement.

            

    

     

    
      
        
        

      

      
        --22--

        
          

        

      

      
        
        

      

    

    
      	21.2.  	
              No
                alteration, cancellation, variation of, or addition hereto shall
                be of any
                force or effect unless reduced to writing and signed by all the Parties
                to
                this Agreement or their duly authorised
                representatives.

            

    

     

    
      	21.3.  	
              This
                document contains the entire agreement between the Parties relating
                to
                these presents and no Party shall be bound by any undertakings,
                representations, warranties, promises or the like not recorded
                herein.

            

    

     

    
      	21.4.  	
              No
                indulgence, leniency or extension of time which any Party may grant
                or
                show to any other Party, shall in any way prejudice such Party or
                preclude
                such Party from exercising any of that Party’s rights in the
                future.

            

    

     

    
      	21.5.  	
              The
                terms of this Agreement having been negotiated at armslength, the
                contra
                proferentem rule shall not be applicable to the interpretation of
                the
                terms and conditions of this
                Agreement.

            

    

     

    
      	21.6.  	
              The
                Parties undertake at all times to do all such things, to perform
                all such
                acts and to take all such steps and to procure the doing of all such
                things, the performance of all such actions and the taking of all
                such
                steps as may be open to them and necessary for or incidental to the
                putting into effect or maintenance of the terms, conditions and import
                of
                this Agreement. 

            

    

     

    
      	22.  	
              COSTS

            

    

     

    The
      legal
      costs incurred respectively by the Sellers and the Purchaser relating to the
      preparation of this Agreement, the New Shareholders’ Agreement and all or any
      documents required in order to procure fulfillment of the conditions precedent
      referred to in clause 6
      hereof,
      with the exception of any filing fees payable to the Competition Commission,
      shall be borne by the Parties incurring those costs. Any filing fees payable
      to
      the Competition Commission shall be shared between the Sellers and the Purchaser
      so that the Sellers shall together bear a 40% (forty percent) proportion thereof
      and the Purchaser a 60% (sixty percent) proportion thereof. The cost of
      preparing the Closing Date Financial Statements shall be borne by the Company
      as
      a pre Closing Date expense.

     

    
      
        
        

      

      
        --23--

        
          

        

      

      
        
        

      

    

    

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     

    
      1.  /s/
        R.
        Thirumalai              

       

      2.  /s/
        S.
        Mngomezu                
                        /s/
        V.
        Reddy                

    

                             
      Vathasallum Reddy

                               who
      warrants he is duly authorised hereto for and on behalf of

                               Chicory Investments
      (Proprietary) Limited     

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     

    
      1.  /s/
        R.
        Thirumalai              

       

      2.  /s/
        S.
        Mngomezu                
                        /s/
        V.
        Reddy                

    

                             
      Vathasallum Reddy

                             
      who warrants he is duly authorised hereto for and on behalf
      of

                              Dynamo
      Investments Limited

    

     

    

    
      
        
        

      

      
        --24--

        
          

        

      

      
        
        

      

    

    

    

    

    

    

    

    SIGNED
      AT UMHLANGATHIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     

    
      
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Harvest
        Moon Investment Holdings (Proprietary) Limited

    

     

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     
      
      
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                                who
        warrants he is duly authorised hereto for and on behalf of

                               
        Izulu Gaming (Proprietary) Limited

    

     

     

    
      
        
        

      

      
        --25--

        
          

        

      

      
        
        

      

    

    

    

    

    

    

    

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     
      
       
        
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Khulani
        Holdings Limited

    

     

     

    

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     
      
       
        
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Libalele
        Leisure (Proprietary) Limited

    

     

     

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

    
       
        
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Malesela
        Gaming (Proprietary) Limited

    

     

    
      
        
        

      

      
        --26--

        
          

        

      

      
        
        

      

    

     

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

    
      
         

        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Oakland
        Leisure Investments (Newcastle) (Proprietary)
        Limited

    

     

     

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

    

    
      1.  /s/
        R.
        Thirumalai              
         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Purple
        Rain Properties No 62 (Proprietary) Limited

    

     

     

    

    

    
      
        
        

      

      
        --27--

        
          

        

      

      
        
        

      

    

    

    

    

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     

    
      
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                                Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Ruvuma
        Investment (Proprietary) Limited

    

     

     

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     

    
      
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                               
        Vathasallum Reddy

                                who
        warrants he is duly authorised hereto for and on behalf of

                                Saphila
        Investments (Proprietary) Limited

    

            

    

    

    

    
      
        
        

      

      
        --28--

        
          

        

      

      
        
        

      

    

    

    

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

     

    
      
        1.  /s/
          R.
          Thirumalai              

         

        2.  /s/
          S.
          Mngomezu                
                          /s/
          V.
          Reddy                

      

                               Vathasallum
        Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                Viva
        Leisure Invesment Holdings (Proprietary)
        Limited

    

     

    SIGNED
      AT UMHLANGA THIS 16th DAY OF OCTOBER 2005

    AS
      WITNESSES:

    

    
      1.  /s/
        R.
        Thirumalai              

       

      2.  /s/
        S.
        Mngomezu                
                        /s/
        V.
        Reddy                

                               
        Vathasallum Reddy

                               
        who warrants he is duly authorised hereto for and on behalf
        of

                                The
        Viva Trust

    

     

    SIGNED
      AT CAPETOWN THIS 18th DAY OF OCTOBER 2005

    AS
      WITNESSES:

    
      1. 
        /s/
        John McGregor             

       

      2.  /s/
        Deidre
        Spaans                              
                /s/
        Christian Gernert               

                                For
        and on behalf of Century Casinos Africa (Proprietary)
        Limited

                               
        

      
        
          
          

        

        
          --29--

          
            

          

        

        
          
          

        

      

    

    ANNEXURE
      “A”

     

    SCHEDULE
      OF WARRANTIES AND UNDERTAKINGS

     

    

    PART
      A

    

      CONSTITUTION
      OF THE COMPANY AND SHARE CAPITAL STRUCTURE

     

    
      	1.  	
              The
                Company shall be incorporated as a private Company with limited liability
                according to the laws of the Republic of South
                Africa.

            

    

     

    
      	2.  	
              No
                steps shall have been taken or be pending for the deregistration
                of the
                Company, whether under section 73 of the Companies Act or otherwise
                howsoever, and no steps shall have been taken or be pending to wind
                up the
                Company or place the Company under judicial management (whether such
                winding up or judicial management is final or
                provisional).

            

    

    

    
      	3.  	
              All
                of the issued shares in the capital of the Company shall be of one
                class
                and rank pari passu with each
                other.

            

    

    

    
      	4.  	
              The
                Company shall not be obliged to increase or to reduce the Company’s
                authorised or issued share capital or to vary any of the rights attaching
                to the issued shares.

            

    

     

    
      	5.  	
              The
                Sellers shall be entitled and able to give to the Purchaser free
                and
                unencumbered title to the Sold
                Shares.

            

    

    

    
      	6.  	
              No
                person shall have any right (including inter alia, any option, pre-emptive
                right or right of first refusal) to acquire any of the Sold
                Shares.

            

    

     

    
      	7.  	
              No
                person shall have any right to obtain an order for the rectification
                of
                the register of members of the Company, and the register of members
                of the
                Company shall contain a true and accurate record of the members of
                the
                Company from time to time.

            

    

     

    
      
        
        

      

      
        --30--

        
          

        

      

      
        
        

      

    

    
      	8.  	
              No
                resolution shall have been passed, nor shall the Company be obliged,
                to
                alter the memorandum of association or articles of association, or
                to
                create or to issue any debentures.

            

    

     

    
      	9.  	
              No
                person shall be entitled to participate in, or to a commission on,
                the
                profits or dividends of the Company other than as a shareholder in
                respect
                of dividends.

            

    

     

    
      	10.  	
              No
                shares in the issued share capital of the Company shall be bonus
                or
                capitalisation shares.

            

    

    

    THE
      BUSINESS OF THE COMPANY

    

    
      	11.  	
              The
                business of the Company shall at all times have been carried on by
                the
                Company in an ordinary, normal and regular
                manner.

            

    

     

    
      	12.  	
              The
                Company shall not have done or omitted to have done any act or thing
                which
                might in any way be materially prejudicial to the goodwill of the
                business
                of or the right of the Company to hold the licenses for the conduct
                of the
                business of the Company.

            

    

     

    
      	13.  	
              No
                written contracts of employment shall exist between the Company and
                any
                employee of the Company, save as disclosed in writing to the Purchaser
                prior to the Signature Date and no oral contract of employment shall
                exist
                which provides for more than 1 (one) months notice, save as disclosed
                in
                writing to the Purchaser prior to the Signature
                Date.

            

    

     

    
      	14.  	
              The
                Company shall not be a party to any dispute with any employee or
                former
                employee in terms of the Labour Relations Act, No. 66 of 1995 or
                otherwise.

            

    

     

    
      	15.  	
              The
                trading methods and styles of the Company, including the trade marks,
                names or other intellectual property of the Company used by the Company
                shall not constitute an infringement of the rights of any third
                party.

            

    

     

    
      	16.  	
              No
                person shall be entitled to any order requiring the Company to cease
                to
                use any of the trade marks, names or other intellectual property
                of the
                Company.

            

    

     

    
      
        
        

      

      
        --31--

        
          

        

      

      
        
        

      

    

    
      	17.  	
              All
                fixed assets and stock of the Company shall be adequately insured
                for such
                amounts as accord with sound business principles and such insurances
                shall
                not terminate earlier than 30 (thirty) days after the Closing Date,
                all
                premiums due in respect of such insurance shall have been paid and
                the
                Company shall have complied with all the conditions to which the
                liability
                of the insurers under such policies of insurance will be
                subject.

            

    

     

    
      	18.  	
              The
                Company shall be adequately insured for such amounts as accord with
                sound
                business principles with regard to public liability and such insurances
                shall terminate not earlier than 30 (thirty) days after the Closing
                Date
                and all premiums due in respect of such insurance shall have been
                paid and
                the Company shall have complied with all the conditions to which
                the
                liability of the insurers under such policies of insurance shall
                be
                subject.

            

    

     

    
      	19.  	
              All
                the equipment of the Company, including any computer software, shall
                be
                fully operational and in normal working order and shall, to the best
                of
                the Seller’s knowledge and belief, be free from defects, whether patent or
                latent.

            

    

     

    
      	20.  	
              The
                Company shall not be bound by any contracts, agreements or commitments
                save as disclosed in writing to the
                Purchaser.

            

    

     

    
      	21.  	
              The
                Company shall not have given any power of attorney or other authority
                (express, implied or ostensible) which is still outstanding or effective
                to any person to enter into any contract or commitment or to do anything
                on the Company’s behalf (other than the authority of the Company’s
                employees to enter into routine trading contracts in the ordinary
                course
                of their duties and the Company’s
                business).

            

    

     

    
      	22.  	
              The
                Company shall not have given nor shall the Company be a party to
                any
                suretyships, guarantees, indemnities or similar documents in respect
                of
                any liabilities of any other person, and shall not be liable whether
                as
                guarantor, indemnifier, surety, co-principal debtor or otherwise
                howsoever
                for any liabilities of any other
                person.

            

    

     

    
      	23.  	
              All
                necessary consents, licences, permits and other authorities required
                for
                the conduct of the business carried on by the Company in the places
                and in
                the manner in which such business is carried on at the Signature
                Date
                shall have been obtained and be valid and in full force, and the
                Sellers
                know of no reason why any of them should be suspended, cancelled
                or
                revoked.

            

    

     

    
      
        
        

      

      
        --32--

        
          

        

      

      
        
        

      

    

    
      	24.  	
              All
                stamp duty in terms of the Stamp Duties Act, 1968 and in respect
                of which
                no exemption is applicable shall have been paid in respect of the
                shares
                in the Company already issued.

            

    

     

    
      	25.  	
              The
                Company shall not have granted to any person any exclusive rights
                in
                respect of any of the Company’s products or
                services.

            

    

     

    
      	26.  	
              No
                agreement shall be in force or have been entered into by the Company
                restricting the freedom of the Company to carry on the business of
                the
                Company in the manner presently
                conducted.

            

    

     

    
      	27.  	
              The
                Company shall not have incurred any liabilities (actual, accrued
                or
                contingent) outside the ordinary, normal and regular course of the
                conduct
                of the business of the Company other than in the restructuring of
                the
                Company so as to divest the Company of the Company’s interest in Polo
                Grill and Winlen in respect of which the liabilities incurred shall
                not
                exceed R3 000 000.00 (three million
                rand).

            

    

     

    
      	28.  	
              The
                books of account of the Company shall correctly reflect all transactions,
                income, assets and liabilities of the
                Company.

            

    

     

    
      	29.  	
              The
                Company shall not be indebted to any of the Sellers or any other
                shareholder of the Company for monies lent and advanced or from any
                other
                cause.

            

    

     

    LITIGATION

     

    
      	30.  	
              The
                Company shall not be a party to any litigation (except as disclosed
                in
                writing to the Purchaser), tax objection or appeal, arbitration
                proceedings, labour or industrial relations disputes or criminal
                proceedings, and nor are any such proceedings or disputes threatened
                against or likely to be instituted by or against the Company, and
                the
                Sellers are not aware of anything which might indicate the possibility
                of
                any such proceedings or disputes being instituted or
                arising.

            

    

    

    
      
        
        

      

      
        --33--

        
          

        

      

      
        
        

      

    

    

    TAXATION

    

    
      	31.  	
              Except
                as disclosed to the Purchaser in writing, no queries shall have been
                addressed to the Company or any of the Company’s representatives by any
                tax official nor shall any tax objections have been lodged by the
                Company
                which have not been fully disposed
                of.

            

    

    

    
      	32.  	
              Except
                as disclosed to the Purchaser in writing to the contrary the
                Company:

            

    

    

    
      	32.1  	
              shall
                have duly and punctually paid all taxes which the Company shall have
                become liable to pay arising from or out of the profits or income
                of the
                Company for all periods prior to the Closing Date for which purposes
                “taxation” shall include:

            

    

    

    
      	32.1.1  	
              normal
                taxation;

            

    

    
      	32.1.2  	
              value
                added tax;

            

    

    
      	32.1.3  	
              regional
                services council levies;

            

    

    
      	32.1.4  	
              secondary
                tax on companies;

            

    

    
      	32.1.5  	
              all
                other forms of taxation;

            

    

    
      	32.1.6  	
              any
                taxation arising from new assessments of taxation and/or the reopening
                of
                any income tax assessments of the
                Company;

            

    

    
      	32.1.7  	
              any
                penalties or interest as a result
                thereof.

            

    

    

    
      	32.2  	
              all
                the Company's assessments for tax due for payment prior to the Closing
                Date shall have been paid or adequate provisions or reserves for
                tax shall
                have been established therefor in the Closing Date Financial Statements.
                

            

    

    

    
      	32.3  	
              the
                Company shall not be under any liability to pay any penalty or interest
                in
                connection with any claim for tax nor shall the Company be subject
                to any
                liability as a result of the re-opening of any of the Company’s income tax
                assessments.

            

    

    

    
      
        
        

      

      
        --34--

        
          

        

      

      
        
        

      

    

    
      	33.  	
              The
                Company shall have properly and punctually submitted all returns
                and
                provided all information required for tax purposes and none of such
                returns shall be disputed by the South African Revenue Service or
                any
                other authority except claims made by the South African Revenue Service
                as
                more fully detailed in a memorandum entitled “Balele Leisure (Pty) Limited
                (“Balele”): Status of Income Tax, Employees Tax and Value-Added Tax
                Objections” attached to this
                schedule.

            

    

    

     

    ENVIRONMENTAL

     

    
      	34.  	
              To
                the best of the knowledge and belief of the Sellers, all activities
                of the
                Company shall have at all times been conducted in compliance with
                all
                applicable environmental laws and
                regulations.

            

    

    

    DISCLOSURE

     

    
      	35.  	
              Nothing
                materially adverse regarding the affairs of the Company or business
                of the
                Company shall exist.

            

    

     

    
      	36.  	
              The
                Sellers shall have disclosed to the Purchaser to the best of the
                knowledge
                and belief of the Sellers all facts and circumstances material to
                the
                acquisition by the Purchaser of the Sold Shares and to the assessment
                of
                the purchase price payable
                therefor.

            

    

     

    ASSETS

    

    
      	37.  	
              The
                Company shall be the registered and sole beneficial owner of the
                following
                land:

            

    

    
      	37.1  	
              Erf
                6350 Newcastle;

            

    

    

    
      	37.2  	
              Erf
                6354 Newcastle (Extension no. 34), Registration Division HS, in the
                Newcastle Municipality, Province of KwaZulu-Natal, measuring 1170
                square
                metres, held under deed of transfer no. T73950/2003 which the Company
                is
                under an obligation to transfer to a third party as a prize won by
                the
                third party in a competition run by the Company.
                .

            

    

    

    
      
        
        

      

      
        --35--

        
          

        

      

      
        
        

      

    

    
      	38.  	
              The
                Company shall have repaid to Nedcor Bank Limited the full amount
                of the
                capital indebtedness of R4 500 000.00 (four million five hundred
                thousand
                rand) and all other amounts owed Nedcor Bank Limited under a mortgage
                bond
                no. B290046/2000 registered over the land referred to in 37.1.

            

    

    

    
      	39.  	
              Except
                for the mortgage bond no. B29046/2000 registered
                over the land referred to in 37.1,
                none of the land or other assets of the Company shall be subject
                to:

            

    

     

    
      	39.1  	
              any
                mortgage, debenture or notarial bond;
                or

            

    

     

    
      	39.2  	
              any
                right of retention, pledge, lien, cession in security or other
                encumbrance; or

            

    

     

    
      	39.3  	
              any
                lease, instalment sale or credit or hire purchase agreement;
                or

            

    

     

    
      	39.4  	
              in
                the case of the land, any
                expropriation.

            

    

     

    
      	40.  	
              The
                Company shall not have granted to any person any option to purchase,
                or
                any right of pre-emption over any of the Company’s land or other
                assets.

            

    

    

    
      	41.  	
              The
                Company shall not be under any obligation to acquire or purchase
                any fixed
                assets, or under any obligation requiring the expenditure of any
                material
                capital sum, except for the purchase of the land referred to in 6.2.8
                of
                the Agreement.

            

    

    

    
      	42.  	
              Substantially
                all of the existing fixtures, fittings and equipment used in the
                Temporary
                Casino shall be in a fit state to be used in the Permanent
                Casino.

            

    

    

    
      	43.  	
              The
                Company shall be the sole registered and beneficial owner of
                the entire issued share capital of
                Newcastle;

            

    

    

    
      	44.  	
              Insofar
                as Newcastle is concerned, the Sellers hereby warrant that all paragraphs
                of this Annexure “A” shall apply mutatis
                mutandis
                as
                in respect of the Company with the sole exception of paragraphs
                5,
                6,
                37,
                38,
                39,
                41,
                42,
                43,
                45
                to
                48
                inclusive and 54
                to
                59
                inclusive and that:

            

    

    

    
      
        
        

      

      
        --36--

        
          

        

      

      
        
        

      

    

    
      	44.1  	
              none
                of the land or other assets of Newcastle shall be subject
                to:

            

    

    

    
      	44.1.1  	
              any
                mortgage, debenture or notarial bond;
                or

            

    

     

    
      	44.1.2  	
              any
                right of retention, pledge, lien, cession in security or other
                encumbrance; or

            

    

     

    
      	44.1.3  	
              any
                lease, instalment sale or credit or hire purchase agreement;
                or

            

    

     

    
      	44.1.4  	
              in
                the case of land, any
                expropriation;

            

    

    

    
      	44.2  	
              Newcastle
                shall have purchased from the Municipality of Newcastle in terms
                of an
                agreement of sale signed on 14 January 2003 and an addendum signed
                on 24
                March 2005 for a purchase price of R375 000.00 (three hundred and
                seventy-five thousand rand) the land described in clause 1.1.16
                of
                the Agreement.

            

    

    

    
      	45.  	
              The
                Company shall hold a valid casino licence which may be transferred
                to the
                Permanent Casino and the validity of which shall not be jeopardized
                by the
                acquisition by the Purchaser of the Sold Shares in terms of this
                Agreement
                or the fact that the Permanent Casino is to be erected on land to
                be
                purchased by the Company.

            

    

    

    
      	46.  	
              The
                Company shall be entitled to a period of exclusivity relating to
                the
                casino licence of the Company, the period of which exclusivity shall
                be 15
                (fifteen) years calculated from 12 September
                1999.

            

    

    

    

    

    
      
        
        

      

      
        --37--

        
          

        

      

      
        
        

      

    

    

    

    PART
      B

    

    
      	47.  	 

    

    
      	47.1  	
              The
                issued share capital of the Company shall as at the Closing Date
                be
                R566.46 (five hundred and sixty-six rand and forty-six cents) consisting
                of 56,646 (fifty-six thousand six hundred and forty-six) ordinary
                par
                value shares of one cent each which were allotted at a premium of
                R57 703 434.00 (fifty-seven million seven hundred and three thousand
                four hundred and thirty-four rand), of which premium an amount not
                exceeding R3 000 000.00 (three million rand) shall have been repaid
                to
                members of the Company.

            

    

    

    
      	47.2  	
              As
                at the Closing Date, the issued share capital of the Company shall
                be
                owned by the shareholders whose names appear hereunder, each of which
                shall own the number of shares detailed opposite that shareholder’s
                name:

            

    

    

    
      	47.2.1  	
              Chicory
                Investments (Proprietary)
                Limited                
                -1272

            

    

    
      	47.2.2  	
              Dynamo
                Investments
                Limited                                      
                -6374

            

    

    
      	47.2.3  	
              Harvest
                Moon Investment Holdings 

            

    

    (Proprietary)
      Limited                                                
      -1761

    
      	47.2.4  	
              Izulu
                Gaming (Proprietary)
                Limited                          
                  -11581

            

    

    
      	47.2.5  	
              Khulani
                Holdings
                Limited                                              -9839

            

    

    
      	47.2.6  	
              Libalele
                Leisure (Proprietary)
                Limited                 
                        -1267

            

    

    
      	47.2.7  	
              Malesela
                Gaming (Proprietary)
                Limited                        
                -900

            

    

    
      	47.2.8  	
              Oakland
                Leisure Investments (Newcastle)

            

    

    (Proprietary)
      Limited                                                  
   -2393

    
      	47.2.9  	
              Purple
                Rain (Proprietary)
                Limited                              
                  -1273

            

    

    
      	47.2.10  	
              Ruvuma
                Investment (Proprietary)
                Limited                   -686

            

    

    
      	47.2.11  	
              Saphila
                Investments (Proprietary)
                Limited                
                -6547

            

    

    
      	47.2.12  	
              Viva
                Leisure Investment Holdings
                (Proprietary)

            

    

    Limited                                                                           -10134

    
      	47.2.13  	
              The
                Viva
                Trust                                                             
                  -2619

            

    

    

    
      
        
        

      

      
        --38--

        
          

        

      

      
        
        

      

    

    
      	48.  	
              the
                authorised share capital of the Company shall at the Closing Date
                be
                R1,000.00 (one thousand rand) consisting of 100,000 (one hundred
                thousand)
                ordinary par value shares of one cent
                each.

            

    

    

    
      	49.  	
              To
                the best of the knowledge and belief of the Sellers, the information
                disclosed to the Purchaser and/or the Purchaser’s representatives during
                the course of the due diligence inquiry conducted by the Purchaser
                prior
                to the Signature Date shall have been accurate and contained no material
                errors or omissions.

            

    

     

    
      	50.  	
              All
                contractual arrangements and/or undertakings relating to any bonuses,
                profit, share participations, incentives and the like payable to
                employees
                of the Company shall have been disclosed in writing to the Purchaser
                prior
                to the Signature Date.

            

    

     

    
      	51.  	
              No
                salaries, wages or other remuneration or benefits (including commission,
                gratuities, sick leave or bonuses) shall be owing to any employees
                of the
                Company as at the Closing Date or for any period prior to the Closing
                Date, save as disclosed in writing by the Sellers to the Purchaser
                prior
                to the Signature Date.

            

    

     

    
      	52.  	
              No
                person shall by reason of any entitlement arising before the Closing
                Date
                have any right to a pension, annuity, gratuity or similar payment
                from the
                Company as at the Closing Date or at any time thereafter, whether
                as a
                result of the change of ownership of the majority of the shares in
                the
                Company or any other reason whatsoever.

            

    

     

    
      	53.  	
              No
                contributions to any pension or provident fund shall as at the Closing
                Date be owing or payable by the Company on behalf of any of the employees
                of the Company other than amounts due for the current or immediately
                preceding month.

            

    

     

    

    
      	54.  	
              The
                Company shall as at the Closing Date have secured a loan facility
                for an
                amount of approximately R40 000 000.00 (forty million rand) at a
                favourable interest rate with Absa Bank Limited or any other banking
                institution to be secured by way of a mortgage bond over the land
                referred
                to in 1.1.16
                of
                the Agreement, with a view to the loan being utilised on the development
                of the Permanent Casino.

            

    

    

    
      
        
        

      

      
        --39--

        
          

        

      

      
        
        

      

    

    
      	55.  	
              It
                shall be reasonably feasible as at the Closing Date for the Company
                to
                develop the Permanent Casino on a budget of approximately R52 000
                000.00
                (fifty-two million rand) (exclusive of
                VAT).

            

    

    

    
      	56.  	
              The
                land referred to in clause 1.1.16
                of
                the Agreement shall as at the Closing Date provide enough space for
                a
                larger casino, a hotel with approximately 40 (forty) rooms and ancillary
                facilities such as conference facilities, restaurant, parking and
                the
                like.

            

    

    

    
      	57.  	
              The
                business of the Temporary Casino shall have generated in the 12 (twelve)
                month period prior to the Closing Date approximately R40 000 000.00
                (forty
                million rand) in revenues and approximately R8 300 000.00 (eight
                million three hundred thousand rand) in earnings before interest,
                taxation, depreciation and
                amortization.

            

    

    

    
      	58.  	
              The
                Closing Date Financial Statements
                shall:

            

    

    

    
      	58.1  	
              make
                full provision for all liabilities (accrued or contingent) of the
                Company
                and for all bad or doubtful debts as at the relevant
                date;

            

    

    

    
      	58.2  	
              be
                prepared in accordance with South African statements of generally
                accepted
                accounting practice; 

            

    

    

    
      	58.3  	
              be
                prepared on the basis of accounting policies consistent with prior
                years,
                in particular those followed in the preparation of the 2005 Financial
                Statements; 

            

    

     

    
      	58.4  	
              conform
                with the provisions of the Companies Act and all other applicable
                laws;

            

    

    

    
      	58.5  	
              be
                approved by the directors of the Company, being the directors of
                the
                Company at the relevant time prior to the Closing
                Date;

            

    

    

    
      	58.6  	
              fairly
                present the financial position of the Company, the results of the
                Company’s operations and cashflow information for the period
                concerned;

            

    

    

    
      
        
        

      

      
        --40--

        
          

        

      

      
        
        

      

    

    
      	58.7  	
              be
                audited by the Auditors of the Company whose report and opinion thereon
                shall be unqualified;

            

    

    

    
      	58.8  	
              except
                to the extent which might reasonably be required as a consequence
                of any
                provision of this Agreement, not differ materially from the 2005
                Financial
                Statements or the Management Accounts of the
                Company;

            

    

    

    
      	58.9  	
              disclose
                that the Company has no debts;

            

    

    

    
      	58.10  	
              disclose
                that the net asset value of the Company is not less than
                R23 000 000.00 (twenty-three million
                rand).

            

    

    

    
      	59.  	
              Between
                1 April 2005 and the Closing Date there shall have been no increases
                in
                the salaries or wages paid or payable to directors and/or employees
                of the
                Company.

            

    

    

    
      	60.  	
              Insofar
                as Erf 6350 Newcastle is concerned:

            

    

    

    
      	60.1  	
              as
                at the Signature Date the market value thereof shall be not less
                than
                R12 000 000.00 (twelve million rand), exclusive of
                VAT;

            

    

    

    
      	60.2  	
              as
                at the Signature Date there shall be a reasonable prospect of the
                Company
                selling Erf 6350 Newcastle for a selling price of not less than
                R12 000 000.00 (twelve million rand), exclusive of
                VAT;

            

    

    

    
      	60.3  	
              the
                Company shall succeed within a period of 60 (sixty) days after the
                Closing
                Date in concluding with a third party a written agreement for the
                sale of
                Erf 6350 Newcastle for a selling price of R12 000 000.00 (twelve
                million rand), exclusive of VAT, or more, on terms reasonably acceptable
                to the Parties;

            

    

    

    
      	60.4  	
              in
                the event of the Company selling Erf 6350 Newcastle, the Sellers
                shall
                procure that the purchaser shall be bound to lease Erf 6350 Newcastle
                to
                the Company from the date of registration of transfer into the name
                of the
                purchaser at a monthly rental not exceeding R120 000.00 (one hundred
                and twenty thousand rand) inclusive of VAT until such time as the
                Company
                takes occupation of the Permanent
                Casino.

            

    

    

    

    
      
        
        

      

      
        --41--

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]