PHUMELELA GAMING AND LEISURE LIMITED

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The Company and its business rescue practitioner are implementing that business rescue plan. The adopted business rescue plan provides for the sale or realisation of all the assets of the company and payments of the net proceeds generated therefrom to creditors in terms of the provisions of the Companies Act.

Implementation of the Business Rescue Plan is in effect an orderly winding up of the affairs of Phumelela and at the end of the business rescue process, Phumelela will have no business, no assets and no employees.

Prior to and shortly after commencement of business rescue both the financial director and the chief executive officer resigned.

Although an interim financial director has been appointed, these positions will not be permanently filled.

Management control of the Company vests with the business rescue practitioner and the board of directors are unable to fulfil their role as envisaged in the JSE Listings Requirements.

Phumelela therefore does not meet certain of the minimum Main Board listing criteria, including, inter alia, the financial requirements pertaining to assets and profitability and the ability of the Issuer to control its assets and affairs or to determine its future.

The Business Rescue Plan records that a future forecast is not included in the Business Rescue Plan as Phumelela will not, once its assets have been sold or realised, trade in the future.

It is not clear at this stage whether, at the end of business rescue, any surplus funds will be available for distribution to shareholders.

The Company will maintain a register of Shareholders who will be advised accordingly via the business rescue status reports issued monthly to affected persons.

Comments Policy The Sporting Post encourages everyone to feel free to comment in the spirit of enlightening the topic being discussed, to add opinions or correct errors.

All posts are accepted on the condition that The Sporting Post can at any time alter, correct or remove comments, either partially or entirely.

All posters are required to post under their real and verified names, you can adjust your display name on your account page or to send corrections privately to the Editor.

The Sporting Post will not publish comments submitted anonymously or under pseudonyms. The views of any individuals that are published are NOT necessarily the views of The Sporting Post.

I used to regularly manipulate the share register of Phumelela from information obtained from the Bloomberg Terminal and my finding was 1.

Many trainers no names being mentioned had a vested interest in Phumelela in terms of the qty of shares held. Those trainers were also faced with reduced stakes, shrinking owners which casted significant doubt on their livelihood.

I am starting to think that it could take at least a decade before racing in SA could return to its former glory and we are going to lose Top Jockeys and Trainers in the process.

Word from the ground is that Institution investors big asset managers will not be interested in this entity should it decide to re-list unless we find ourselves in a rip roaring bull market.

Phumelela martyrs have done excellent job destroying this company. Phumelela appeared a great vehicle to take the racing interests to lofty heights.

There was great optimism on the part of many enthusiasts that growth was imminent, including myself, which culminated in share acquisition in the company.

Sadly, what was anticipated, never materialised. We are now witnessing the demise of Phumelela and investment losses, a truly sad event.

Look fwd to a better new year, MOD taking charge of our beloved sport. Albert Falls Greetings — Geez our districts roads are busy. Cecil is a bit p……..

Thanks David. Wasn't sure what the reason was for all the jockey changes Daniel Snyman. The Sporting Post will not publish comments submitted anonymously or under pseudonyms.

The views of any individuals that are published are NOT necessarily the views of The Sporting Post. What about all the carryover money they have taken from the punters?

Where is the reconciliation account? Philip asks about the carryover money- I would like to know where the interest accrued from all the carryovers go, money that is on call until paid out.

Until there are winners that money belongs to the punters and as far as I am concerned that interest should be added on to the carryover pool, I would appreciate a reply to this query and an explanation.

The fact that nothing has been forthcoming seems to me that the powers that be are still trying to fathom out an explanation, your response to my request will be greatly appreciated.

Hilton We can only answer when they provide the answers. Various aspects of this has been put to TAB over many years without adequate responses.

Thanks David. Wasn't sure what the reason was for all the jockey changes Daniel Snyman. With only 8 runners in a Grade 1 race, this certainly underlines the status of the QP.

There are onl Tony Mincione. Arnold Hyde should not be under fire for this at all. His statements are in context to the Jock Ali Takay.

David Stephen. Dylan your facts are correct but your reasoning is not. Marcus dumped Rainbow for Hawwaam , Fourie w View All Comments. Username or Email Address.

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International Leadership News Official Opinion Previews. BRP continues to implement the business rescue plan, by, inter alia: 2.

This process is ongoing; 2. Distributions to creditors 3. Creditors who have not yet submitted claims against the Company are required to do so.

The following distributions were paid to creditors in December 3.

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Phumelela was founded in and listed on the JSE in The group has been struggling since the public protector Busisiwe Mkhwebane found the memorandum of understanding (MoU) between. Say NO To Xenophobia, Racism, Homophobia, Poverty & HIV/AIDS. Phumelela Business Rescue Practictioner John Evans has reported in terms of seciction (3)(a) and (b) of the Companies Act 71 of He writes that he refers to his previous status reports issued in respect of the business rescue of the Company. BRP continues to implement the business rescue. Race and sports betting operator Phumelela Gaming and Leisure Group is selling its horse-racing business to the Oppenheimer family. Picture: Matthew Jordaan/African News Agency (ANA) Archives. Music video by DJ Maphorisa, Kabza De Small performing Phumelela. (C) Sony Music Entertainment Africa (Pty) Ltd - Sound African Recording, a division of. Have Your Say. The salient dates in respect of which the JSE Delisting will be effected, Phumelela as follows: Last day to Tower Defence Spiele for the JSE Delisting: Tuesday, 5 January Record Zu ГјberprГјfen for the JSE Delisting: Friday, 8 January Removal of Phumelela from the JSE: Monday, 11 January Share this: Email WhatsApp Facebook Twitter More Print. Daniel Snyman. Please enable Javascript to get the best experience visiting our site! Although an 50 Paysafecard financial director has been appointed, these positions will not be Most Racetrack filled. George McDonald says:. Various aspects of this has been put to Ignition Poker Down over many years without adequate responses. Comments Policy The Sporting Post encourages everyone to feel free to comment in the spirit of enlightening the topic being discussed, to add opinions or correct errors. Take a chance - it's free! Further distributions will be declared as and when funds are available. Many trainers no names being mentioned had a vested interest in Phumelela in terms of the qty of shares Phumelela. David Stephen. There are onl Recent Comments Dylan Thanks David. Arnold Hyde should not be under fire for this at all. His statements are in context to the Jock HirschrГјcken Preis Media and Games Invest plc von GBC AG : BUY. Presse Impressum AGB Disclaimer Datenschutz Mediadaten. Sensation zum Jahresende für CTS Eventim Anleger - Darum steigt die Aktie heute an: 1. WELBILT, INC. Phumelela (englisch Phumelela Local Municipality) ist eine Lokalgemeinde im Distrikt Thabo Mofutsanyana, Provinz Freistaat, Südafrika. Der Verwaltungssitz. Einträge in der Kategorie „Phumelela“. Folgende 3 Einträge sind in dieser Kategorie, von 3 insgesamt. Phumelela. M. Memel (Südafrika). V. Vrede (​Südafrika). Entdecken Sie Phumelela von Q-Riosity bei Amazon Music. Werbefrei streamen oder als CD und MP3 kaufen bei theshapeofthingsmovie.com News zur PHUMELELA GAMING & LEISURE AKTIE ✓ und aktueller Realtime-​Aktienkurs ✓ PHUMELELA GAMING & LEISURE LIMITED - Business Rescue.