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.

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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.

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.

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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.

Unsecured Creditors — R1. Creditors have to date been paid the following amounts: 3. Secured Creditors — R PCF Creditors — R Unsecured Creditors — R Further distributions will be declared as and when funds are available.

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The Phumelela Board has a unitary Board structure. In accordance with the recommendations of the Code of Corporate Practices and Conduct, the majority of the members of the Phumelela Board, including the Chairman, are non-executive directors. Phumelela Gaming and Leisure Limited (Registration No. //06) is a licensed betting operator regulated by the Gauteng Gambling Board in terms of Chapter 8 of the Gauteng Gambling Act No.4 of 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. Phumelela Gaming and Leisure Limited is a JSE listed entity, which is licensed to operate horseracing and totalisator betting in seven of South Africa’s nine provinces. Phumelela announces that, on 9 December , the Johannesburg Stock Exchange (“JSE”) informed Phumelela that pursuant to paragraphs and of the JSE Listing Requirements the listing of its securities is to be removed from the main Board of the JSE. The salient dates in respect of which the JSE Delisting will be effected, are as. 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 textlink-broker.com News zur PHUMELELA GAMING & LEISURE AKTIE ✓ und aktueller Realtime-​Aktienkurs ✓ PHUMELELA GAMING & LEISURE LIMITED - Business Rescue.