Gold Circle’s urgent application, brought against Phumelela Gaming & Leisure Limited, John Evans in his capacity as business rescue practitioner of the Gauteng-based racing operator, MOD as well as alternative bidder, Betfred in the South Gauteng High Court this morning, has been dismissed.
Gold Circle were applying for an urgent interdict to halt any actions related to the disposal of more than 61% of the issued shares of Phumelela Gold International Limited.
The dismissal of the urgency aspect thus effectively failed to halt the business rescue process, which went ahead by virtue of a delayed ZOOM meeting.
Eskom’s reintroduction of phase 2 loadshedding at noon today will probably not aid the cause of order, and after Friday’s cyber attack, Gold Circle management must feel like they have been in the wars.
The Sporting Post has learnt that the vote went in favour of MOD.
The high court application by the Durban-based company was a sequel to the rejection of their claim to 39% of the shares in Phumelela Gold International Limited.
The action was opposed by three of the four respondents, bar Betfred, who undertook to abide by the decision of the court.
The court’s decision is a setback for Gold Circle, who, failing any interim agreement, may be forced to follow the due process of the court. So the battle is lost, but the war rages on.
The impact and scope of the failure to acknowledge Gold Circle’s widely known 39% interest in Phumelela Gold International is surely a potentially fatally damaging blow to both the KZN operator and Kenilworth Racing?
The idea that the perceived public darling MOD is actively instrumental in the matter of dismissing Gold Circle’s claim is puzzling to many observers and stakeholders, who see this as another sword through the heart of a potentially unified future South African racing.
Maybe MOD owe the SA racing public and stakeholders a simple layman’s explanation of their strategy?
But who knows where to know then?
