Phumelela Gaming and Leisure Limited Business Rescuer John Evans has issued his latest status report in terms of section 132(3)(a) and (b) of the Companies Act 71 of 2008 (as amended).
- I refer to my previous status reports issued in respect of the business rescue of the Company.
- The BRP continues to implement the business rescue plan, by, inter alia:
2.1. trading the business of the Company and that of its subsidiaries;
2.2. finalising the audit of its financial statements for the year ended 31 July 2020;
2.3. adjudicating the claims of creditors. This process is ongoing;
2.4. resolving the claims that have been rejected by way of the dispute resolution proceedings as provided for in the Plan;
2.5. implementing sale transactions already concluded;
2.6. engaging with parties who have expressed an interest in acquiring assets of the company;
2.7. meeting the management, attending board meetings and shareholder meetings of subsidiaries and investee companies;
2.8. preparing for the potential court process to resolve Gold Circle’s alleged claim to own 39% of the issued share capital of Phumelela Gold International Limited(“PGI”).
We were hoping that Gold Circle would have launched their proceedings by now, unfortunately they have not and we are engaging with their attorneys to do so without further delay;
2.9. paying distributions to creditors from the Plan Fund as more fully set out below.
- The listing of the Company’s securities on the Johannesburg Stock Exchange (“JSE”) was terminated by the JSE on 11 January 2021.
Distributions to creditors:
4.1. Distributions have been and will in future be paid to creditors in accordance with the provisions of the business rescue plan.
4.2. Creditors who have not yet submitted claims against the Company are required to do so.
The claims will then be reconciled against the Companies records and thereafter adjudicated by the business rescue practitioner.
4.3. Creditors whose claims have already been reconciled, adjudicated and accepted will if not already notified, receive formal notice of acceptance of their claim.
4.4. Certain claims will be rejected. They will have to be resolved in accordance with the dispute resolution process set out in the business rescue plan.
4.5. Distributions will only be paid to those creditors whose claims have been submitted, reconciled, adjudicated and accepted.
4.6. The following distributions were paid to creditors in January 2021:
4.6.1.Unsecured Creditors – R0.8 million
4.7. Creditors have to date been paid the following amounts:
4.7.1.Secured Creditors – R111.9 million
4.7.2.PCF Creditors – R82.3 million
4.7.3.Unsecured Creditors – R14.2 million
4.8. Equalisation distributions, of 12 cents in the rand, will be paid to those creditors whose claims are subsequently submitted, reconciled, adjudicated and accepted. These equalisation dividends are scheduled to be paid on 26 February 2021 and monthly thereafter.
4.9. Further distributions will be declared as and when funds are available.
