Phumelela Gaming & Lesiure’s Business Rescue Specialist John Evans has issued his final report of the year.
Evans has reported monthly in terms of section 132(3)(a) and (b) of the Companies Act 71 of 2008 (as amended).
Amongst others, he advises that in regard to the Sale of the Horse Racing Business, the Sale of Business transaction was conditional, inter alia, on approval being received from the Gambling Boards in the relevant provinces to grant licences to 4Racing. These approvals have been received in all provinces except the North West Province and the Northern Cape.
The Sale of Business Agreement has been implemented, effective 1 December 2021, in the provinces that have approved the granting of licences to 4Racing.
The implementation of the Sale of Business in the North West Province and Northern Cape will be implemented as soon as the requisite approvals are received.
It is well documented that Gold Circle’s monetary claim and claim to own 39% of the issued share capital of PGI has been rejected and will be resolved in terms of the Dispute Resolution Process, as amended, in the Business Rescue Plan.
The hearing in this regard will start on Wednesday 6 April 2022 and run for 7 days ending on 14 April 2022.
Retired Chief Justic Kriegler to preside
Final arguments are set to be heard on 9 & 10 May 2022.
The decision/ruling of the nominated retired Judge is, pursuant to the terms of the Dispute Resolution Process, subject to appeal to an appeal bench of three retired Judges.
Distributions to creditors have been and will in future be paid in accordance with the provisions of the business rescue plan.
Creditors have to date been paid the following amounts:
- Secured Creditors – R347.2 million
- PCF Creditors – R164.4 million
- Unsecured Creditors – R221.3 million
The above mentioned distributions represent a distribution of 100 cents in the rand to unsecured creditors whose claims have been adjudicated and accepted.
Equalisation distributions of 100 cents in the rand, will be paid to those creditors whose claims are subsequently reconciled, adjudicated and accepted. These equalisation dividends are paid regularly.
The annual financial statements for the financial year-ending 31 July 2021 have been approved by the Phumelela board of directors and are available for download from the company’s website www.phumelela.com or Phumelela 2021 Annual Financial Statements.
Shareholders are advised to review the annual financial statements for the period ended 31 July 2021 for guidance in respect of the value that may exist in their shareholding.
Shareholders are referred to the notice published on 14 December 2021.
If you did not receive a copy of the notice it is available on the Company’s website Shareholder Notice 14 Dec 2021 and Computershare Letter. Shareholders are asked therein to please update their contact, FICA and banking details via Computershare who have been engaged to manage this process for the Company.
