How long before we see Phumelela at R5 a share?

So the market seems pretty unimpressed with Phumelela and has battered this share down to R9-32 as at close of business yesterday. Without du Plessis artificially propping up the share, things have been going south in a big way. Long may this last. The share is worth less than half of what it was 2 years ago.

I keep thinking how did Larry support the selling of shares to members at the premium that he did? Why was it that the RA facilitated the selling of shares so that Phumelela could pay for the purchase of Supabets? What did this transaction have to do with owners and why were the Trust involved? Now I have this third hand, so I am not 100% sure of the facts, but I am told that some sort of "independant" analyst accompanied Larry on a roadshow to RA members in Jhb, PE and Cape Town, extolling the virtues of Phumelela. At these meetings, the RA members were encouraged to get onto this bargain priced "good thing". I am told that over R40M was raised in this manner. I wonder how the fleeced members feel now? Does anyone know who this independant analyst is?

A final thought I have. Larry does nothing that does not advantage Larry. Why is it that the puppetmasters at Turffontein strung their favourite minion to dance their dance? Roadshows cost money. Who paid for these? What did Larry receive for his role in duping his members? These are questions that should be asked by all RA members. Vote him out.

OTA, hectic stuff,, less than half in 2 years,, what will happen if another big scandal hits the news ?

Im hearing rumours about a bombshell about to explode regarding an offer to purchase of a building pulled back 11th hour and a 15bar less offer made to liquidatior?
Ota you are normally well informed, have you heard anything ??

Phumelela hit R7-50 at one point in trading today.

Nearly ready for de listing !

its a terrible share to own
so lightly traded

.....the writing was always on the wall.....it was only a matter of time for the big fall....:S

For those of you who have missed the recent development between the operator and the Gauteng government I have reproduced from SENS the rapidly unfolding drama. Perhaps 'crisis' would be a more accurate description.

Tuesday April 9th could turn out to be a watershed date for the 'healthy' survival of South African racing as the fallout from this development would be a body blow to local racing.

'On 28 March 2019, the Gauteng Member of the Executive Council responsible for Economic Development, Environment, Agriculture and Rural Development ("the MEC") published amendments to the Gauteng Gambling Regulations, 1997 ("the Regulations").

The Regulations provide, inter alia, for the deduction by a bookmaker of 6% of a punters' winnings on bets on horse racing in the form of a betting tax. This tax is paid over to the Gauteng Gambling Board, who is obliged to pay half of this tax to Phumelela, in terms of Regulation 276.

The payment of this tax to Phumelela was agreed to between the Gauteng Government and the racing industry when the industry was corporatized in the 1990's and it was intended to ensure
the sustainability of the industry. The betting tax received by Phumelela in Gauteng constitutes 90% of the betting tax received by it in South Africa and amounts to approximately R75m per year.

The MEC has elected to amend Regulation 276, which will have the effect of depriving Phumelela of its portion of the betting tax and directing it towards the Board. This amendment will have a
material adverse effect on Phumelela and on racing in general.

Phumelela submitted detailed representations in respect of the proposed amendments, supported by an economic report analysing the economic effects of the amendments. Regardless of these
submissions, the MEC elected to effect the amendment to Regulation 276 and deprive Phumelela and the industry of a substantial amount of funding.

Phumelela has been advised that the amendment to Regulation 276 stands to be reviewed and set aside on, inter alia, the bases that it is a breach of the agreement between government and Phumelela, unlawful, irrational and unconstitutional.
Accordingly, on 29 March 2019, Phumelela instituted:

a. an application to have the amendment of Regulation 276 reviewed and set aside; and

b. an urgent application to suspend the implementation of the amended Regulation 276, pending the outcome of the review application.

The urgent application has been enrolled for 9 April 2019.'

Other points to ponder :

I am reliably informed that this 'arrangement' was only supposed to have been in effect for 10 years. If this is, indeed, correct (and I have been unable to confirm it) then by my calculation the concession should have fallen away around about 2007.

A cynic might argue that Phumelela should count itself lucky that the MEC has not requested a refund dating back to that date! It also speaks volumes about the efficiency of both parties that nobody picked up on it or attempted to renew the arrangement when it allegedly expired.

Given Phumelela's dismal historical record when bringing matters to court (remind me to avoid their attorney's!) it is entirely probable that the April 9th ruling might go against them.

I am surprised that no bookmaker has been motivated to open the betting on this matter.

I recall the questioning behind this dudes appointment as a director:

Johnny Sexwale is a former National Liberation Movement (ANC) fighter, who was responsible for infitrating MK soldiers into South Africa by means of forged documents. Mr. Sexwale is a top level political networker and a golfer. Johnny holds a rank of Colonel in the South African National Defence Force (SANDF). As a businessman, Mr. Sexwale, through Mantuba Investments Holdings, is involved in Information Technology,the automotive and the food industries.
Experience

Director
Gauteng Gambling Board
April 2013 – Present 6 years 1 month

Johannesburg Area, South Africa

To provide for the licensing of persons conducting casinos, bingo games, lotteries, totalizators and betting pools, and of gaming machine keepers and bookmakers, and for the registration of persons engaged in bookmaking, casino occupations and the manufacture and sale of gaming machines and gaming devices; to provide for the restriction, regulation and control of gambling and betting.

Well he obviously was expected to exert some sort of influence at The Gauteng Gambling Board with Phumelelas R75M "problem.

.....don\t believe than even this Johnny Blue.....can get PHUM out of the pooh......:dry:

Phumelela need Rob stranger to help them

Shares down as low as 600 today. The market has ruled on Ps court chances tomorrow.

Its now a matter of time.