Phumelela welcomes court interdict

SUBJECT: Phumelela welcomes court interdict
DATE: Wednesday 31 July 2019
RELEASED BY: Phumelela Gaming


Phumelela is pleased to announce that a court order was granted in favour of the company yesterday preventing Public Protector Busisiwe Mkhwebane’s remedial action on the horse racing industry from being implemented until the review process has been finalised.
The Public Protector did not oppose the urgent interdict application in the North Gauteng High Court.
“Although we are obviously pleased with yesterday’s ruling, Phumelela wishes to reiterate that the review process is still far from finalised,” said Phumelela CEO John Stuart.
“We maintain our stance that the company will not be giving further comment, issuing any statements, or participating in public debates detailing the ongoing review process until such time as the legal proceedings have been finalised.
“The matter is now before the courts and we feel it would be inappropriate to pre-empt the proceedings, as the final outcome could have a material effect on the company.
“We have complete faith in the judiciary and trust that the courts will deliver the correct verdicts.”

Many issues out there and this interdict not going to save Phumelela. The market reacted by the share ending on 200 - this is 86% down from a year ago. I truly hope that people that were duped into this "oreferential" share got out when I started calling the collapse - at that stage the share was above 1200.