Re:Why are people not talking about Phumelela folding tomorrow?

Bob Brogan wrote: Can see phum coming to a deal with someone... Don`t some bookies owe them in access of R50m? sure there could be a tie up somewhere

I think you're missing the angle here and I hope you are wrong , the majority of people seem to want to see the back of Phum not some resurrection or continuation of the mess ALA SAA etc .

....if it can be resurrected....who will then run it....not that bumpkin Stuart he hammered in the last nail and has gone underground nor Mr Oyster Box just as complicit the new financial officer I think not...they are rather thin on talent
...what turnaround business practitioner worth their salt can be lured away from better pickings at this time with bigger fish going to the wall

Phum is dead. The owners are flogging a dead horse. All the crap about “don’t upset the applecart”. Crap man. Take the hit now. Yes, many trainers are owners, the game is about owners not trainers. Hail the owner. I am not even an owner.


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The big day has arrived. I have dusted off a bottle of Jameson special reserve given to me on my retirement and untouched since then. I will have one or two on the rocks if things turn out as expected.

Not sure what big day you waiting for . What perhaps should be released is their financials , these will paint a horrible picture . Any day now . The big point will be the massive amount of debt . Banks have got possession of the assets but it’s the size of the number . The value of these assets would also need to be written down in the current climate ? I believe the selling of shares late last week was people who hold shares but are exposed to the company debt 😀who wants a double whammy ?
No deal would take place unless you could produce audited financials as well as not be in a closed period .
The main challenge me feels is a few camps pulling in different directions with very different intentions 😳

Sens announcement and suspension of trading in Phum = big day

No chance
Results for 6 months are just out on sens .
JSE don’t just suspend shares !

Mac wrote: Phum is dead. The owners are flogging a dead horse. All the crap about “don’t upset the applecart”. Crap man. Take the hit now. Yes, many trainers are owners, the game is about owners not trainers. Hail the owner. I am not even an owner.

....but is was an actual owner and his boss that ultimately scuppered the prospect of resumption of local racing by putting the cart before the horse

PHUMELELA GAMING AND LEISURE LIMITED – Unaudited condensed consolidated interim financial results for the six months ended 31 January 2020
4 May 2020 07:05



Unaudited condensed consolidated interim financial results for the six months ended 31 January 2020: senspdf.jse.co.za/documents/2020/jse/isse/phm/H1F2020.pdf

Unaudited condensed consolidated interim financial results for the six months ended 31 January 2020


Phumelela Gaming and Leisure Limited

(Incorporated in the Republic of South Africa)

(Registration number: 1997/016610/06)

Share Code: PHM ISIN: ZAE000039269

(‘Phumelela’ or ‘the Company’ or ‘the Group’)


UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE

SIX MONTHS ENDED 31 JANUARY 2020 AND FURTHER CAUTIONARY ANNOUNCEMENT.


OPERATIONAL FEATURES FOR THE PERIOD

– Horse racing requires a national reorganisation as the current funding model

is no longer functioning in the best long-term interests of the industry

– Betting turnovers remain under pressure in South Africa

– International operations performed satisfactorily


FINANCIAL FEATURES FOR THE PERIOD

– Equity accounted profits R91,4 million (profits of R88,6 million)

– International profits of R113,1 million (profit of R113,5 million)

– Local operations lost a combined R115,1 million (loss of R61,4 million)

– Headline loss per share of 0,89 cents (headline earnings per share of

68,02 cents)

– Attributable profit per share of 0,08 cents (attributable profit of 70,05 cents

per share)

– No interim dividend declared

– Net debt to equity ratio, including right of use asset, 38% (stable like for

like)


GOING CONCERN

Shareholders are referred to the long form SENS announcement in this regard.


PROSPECTS

As at the date of this results announcement the prospects for horse-racing, other

sports events and betting are uncertain and the Board is in no position to provide

reliable guidance. The Group is operating under onerous conditions, much of which

is beyond its influence. Phumelela seeks further negotiations with the broader

horse racing community to find a resolution to the dire situation in horse racing

and agree commercially sustainable solutions. The Group remains engaged in

discussions aimed at raising capital. Should these discussions not prove

conclusive soon, the Board will have to decide on whether there is any reasonable

prospect that the Group’s business can be rescued, or whether to make application

for voluntary liquidation. The Board’s current view is that even if financial

relief can be obtained, a relief package should be negotiated as part of a

business rescue plan. The Board will make an announcement in this regard in the

near future.


Shareholders are reminded that Phumelela is under cautionary and are advised to

continue to exercise caution when dealing in the Company’s securities.


Any forward-looking statements or forecasts contained in these results have not

been reviewed or reported on by the Group auditors.


DIVIDEND TO SHAREHOLDERS

No interim dividend is declared.


SHORT FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Company.

It contains only a summary of the information in the full announcement (‘full

announcement’) and does not contain full or complete details. The full announcement

can be found at: senspdf.jse.co.za/documents/2020/jse/isse/phm/H1F2020.pdf


A copy of the full announcement is also available for viewing on the Company’s

website at www.phumelela.co.za/investor-relations/annual-results or may be

requested in person, at the Company’s registered office or the office of the

sponsor, at no charge, during office hours.


Any investment decisions by investors and/or shareholders should be based on

consideration of the full announcement.


By order of the Board


M Tembe JA Stuart

Chairman Group Chief Executive

4 May 2020


Directors: M Tembe (Chairman), J A Stuart* (Group Chief Executive),

K C Khampepe, SA Mahlalela, N J Mboweni (Mrs),

S H Muller, Dr E Nkosi, J B Walters

(*Executive)

Company Secretary: F. Moloi (Mrs)

Sponsor: Investec Bank Limited

Registered Office: Turffontein Racecourse, 14 Turf Club Street, Turffontein

Transfer Secretaries: Computershare Investor Services (Pty) Ltd

Share code: PHM

ISIN: ZAE000039269

Sponsor: Investec Bank Limited

Web site: www.phumelela.com


Date: 04-05-2020 07:05:00

www.moneyweb.co.za/mny_sens/phumelela-ga...ded-31-january-2020/

flaunt wrote: No chance
Results for 6 months are just out on sens .
JSE don’t just suspend shares !

What do they do when a company announces that it's going into business rescue / liquidation?

Genuine question.

Is the reason for Business rescue not to stop Liquidation?

Liquidation would mean no racing for years imo

Hey Mac,
Is there a song there?
"We're all living in a sinking submarine!!"
:woohoo: :woohoo: