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

Maybe business rescue first ,
Could be a clever way to protect against creditors

As we all thought, Business Rescue application. I wonder if that will affect stakes agreements?

As I said yesterday business rescue first . Protects the company from creditors . Only concern is if it affects the licenses. If there is a chance of a deal it can happen from the protection of business rescue

oscar wrote: As we all thought, Business Rescue application. I wonder if that will affect stakes agreements?

Where do you see this Oscar?

To: All Phumelela Staff Members From: The Phumelela Executive Team Date: 7 May 2020
Subject: Staff Communication
To all Phumelela staff members
Phumelela Gaming and Leisure Limited
Turffontein Racecourse 14 Turf Club Street, Turffontein, 2190 P O Box 82625, Southdale, 2135 Gauteng, South Africa Tel: (+2711) 681-1500 Fax: (+2711) 681-1895 e-mail: phumelela@phumelela.com registration number 1997/016610/06 website: www.phumelela.com
This letter serves to inform you that the Board has to make difficult decisions regarding the survival of the Company. Subject to a number of conditions that must still be achieved, the Board may apply to place the Company into business rescue within a few days. This is not a decision that will be made lightly, but it appears to be the best option available to ensure that the business survives post the lockdown crisis.
Business rescue is intended to give the Company the breathing space to be able to reorganise its operations in order to survive. It prevents creditors from acting against the company while under business rescue and stops any litigation from proceeding against the Company. Business rescue is likely to be our best option under the current circumstances to ensure the platform to recreate a sustainable and profitable business as well as protect as many jobs as possible.

Thanks flaunt. While the memo is pretty vague about where they are, at what stage do Phumelela have to announce that they are in talks with regard to business rescue?

Phumelela Gaming and Leisure Limited
JSE: PHM
50.00 ZAC −7.00 (12.28%)
May 8, 09:55 GMT+2 ·

Well, the Magic figure has now been reached.

khargisland wrote: Phumelela Gaming and Leisure Limited
JSE: PHM
50.00 ZAC −7.00 (12.28%)
May 8, 09:55 GMT+2 ·

Well, the Magic figure has now been reached.

Khargi I presume that you refer to the original listing price?

There's nothing magic about the comparisons though when you compare what the 50c back in the day offered and what it offers now. Back then we had:

No debt
Provincial government assistance
Gosforth Park
Newmarket
Bloemfontein
Arlington
Focus racing offerings - none of this soccer crap

Of course back then we also had the sharks waiting to pilfer and enrich themselves at our expense.

Suspended seemingly at 41c


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Over the Air wrote:

khargisland wrote: Phumelela Gaming and Leisure Limited
JSE: PHM
50.00 ZAC −7.00 (12.28%)
May 8, 09:55 GMT+2 ·

Well, the Magic figure has now been reached.

Khargi I presume that you refer to the original listing price?

There's nothing magic about the comparisons though when you compare what the 50c back in the day offered and what it offers now. Back then we had:

No debt
Provincial government assistance
Gosforth Park
Newmarket
Bloemfontein
Arlington
Focus racing offerings - none of this soccer crap

Of course back then we also had the sharks waiting to pilfer and enrich themselves at our expense.

Quite so.