Update to shareholders on Business Rescue and withdrawal of cautionary announcement:
Update to shareholders on Business Rescue and withdrawal of cautionary announcement
Phumelela Gaming & Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM ISIN: ZAE000039269
UPDATE TO SHAREHOLDERS ON BUSINESS RESCUE AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT
Business Rescue Update
1 On 8 May 2020, Phumelela Gaming and Leisure Limited (“the Company”) entered
voluntary business rescue and appointed Mr John Evans as business rescue
practitioner. On the same date, trade in the Company’s shares on the JSE was
suspended.
2 On 13 May 2020, the Company concluded a written post-commencement finance
agreement with Mary Oppenheimer Daughters Proprietary Limited (“MOD”), in terms
of which MOD has agreed to provide loan finance of up to R100 million to the
Company, during business rescue.
3 On 21 May 2020, the first meeting of employees was held. As a result of the national
lockdown, the meeting was held via videoconference in three sessions. The
employees of the Company have elected to form a committee of employees’
representatives, in accordance with section 144(3)(c) of the Companies Act, 71 of
2008.
4 On 22 May 2020, the first meeting of creditors was held via videoconference. A copy
of the presentation made to creditors is available at:
www.phumelela.com/Portals/_default/Busin...ue/Phumelela%20First
%20meeting%20of%20Creditors%20presentation%2022%20May%202020.pdf?ver=
2020-05-22-163135-257.
5 On the same day, a meeting was held with creditors, in terms of section 143(3)(a) of
the Companies Act, to consider and vote on the remuneration of the business rescue
practitioner, Mr Evans. At the meeting, creditors voted to approve the remuneration of
Mr Evans.
6 A meeting of shareholders will be held in due course to, inter alia, to consult on
development of a business rescue plan and to consider and vote on the remuneration
of Mr Evans in accordance with 143(3)(b) of the Companies Act. Shareholders will be
duly notified of the date and venue or electronic platform of the meeting.
7 Although shareholders will be updated as further material information becomes
available, the Company publishes updates regarding the business rescue process on
its website at:
www.phumelela.com/Business-Rescue-Updates/Updates
Withdrawal of cautionary announcement
Shareholders are referred to the cautionary announcement released on SENS on 8 April 2020,
which is hereby withdrawn. Shareholders will be updated once the suspension of trading in
the Company’s shares on the JSE has been lifted.
Johannesburg
27 May 2020
Sponsor: Investec Bank Limited
Legal Advisor: Roodt Inc
Date: 27-05-2020 10:27:00
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