Have Betfred just out bid MOD?

Looks like an offer to me?

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August 25, 2020
FTI CONSULTING SOUTH AFRICA (PTY) LIMITED
Attention: Mr. John Geel (Senior Managing Director): Ms. Donna Gray (Senior Director)
BY EMAIL
Dear Sirs
56-58 Benson Road, Warrington, WA3 7PQ, United Kingdom
Mr. John Evans (Business Rescue Practitioner): johnevans@rsadvisors.co.za
BINDING OFFER FOR THE ACQUISITION OF ALL ASSETS OF PHUMALELA GAMING AND LEISURE LIMITED (IN BUSINESS RESCUE) AND POST COMMENCMENT FINANCING
1. INTRODUCTION
1.1 We, Lightcatch Limited (Betfred), a wholly owned subsidiary of Betfred Group Limited, refer to the proposed business rescue plan of Phumelela Gaming and Leisure Limited (in Business Rescue) (Phumelela) published on 18 August 2020 in terms of section 150 of the Companies Act 71 of 2008 (the Companies Act) by its business rescue practitioner, Mr John Evans (the BRP) (the Published Plan).
1.2 We set out below a binding offer (the Offer) to acquire all of the assets of Phumelela for an aggregate purchase consideration of between R875,000,000 and R925,000,000 (the Betfred Acquisition). The terms of the Betfred Acquisition are set out in Annexure B. In addition, and subject only to creditors approving the Offer and the necessary documents being concluded, we will make a loan to Phumelela, as post commencement finance, in an amount of R650,000,000 (the Betfred Loan). The terms of the Betfred Loan are set out in Annexure A.
1.3 The full terms and conditions of the Offer are included in this Offer letter (including its Annexures which shall form part of it) (the Offer Letter).
1.4 To accept the Offer please counter-sign and email a copy of this Offer Letter to us before 14h00 (SA time) on 1 September 2020, failing which this Offer shall automatically lapse and be of no further force or effect. Upon acceptance by you in accordance with this paragraph 1.4 this Offer Letter shall constitute a binding agreement and create binding obligations between Betfred and Phumelela. We reserve the right to extend the time for acceptance, in our sole discretion.
1.5 Without limitation to the foregoing, the Parties shall negotiate in good faith the Definitive Legal Agreements contemplated in the Annexures to this Offer Letter and shall use their best

endeavours to conclude

File attached for your perusal

Game Changer. How can the creditors refuse their offer where they will get all their monies due by November 2020.

Bob Betfred are also looking after shareholders where MOD is not, if vote on these 2 deals goes against Betfred then something major is wrong.

John it looks an excellent deal .... What next

Sure it`s all done to which way that Investec vote?

I agree with Oscar. On the face of it it looks a pretty good solid offer however we may not be privy to the behind the scenes action. Some may not like the idea of losing total control of SA racing. I dont think this is as cut and dried as just taking the best financial offer. Just my opinion of course.

......looks like the creditors will have the final say then......but as I eluded to under another thread the majority of the money owed by Phum is that of Investec and Kenilworth racing that may consider taking a bath for a loss of 28% just to get a seat at the big table.....:whistle:

This is open and shut. Betfred was not even mentioned in the Business rescue plan, and now they have significantly improved the MOD offer. Shareholders were offered a go at the scraps with the MOD deal, if there was any scraps left. This offer brings back some positives for the shareholder - A no brainer decision.
Given that a business rescue has been called, there can be no room for sentimentality in deciding this offer. Unless MOD improves on this offer, Betfred should be running the game going forward. I just wonder what value they see in what they're purchasing to make this offer. I personally hope MOD ups their offer.

The plot thickens, keep getting massive emails and may the best man or woman win.

Looks like Betfred are money on again.

......no longer about money but control.....rather have real horse racing enthusiasts run racing than any money grubbing privateers.....should the Malta boys prevail who knows who they will head hunt to run the show.....:ohmy:

Everything is about money


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.....if this is about money then Kantor will sell out to the highest bidder....he has done tons in Phum and has tons more ....if he wants a few bob back then only he can make that call.....:whistle: