Rian did make a R300m bid

Found this by following a link on twitter, tried reading on Biznews but I don’t subscribe so there may be more here www.biznews.com/premium/2020/08/28/phume...5d&mc_eid=5d90dda732

Rian du Plessis, a successful merchant banker and corporate executive before his successful ten year rein as CEO at now struggling Phumelela is furious about the destruction of shareholder value at the compang he left generating annual profit of R155m. In this stinging interview, this ultimate insider, who is also Phumelela's fourth biggest shareholder, discloses that he personally offered to pay up to R300m for one of numerous plum assets in company, but was ignored by the business rescue practitioner. Du Plessis says Phumelela's creditors, who vote on Tuesday, would be wrong to support an apparent lifesaving offer from wealthy horsebreeder and owner Mary Slack Oppenheimer. Her bid, which is supported would give creditors just over 70c in the rand, but shareholders very little. Du Plessis says the Mary Oppenheimer and Daughters' offer is vague and opaque and from what he can see of it, substantially undervalues the company. He reckons the offer from UK group BetFred is much the better one. - Alec Hogg

So can Shareholders block any rescue deal?

Go Markus -

Probably worth subscribing and reading the full article, there’s a 20 minute interview..

The clip is going around WhatsApp also

I can only think that his support of the Betfred offer is that it may offer a way back in for him whilst the MOD offer keeps him at arms length...

Or he could be talking as a shareholder and he views the MOD offer as offering zero to shareholders

I more inclined to think the former is the reason...

If one can determine a person's self-interest one can understand why that person acts in a particular way...

Its a MUST listen and puts yet another angle to the equation.

Bottom line was that Rian is strongly in fav of Fred
He also says that Betfred are totally transparent with the offer and MOD are "opaque" .
Before listening I thought the opposite was in play?

More confused but the more transparency the better.

......there have been a litany of local BR way before this Covid crisis where many companies simply could not be turned around mainly because the management were the root cause of driving the entities into the dwang and had absolutely hobbled them beyond rescue and in some cases were left in place to attempt turn arounds......BR practitioners seldom interfere or point out management short comings in these rescue attempts.....with this said why would one support an attempt at BR with the very people responsible for the problem at hand.....:whistle:

I see it as a nice opportunity to rape racing a second time. Picked it up for nothing once, did well for himself and other shareholders (did little to grow racing) and can now do it again from another very low base. Agree with Muhti, why let the wolves in again for Take 2 and more of the same.I spoke to Rian a few times and my impression is that he is a knowledgeable guy and a shrewd businessman but cares very little for racing and that should be good enough for an exclusion.
Intent is way more important than ability and the track record speaks volumes. MOD will bring something new to racing and make it about racing. It might not work out as I wish but for racing's sake I do. Racing will not survive another fiasco.

....does this man not give up....I see he has another post again giving more than his 2cents worth in the SP on Nico's interview with one of the BR practitioners....he was blatantly implicated as being complicit in the fall of PHUM as another poster Steve Reid has penned in his retort.....heaven help racing should Betfed prevail and have any of the previous PHUM management run the show here again.....:ohmy:

Muhtiman wrote: ....does this man not give up....I see he has another post again giving more than his 2cents worth in the SP on Nico's interview with one of the BR practitioners....he was blatantly implicated as being complicit in the fall of PHUM as another poster Steve Reid has penned in his retort.....heaven help racing should Betfed prevail and have any of the previous PHUM management run the show here again.....:ohmy:

The whole thing is still clouded in secrecy, i actually can`t get my head round it...

I`m sure Betfred will run the gambling side and marketing side better than the other parties... My fear is South African racing will be dumped... And then what?