Gold Circle to Receive Less Bookmakers Tax Contributions

2 months 3 days ago #841220 by Bob Brogan
Notice to affected persons
29 April 2022

(“the Act’)

1997/016610/06) (“the Company”)

Dear Sir/Madam,

1. I refer to my previous status reports issued in respect of the business rescue of the Company.
2. The BRP continues to implement the business rescue plan, by, inter alia:
2.1. trading the remaining business of the Company and that of its subsidiaries;
2.2. resolving the claims that have been rejected by way of the dispute resolution proceedings
as provided for in the Plan;
2.3. implementing sale transactions already concluded;
2.4. meeting the management, attending board meetings and shareholder meetings of
subsidiaries and investee companies;
2.5. preparing for and attending to the dispute resolution process to resolve Gold Circle’s alleged
claim that it owns 39% of the issued share capital of Phumelela Gold International Limited
2.6. paying distributions to creditors from the Plan Fund;
2.7. attending to the finalisation of litigation which was ongoing at the commencement date.
3. Gold Circle Claim / Dispute Resolution
3.1. Gold Circle’s pre and post business rescue monetary claim and its additional claim to own
39% of the issued share capital of PGI were rejected and were being resolved in terms of the
Dispute Resolution Process, as amended, in the Business Rescue Plan.
3.2. The dispute between the parties has been settled. In terms thereof:
P a g e | 2
3.2.1. R176 million has been paid to Gold Circle in respect of its monetary claims; and
3.2.2. R25 million has been paid to Kenilworth Racing in respect of its pre business rescue
claim; and
3.2.3. PGL retains full ownership of the shares in Phumelela Gold International Limited.
4. Shareholders
4.1. The rights of shareholders were not altered in the business rescue plan. As such
shareholders remain entitled, once all assets of the Company have been realised and all
creditors paid, to share in the surplus if the affairs of the company are wound up.
4.2. Shareholders are referred to the notice published on 14 December 2021. If you did not
receive a copy of the notice it is available on the Company’s website Shareholder Notice 14
Dec 2021 and Computershare Letter. Shareholders are asked therein to please update their
contact, FICA and banking details via Computershare who have been engaged to manage
this process for the Company.

Yours faithfully
Duly signed in his capacity as business rescue practitioner of the Company.




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  • naresh
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2 months 3 days ago - 2 months 3 days ago #841222 by naresh
Need some clarification.

Premier Gateway International (PGI) and Phumelela Gold International Limited.

Is two different entities?

Tabcorp took over Premier Gateway International when Phumelela went into business rescue.

So Phumelela does have an overseas arm called, Phumelela Gold International Limited and that's where it profits from Premier Gateway International was going? Why it was not sold to pay its creditors a better dividend.

At least Gold Circle got something from its venture in Premier Gateway International.
Last edit: 2 months 3 days ago by naresh.

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