BP requests more time.... Buisness Rescue update

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1 week 5 days ago - 1 week 4 days ago #792767 by Bob Brogan
This might go on for a while!





To: All Creditors and Potential Creditors of Phumelela Gaming and Leisure Limited (in
Business Rescue)
Dear Sir/Madam,
BUSINESS RESCUE UPDATE AND REQUEST FOR EXTENSION OF TIME TO PUBLISH
BUSINESS RESCUE PLAN OF PHUMELELA GAMING AND LEISURE LIMITED (IN BUSINESS
RESCUE) (REGISTRATION NUMBER 1997/016610/06) (“THE COMPANY”)
Business Rescue Update
1. The Company commenced business rescue proceedings voluntarily by board
resolution on 8 May 2020 and on that date appointed John Evans as its business
rescue practitioner.
2. The company has continued to trade during business rescue to, inter alia,
preserve employment, enhance and preserve value in its assets and business to
facilitate a process to secure bids for the business and or assets of the Company.
3. Several attractive proposals have been received from parties interested in
acquiring some or all of the assets and / or businesses of the Company. The
business rescue practitioner and his team are busy evaluating these proposals
and are in addition engaging with these proposers with a view to concluding
agreements which will achieve the best outcome for creditors and shareholders
and in so doing successfully rescue the Company.
Request for extension of time
4. We refer to the extension of time to publish the business rescue plan to 31 July
2020 granted by creditors on 22 May 2020.
5. We hereby request creditors and potential creditors to agree to a further
extension of the date for the business rescue plan to be published. It is requested
that creditors agree to this date being extended to Tuesday, 18 August 2020. The
request is made for, inter alia, the following reasons:
P a g e | 2
5.1. to allow time to conclude binding agreements with parties interested in
acquiring some or all the assets or businesses or the Company, and
5.2. to publish the business rescue plan which will record and set out the terms of
those transactions and estimated outcomes for creditors and shareholders based
thereon.
6. Creditors are asked to agree to this request by completing the online voting form
at: Voting Link
7. When submitting the form creditors are required to submit the following
additional information:
7.1. Name of Creditor
7.2. Name of authorised representative
7.3. Contact Details
7.4. Claim Value
Yours faithfully
JOHN EVANS
Duly signed in his capacity as business rescue practitioner of the Company.

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Last edit: 1 week 4 days ago by Bob Brogan.

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1 week 4 days ago #792790 by Deputy Jud
You are joking right? He wants more time?? How much they paying this John Evans a day? We suppose to buy horses on Friday??? Must we or mustn’t we buy??? How much is he earning whilst stakes are halved, turnovers are down by what 50%, and people within Racing don’t have jobs all the tote operators are sitting on the bench whilst these clowns decide the best way forward?
MOD is losing more and more respect daily! Charles Savvage can you maybe tell us since you the financial guuu what the hell is going on??
Whilst this is going on, they losing their best players to the opposition, and we are in the hands of the creditors!
RA - where are you?????
Can someone please enlighten me who is running racing right now? What are there names? What is his name??? This is worse than silence of the fff lambs! Anyone who buys horses this weekend must have a screw loose! An extension to solve this problem is not good news! I’m telling my buyers pull the plug.... fff this for a joke!!! Walking up and down barns looking at stock hoping Friday gives good news now we wait and wait and wait! My buyers will give this one a miss thanks!
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1 week 4 days ago #792795 by MAJMU
Big rumour U.K. bookie Betfred has noted an interest in taking over the tote.

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1 week 4 days ago #792805 by Saint Tropez
I can confirm via a reliable source that the rumour about Betfred is indeed correct, there is definitely a big interest.

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1 week 4 days ago - 1 week 4 days ago #792806 by Dave Scott
As per my numerous posts over the years, have always been in favour of an exchange (Betfair) type option for the punter.
Last edit: 1 week 4 days ago by Dave Scott.

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1 week 4 days ago #792807 by MissT
Like Deputy Jud says the silence is deafening. I understand BR is still there but absolutely nothing from the task team. Once again it seems that the 5 of them and a handful of others can know what's happening but the 2 most important groups in the industry..the punters and the owners must go about their buisness in the dark and just hope that things work out. I know of 4 potential buyers who have said they are not buying or even attending any sale until all the cards are on table. Like I said in a previous post on another thread the more things change the more they seem to stay the same.

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1 week 4 days ago #792811 by Mac
Betfred is interested in buying our tote?
How much do you think our Tote is worth? (I must have a look at the numbers).
Cape Town must really be crapping themselves.
Is there anyone out there who will lay me that racing will be defunct within three years? Or, that racing will paint a different picture like racing for trophies rather than money, just how it used to be when the owner was king.

"Lot 226, 2016 NYS, Diamondveld, R1.5m"

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1 week 4 days ago #792822 by Bob Brogan

Mac wrote: Betfred is interested in buying our tote?
How much do you think our Tote is worth? (I must have a look at the numbers).
Cape Town must really be crapping themselves.
Is there anyone out there who will lay me that racing will be defunct within three years? Or, that racing will paint a different picture like racing for trophies rather than money, just how it used to be when the owner was king.


Betfred ran the tote in the UK for a couple of years but gave it up... Not sure how they will go about getting their BEE approval?

Their owner does own a chunk of SIS who cover SA racing for the UK and other overseas countries

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1 week 4 days ago #792826 by Dave Scott
I remember meeting Victor Chandler.
My impression is that they think the Punting market is same as UK
60 million but over estimate the size of the market, they have minimum pay rates and we don’t even have jobs.

However let’s hope for the best.

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1 week 4 days ago #792831 by Sammy Silver
These Business Rescue Practitioners are earning a packet and will want to prolong this.

Look at SAA as am example.

This is becoming a farce!!!
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1 week 4 days ago #792832 by oscar
Yep well this was not unexpected let’s be honest. I would not purchase a new horse at this stage, breeders should back out until there is clarity on future of horse racing in SA.

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1 week 4 days ago #792833 by oscar
PS as for Betfair purchasing our totes 😂😂😂 have they ever been in one or had a look at the turnovers, plus how many loss making lease agreements will they have to take over 😉

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1 week 4 days ago #792851 by mister a
A standing ovation for the small handful that filled their pockets while destroying SA Racing, and a bow to those that blindly supported the small handful and also for those who were silent during the destruction time

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1 week 23 hours ago - 1 week 23 hours ago #793087 by Bob Brogan
Charles worried about Betfred?


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Last edit: 1 week 23 hours ago by Bob Brogan.

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1 week 6 hours ago #793106 by Sylvester
Cant wait to see what the BR process come up with.

if they dont tackle all the individual SILOS that exist the boat will just continue to take on water.

Owners and Punters dont seem to be getting a voice at the table which also burn the industry long term.

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5 days 22 hours ago #793245 by Bob Brogan
Another thing i have been wondering...

What happens to the RA if Betfred wins the bid... Or even MOD?

They won`t really have any bargaining tool, if Phum are sold?

PS i`m hearing FRED has hit the front in the race

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5 days 17 hours ago #793256 by Dave Scott
Betfred.com, the company's online gambling site, is based in Gibraltar and registered as Petfre (Gibraltar) Limited.

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5 days 14 hours ago #793257 by oscar

Dave Scott wrote: Betfred.com, the company's online gambling site, is based in Gibraltar and registered as Petfre (Gibraltar) Limited.


Davy if Betfred are keen lets hope it goes that way seriously. The amount of information us owners have seen on this whole issue, especially the one on stakes is disgraceful, totally in the dark.Personally it would be a miracle if they could pull a foreign investor in with better expertise than that which is or has been leading us into this position.

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5 days 13 hours ago #793259 by Dave Scott
Yes Oscar not sure what is happening behind closed doors with FRED and task team?

Got this terrible urge for another song, hope they are not having too many cups of tea and damaging the infrastructure.

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5 days 10 hours ago #793265 by oscar

Dave Scott wrote: Yes Oscar not sure what is happening behind closed doors with FRED and task team?

Got this terrible urge for another song, hope they are not having too many cups of tea and damaging the infrastructure.


Ya Dave I wonder which date they will ask for the next postponement and what the odds. I’ve always found it interesting they say owners don’t care about stakes, if true then why not make all stakes for all racing in SA ZERO as from tomorrow and let’s see how that works out?

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