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Newsflash: Du Plessis Resigns

SA racing shocked by news

Phumelela CEO Rian du Plessis

Former Phumelela CEO Rian du Plessis

Phumelela CEO Rian du Plessis resigned today, citing personal reasons.

He will assist his successor John Stuart in a transition period until the end of March 2019.

Du Plessis has undertaken not to dispose of any Phumelela shares held directly or indirectly by him, his family or otherwise in the foreseeable future.

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13 comments on “Newsflash: Du Plessis Resigns

  1. Mister G says:

    And so the plot thickens !! Makes you think , doesn’t it ………….!!?

  2. Dawid says:

    I know that the Sporting Post will not post unsubstantiated facts. Although he has resigned for personal reasons, the reasons are not given to us. We can only guess. Had Phumelela given us the reasons, we would not be guessing. This is my take on the situation. I hope the Sporting Post allows my comments and anyone else’s. Speculation creates debate and makes people think. Phumelela and Rian Du Plessis can stop the speculation by giving reasons. The longer that reasons are not given the more the speculation. When I see personal reasons as a reason, I believe that the truth if said will affect the price of the shares in a negative way and no-one with shares wants the truth to be known.

    Here goes-

    He is following in the footsteps of his mentor and friend Markus Jooste. His thought process is the same. He is no fool. He calculates everything. He is a number cruncher.

    He can see the writing is on the wall for Phumelela Gaming and Leisure Ltd. The Public Protector has already notified Phumelela that it is investigating the corporatisation of horse racing. Rumour has it that Phumelela already knows that the Public Protector will be finding that the Gauteng Govt was wrong in its implementation and process followed for corporatisation. This means that Phumelelas horse racing business is at risk and its share price will be negatively affected. He does not want to be known as the person in charge of Phumelela when it failed. His past employment history tells a tale.

    Since Rian Du Plessis has resigned as a director, he can do whatever he wants with his shares in Phumeleka without disclosure to the Johannesburg Securities Exchange. No announcements need to be made on SENS. He has 6 months to sell all his shares because he will still be at Phumelela and have inside knowledge of its business. Self preservation and self interest will rule his thought process.

    As he sells his R90 000 0000 of Phumelela shares, its share price will go down. By the time he leaves the shares will be mostly sold and the share price will be sitting at less than R10,00 per share. My guess is that he is working on recovering between 65% to 80% of the current value of his shareholding.

  3. Naughtynads says:

    Why are all the big fish resigning? Are they afraid something is about to be exposed…..

  4. The Dark Duke says:

    Its getting hot in the kitchen!

  5. Luella Robinson says:

    Why was a million Rand spent on traveling people first class, not business class, to Singapore this past week? I Have first hand confirmation on this! I’m not talking about jockeys being invited, as they deserve to be treated first class! I’m talking about random people from Phumelela who are unavailable to sort out things going on in the Company, instead spending our money! Why are they not using this money for stake increases? We have just had our rent upped by 8% at Philippi but yet they can’t afford to get a brush cutter fixed! It is disgusting and we are ALL being taken for a ride!

  6. WILLIAM MILKOVITCH says:

    Good evening Mrs Robinson,

    Now that you mention it, does the City of Cape Town own the land at Phiiippi ? Years ago, the Snaith’s mentioned on some public forum/platform that they were awaiting a re-negotiation with the City of Cape Town for a term term lease or something ???

    Are you saying that you pay rent to Phumelela…. for many years now ?

    William

  7. Mister G says:

    Another puppet gone and hopefully more to follow !! Time to open the windows and let some fresh air in !!

  8. Preston says:

    @Dawid,1. the current Public Protector is a joke..2.WA Du Plessis only owns 3.64% of the issued share capital of 2562 514 shares. According to JSE standard, a shareholding of 5% is considered material. 3. PHM do not need to offer a reason for his resignation as 71% of the issued share capital is held by 10 shareholders and only 29% of free float is available to the Public.4. As for increasing stakes, this can only be done by declaring a higher dividend, which in turn will negatively affect the Return on Equity calculation , growth and share appreciation.

  9. Dawid says:

    @Preston. Your figures are taken from the PHM annual report. I have done a cursory count on Sharenet and on my calculations WA du Plessis has more shares than disclosed. He has PHM shares in his own name. He has them in the name of Lotus Good. He uses the Rian du Plessis Family Trust to own shares. Who knows what other undisclosed vehicle he has been using. Has the JSE done its job? It relies on Investec which is the sponsoring broker. Has Investec provided correct figures? Has anyone asked WA du Plessis if he is control of more than 5% of PHM shares whether directly or indirectly? Get an expert in body language to watch him when he gives his answers. We are told by the media that WA du Plessis is a Trustee of Mayfair H. It owns Mayfair S. Indirectly WA du Plessis controls all Mayfairs shares owned in PHM.
    I agree that PHM does not need to offer a reason. It should. Should shareholders should not have to speculate. With so many issues under his control, the least he could do is give an explanation. By not doing so, it is fair for any shareholder in PHM to be concerned. Some media sites say that it is because of his close relationship with MJ. It may be a reason. It certainly cannot be the only reason as this story about MJ broke in Dec 2017. It should not have taken 10 months to resign. No reasons are given about why he is staying on for 6 months. It makes no sense as John Stuart has been with PHM for as long as him if not longer Stuart will not need any assistance. To many questions. He cannot be hurt by telling the truth unless it will affect him financially.
    There is no need to increase dividends to increase stakes. PHM can increase stakes and reduce dividends. It is more tax effective as expenses increase and less tax is paid. It is only the shareholders that suffer from a reduced dividend. Because the Trust and RA are the major shareholders and they are the guardians of owners and racing, they should not be against such a move.
    I agree that the current Public P has instilled no confidence in the public regarding performance of her duties.

  10. Luella Robinson says:

    William, we pay our rent to Kenilworth Racing and have since we moved to Philippi in 2013! Interesting!

  11. Mich says:

    Philippi Training Centre land is not owned by CCT.The land Snaith Racing has is across the road from the Centre and is owned and beautifully maintained by the Snaiths

  12. Allan Preddy says:

    I became a member of TRC in 1983, bought my first horse in the same year, am now a life member & colour member – have always loved the game & enjoyed the thrill of leading in a winner, which is what racing is all about – my patience is now growing thin after what has happened to this great sport after PH took over – there is no ACCOUNTABILITY!
    In RSA such is an every day saying…………

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