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Phumelela Under Pressure From JSE

End November deadline looms

In A SENS announcement issued on Friday 15 November, the Johannesburg Stock Exchange (‘JSE’) = advises  that Phumelela Gaming & Leisure Ltd has failed to submit its provisional report within the three-month period stipulated in the JSE’s Listings Requirements.

Accordingly, the company’s listing on the JSE trading system has been annotated with a ‘RE’ to indicate that it has failed to submit its provisional report timeously and that the listing of this company’s securities is under threat of suspension and possible removal.

If Phumelela still fails to submit its provisional report by end of November 2019, then its listing may be suspended.

This announcement has been placed by the JSE in the interest of shareholders.

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11 comments on “Phumelela Under Pressure From JSE

  1. IAN says:

    Surprise, surprise……

  2. WILLIAM MILKOVITCH says:

    Well, they have been struggling to post the correct order of the Placed finishers on their online Tote Screen the last few weeks.

    Probably some bright spark from the Accounts Dept.

  3. James Goodman says:

    Taken 20 years.of raping racing for shareholders benefit.
    This nightmare has effected every facet of our beloved racing. Will all directors stand up and.tell us honestly, we did the best for racing? NO, they did best for their bank balances and their mates.
    Disgusting

  4. Pops says:

    What did we,punters,trainers and owners do wrong?

  5. Yugen Naidoo says:

    Name and shame the CEO and shareholders

  6. Errol says:

    While this Phumelela financial scandal rages on, I cant help thinking about that captured organisation called the Racing Association which in a similar fashion to Phumelela has not published its annual financial statements for the same period.

    The majority of the information in my comment was found from surfing the websites of Phumelela and the Racing Association and other websites.

    If you look back you will see that the Racing Association has always published its financials after Phumelela and the Racing Association has given notice of the holding of its AGM after Phumelela has given notice to its shareholders for its AGM. The two AGM’s have always coincided and the Racing Associations AGM has always been held a few days after the Phumelela AGM.

    This year is going to be different. Hopefully the Racing Association is not waiting for Phumelela to take the lead again.

    The Racing Association has to hold its AGM within 5 months of the end of its financial year. This means that the AGM has to be held by 31 December 2019.

    Before an AGM can be called, the Racing Association has to make its audited annual financial statements available to its members at least 21 days before the AGM.

    In order to hold an AGM, a minimum of 21 days notice has to be given to all members of the Racing Association.

    If you start doing the math, the clock is ticking.

    I have gotta ask, why the Racing Association has not published its results and notified its members of the date and time of the AGM? Is the Racing Association and Phumelela really joined at the hip?

    I pray that the directors of the Racing Association remember that a lot of the dwindling membership goes on holiday in December and the sooner the AGM is held, the better.

  7. Punter says:

    Phumelela must dance for their music

  8. Pieta says:

    You will only get a reply after the x-mas bonuses…..

  9. Pops says:

    .We just have to believe Mr. Chris Van Niekerk when he says that horse racing may be in choppy waters but is in no danger of sinking.He should know.Was he not at Phumelela.

  10. Steve Reid says:

    @Pops if being a director of Phumelela means that he was not there, then I suppose that you are spot on.

  11. Brendon says:

    In order to illustrate a couple of points, it’s necessary to refer to the SENS announcement issued by Phumelela on 21 October 2019, under the heading “trading statement & cautionary renewal” that was issued primarily to advise shareholders that “it is now expected that the audited results will be released on SENS on or before 29 November 2019”. At the time of issuing this announcement, Phumelela, its Sponsor, its Company Secretary and its Auditors ought to have been aware of Phumelela’s obligation to comply with the provisions of 3.16 (Provisional reports) of the JSE Listing Requirements (“JSE LR”) within 10 days. Herewith the wording of JSE LR paragraph 3.16 (a) under the heading Provisional reports:

    “If an issuer has not distributed annual financial statements to all shareholders within three months of its financial year-end, it must publish provisional annual financial statements (“provisional reports”) within the three months as specified, even if the financial information is unaudited at
    that time, in which case paragraph 3.18(c) will apply. ….”

    Question 1: WHY DID PHUMELELA NOT ISSUE ITS PROVISIONAL REPORTS BY 31 OCTOBER 2019?

    Question 2: WHY DID PHUMELELA NOT ISSUE A SENS ANNOUNCEMENT ON 31 OCTOBER 2019 ADVISING SHAREHOLDERS THAT THE COMPANY IS IN BREACH OF PARAGRAPH 3.16 AND THE REASONS THEREFOR.

    Back to the SENS announcement of 15 November 2019 issued by the JSE. Yes the JSE and not Phumelela, the ones that were elected by shareholders to manage and safeguard their interests. If this announcement has not prompt you (whether as shareholder or not) to question:

    (i) the timing of this announcement;
    (ii) the content of the announcement;
    (iii) the issuer of the announcement; and
    (iv) the absence of an announcement from Phumelela?

    Then one may never get to the bottom of who is actually being rewarded handsomely, despite their limited understanding of their roles, responsibilities and mandates. If Phumelela was well aware of its obligations to comply with paragraph 3.16, then each Board members should question why are they still there? Regarding the subject matter herein, I believe that the following list of beneficiaries of Phumelela’s patronage need to account for this mess:

    (a) Phumelela’s executives and management;
    (b) Each individual Board member of Phumelela;
    (c) The Company Secretary of Phumelela;
    (d) The appointed JSE registered Sponsor; and
    (e) The appointed JSE accredited Auditor.

    Question 3: DID ANY OF THE PARTIES IN (a) to (e) ABOVE FLAG THE POTENTIAL BREACH OF PARAGRAPH 3.16 TO PHUMELELA AND THE JSE ON 31 OCTOBER 2019?

    Question 4: ARE THERE ANY CONSEQUENCES FOR THE PARTIES IN (a) to (e) WHO HAVE DROPPED THE BALL?

    Phumelela has demonstrated with a high degree of consistency that they have difficulty doing the simple stuff. Not being able to get their Tabonline website up and running within a few minutes (from their Disaster Recovery site) reaffirms their limitations and understanding of the environment that they appear to be lost in.

    Question 5: IS PROVIDING FREE COMPUTAFORMS TO THE PUBLIC FOR THE LACK OF A FUNCTIONAL ONLINE PLATFORM A SUSTAINABLE BUSINESS MODEL?

    WHY WHY WHY ARE YOU STILL THERE?

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