If no objections are received by Wednesday 7 July, Phumelela Business Rescue Specialist John Evans will extend the term for the finalisation of the 4Racing Pty Ltd sale transaction from 31 July 2021 for a year.
To facilitate the implementation of the sale of the horseracing business to 4Racing (Pty) Ltd, and for reasons said to be beyond the control of the BRP, there have apparently been unexpected delays in receiving approval from a number of the gambling boards.
In this regard, applications have been submitted and are being assessed.
Evans says that it has become necessary to amend paragraph 8.2.8 of the amended adopted business rescue plan by deleting the date 31 July 2021 and substituting it with the date 31 July 2022.
Notice of this amendment has already been delivered to Affected Parties.
Should no objection to this amendment be received by 7 July 2021 the amendment will be implemented and effected on that date.
It is also pointed out in the latest status report that the rights of shareholders were not altered in the business rescue plan.
Shareholders thus 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.
Shareholders have been advised to review the annual financial statements for the period ended 31 July 2020 for guidance in respect of the value that may exist in their shareholding.
At the date of signature of these financial statements the net asset value of the company was reported to be approximately R114m and the number of shares in the company is approximately 99.97 million shares (excluding treasury shares).
John Evans – needs time
Subject to the risks outlined in these financial statements and based on the information set out therein each share has an indicative net asset value of R1-15 per share. This is not a valuation. It is a statement of fact.
Evans points out that this calculation is not binding upon them and will change based on the financial performance of the Company, costs of implementing the business rescue plan and net value realised from the disposal of the assets of the Company and the like.
