The sale of 100% of the shares owned by Phumelela in Betting World (Pty) Ltd to newly established Betfred South Africa (Pty) Limited is unconditional and fully implemented, the effective date of the transaction being Monday 31 May.
This was one of the points to emerge from the latest report by Phumelela Business Rescue Practitioner John Evans.
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Betfred are a UK-based bookmaking operation.
Betfred SA Pty Ltd was incorporated in October 2020. The Sporting Post is endeavouring to contact the purchasers for a follow-up interview.
The selling price of R120 million for Betting World is still subject to final adjustment in respect of the net value of working capital items, included in the balance sheet as at 31 May 2021.
The purchase price will be released into the Plan Fund in accordance with the provisions of the sale
The process of transferring the Arlington Racecourse property to the successful bidder has commenced. The disused Gqeberha racetrack sold at auction for R25,7 million to a Durban-based consortium late in April.
KZN Racing operator Gold Circle’s monetary claim and claim to own 39% of the issued share capital of PGI have, as previously recorded, been rejected and will be resolved in terms of the Dispute Resolution Process, as amended, in the Business Rescue Plan.
Gold Circle were due to file their statement of claim on Monday 31 May, whereafter Phumelela will prepare and file its answer thereto.
The hearing is set for mid-October 2021 and the decision/ruling of the nominated retired Judge is, pursuant to the terms of the Dispute Resolution Process, subject to appeal to a bench of three retired Judges.
Distributions have been and will in future be paid to creditors in accordance with the provisions of the business rescue plan.
Creditors were required to submit their claims against the Company by 30 November 2020.
Any Late Claims submitted will be considered in accordance with the terms of the Business Rescue Plan and, once reconciled against the Company’s records, will be adjudicated by the business rescue practitioner.
John Evans
Creditors whose claims have already been reconciled, adjudicated and accepted will, if not already notified, receive formal notice of acceptance of their claim.
Certain claims will be rejected and will have to be resolved in accordance with the dispute resolution process set out in the business rescue plan.
Distributions will only be paid to those creditors whose claims have been submitted, reconciled, adjudicated and accepted.
Evans records that the following distributions were paid to creditors in May 2021:
- PCF B Facility – R28,2 million
- Unsecured Creditors – R0,9 million
Creditors have been paid the following amounts to date:
- Secured Creditors – R347,2 million
- PCF Creditors – R134,8 million
- Unsecured Creditors – R85,7 million
The abovementioned distributions represent 34 cents in the rand to unsecured creditors. whose claims have been adjudicated and accepted.
Equalisation distributions of 34 cents in the rand will be paid to those creditors whose claims are subsequently reconciled, adjudicated and accepted. These equalisation dividends are paid regularly.
Further distributions will be declared as and when funds are available.
