Who is buying Phumelela shares

PHM
PHM - Phumelela - Dealings in securities
Phumelela Gaming & Leisure Limited
(Incorporated in the Republic of South Africa )
(Registration number 1997/016610/06 )
Share code : PHM ISIN: ZAE000039269
IN COMPLIANCE WITH RULE 3.63 TO 3.74 OF THE JSE LISTING REQUIREMENTS, THE
FOLLOWING INFORMATION IS DISCLOSED;
Director : M J Jooste
Number of shares : 64,000
Price per share : 994,06cents
Date of transaction : 05 October 2010
Value : R 636,198
Class of shares : ordinary
Nature of transaction : Purchase, on market
Nature of interest : Indirect Beneficial
Director : M J Jooste
Number of shares : 100,000
Price per share : 970cents
Date of transaction : 4 October 2010
Value : R 970,000
Class of shares : ordinary
Nature of transaction : Purchase, on market
Nature of interest : Indirect Beneficial
The Chairman of Phumelela Gaming and Leisure granted clearance for the above
transactions.
Johannesburg
6 October 2010
Sponsor and Investment Bank: Investec Bank Limited

Shrewd businessman sure he knows what he is doing

Hope he has taken an ATC with Standard Bank (tu)

Phumelela and the TAB are pretty good examples of the 'good ole South African business strategy' which I see replicated almost everywhere in our society :

When the going gets tough - RAISE your prices.

South African business enterprises almost NEVER have genuine sales or reductions. The ATC bet is simply crudely packaged theft. It would have been easy (and ethical) to levy a straight 25% deduction against the TOTAL bet and market that 'punter advantage' to the racegoer. All the bet actually does is to 'save' the punter successive trips to the tote window as the charges do not vary from taking a succession of bets leg by leg. To say nothing of the likely impact on the later legs if you happen to connect a series of roughies and a large carry forward flops into the last leg!

But Phumelela really surprised me with the levy on the Soccer 6. Is it really 33,3%? With Nil tax on sports betting? And any funding for football? Wow. Pray God they never introduce another new bet or I fear the takeout will rise to maybe 50%.

But, hey, they are not alone. With the rand at an almost historical high has anyone noticed a reduction in car prices? Which the teary eyed manufacturers are always telling us are sensitive to exchange control fluctuations. And, and, and..........the list is endless of goods and services where we are overcharged.

Don't say we have never been warned. Without even looking at political power far too much economic power has been vested in too few hands for far too long. Business in SA is almost exclusively monopolistic. And the Competitions Board compounds the farce by levying occasional large fines which accrue to........who exactly? Certainly not the ripped off consumer/victim.

New consumer legislation broadly entitled Treat Your Customer Fairly should shortly be in force. TAB might well find itself on the receiving end of some actions from aggrieved punters as there is no way that some of their offerings can be described as fair or value for money.

As to the Phumelela shares - I own some. With a divdend of over 5% it represents the only occasion that I have EVER earned out of racing. Lol. So 'go you good thing ATC'!!!

But once again - look who has been buying. Same old racing insiders. Another monopoly?

1. If racing doesn't kick back a percentage to soccer, they should never again utter the words "open bet".

2. What all the racing fans should do, it begin to buy every share available in P. As their concern for stakes grows, they should then vote that no more dividends should be paid and the funds all be diverted to stakes.