PHUMELELA TURNOVER SLUMPS BY R30 MILLION IN MARCH

Harris Wrote:

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> Despite all the positive news on the stock market
> I am told by a reliable source that the company
> took a bashing last month. I am sure Vee would
> verify this.


Vee verify something?Not in a million years.How many times on this forum have we asked vee to come up with some answers and he never does.These cakes are shooting themselves in the foot.If you can't watch a race overseas why bet?Pools down in everything means less profit.A better product is what we want but we going backwards here.Top class racing in england and we have to watch kimberely or vaal crap come on wake up or the tote is going to be out of business which means SA racing could be finished.

durb Wrote:

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> Harris Wrote:
>

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>

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> > Despite all the positive news on the stock
> market
> > I am told by a reliable source that the company
> > took a bashing last month. I am sure Vee would
> > verify this.
>
>
> Vee verify something?Not in a million years.How
> many times on this forum have we asked vee to come
> up with some answers and he never does.These cakes
> are shooting themselves in the foot.If you can't
> watch a race overseas why bet?Pools down in
> everything means less profit.A better product is
> what we want but we going backwards here.Top class
> racing in england and we have to watch kimberely
> or vaal crap come on wake up or the tote is going
> to be out of business which means SA racing could
> be finished.

yesterday

Yesterday?

Without live streaming I very seldom now take s bet during the week. I am sure this has affected many other punters so we could even see a further drop in April.

I can think of no other companies in my experience which exploit, abuse and dismiss their customers with quite the style that Phumelela does.

But before we all predict the total demise of South African racing altogether I think we need to re-visit a few basics which might give the lie to that theory:

1.) Horse ownership appears strong. This suggests to me that owners are more about ego than money. The threat to potential earnings does not seem to be having a marked effect on recent sales although I have no way of telling whether purchases are actually being paid for. Add to that the faint prospect of acquiring a horse good enough to compete internationally and you keep the illusion alive for awhile longer.

2.) The methods of accumulating stakes have started to change. I have seen NOT ONE protest regarding the additional amount added to recent yearling purchases to fund the 2016(!) $1 million race. Even the operator will admit in an unguarded moment that it is hard work persuading corporate sponsors to back this seedy sport for fear of alienating their own customers.

2.) Phumelela's international activities continue to thrive.

3.) Is there even a long term strategy to retain their interest in South African racing? Maybe they simply want to end up as a global co-mingling clearing house charging a fee for each transaction. And dump the by now fully asset stripped local product back into the lap of a willing buyer.

Whichever way this cookie crumbles you can be assured of one thing : In no particular order the PUNTER and the OWNER will take the major hit first.

Garrick Wrote:

>
> Whichever way this cookie crumbles you can be
> assured of one thing : In no particular order the
> PUNTER and the OWNER will take the major hit
> first.

It definitely won't be the OWNER that takes the major hit first as some owners are party to the decisions within the organisations that control various aspects of racing in SA...

If the turnover takes such a slump, surely at a shareholders meeting the director who signed off such a decision would have to justify the result in loss of turnover. If at an average of 20 mil a month he /she would have to answer for the loss of yearly income of about 50 mil a year profit. Number are hyperthetical as I dont know the exact percentage take out. Just my thoughts.

This surely is concerning. Does Phumulela care to engage with its customers?