Re:How long before Phumelela trade at 50 cents a share?

Well I better buy a bottle just in case hadn't I

Well the people at the top at Phumelela have just shown us how to run a company into the ground but still come out with a few million each.

durbs wrote: Well the people at the top at Phumelela have just shown us how to run a company into the ground but still come out with a few million each.

Must be ANC supporters...the ANC has shown how to run a country into the ground but still come out with a few billion each... :whistle:

Touched R1.50 last week



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With no more dividends anybody still holding those shares has either made 10 x all their outlay back on dividends in the past or just stupid.

The share hit 138 today, its a question of time now.

My guess is that a larger investor is now offloading as almost a million shares were traded yesterday. My money would be on Kantor being the culprit.

Would there be a point they stop trading?

Bob Brogan wrote: Would there be a point they stop trading?

Only if they delist or cease operations but this is a lengthy process.

Over the Air wrote: The share hit 138 today, its a question of time now.

My guess is that a larger investor is now offloading as almost a million shares were traded yesterday. My money would be on Kantor being the culprit.

Whoever is buying either knows something or is hoping for a miracle.

MEC MOSUPYOE FINDS PHUMELELA DECISION TO GO TO COURT UNFORTUNATE
Tuesday, 4 February 2020
Gauteng MEC for Economic Development, Agriculture and Environment, Ms Morakane Mosupyoe, finds it unfortunate that after months of settlement negotiations, Phumelela Gaming & Leisure, has closed the door for further engagement between the department and Phumelela. Government has now learnt, as at Friday, 31 January 2020, that Phumelela intends taking the matter to Court.
This is regrettable as all Gauteng Thoroughbred Horseracing stakeholders were looking forward to an all-inclusive and lasting solution to the current challenge.
On 1 April 2019, after due legislative process was followed, the then MEC for Economic Development, Mr Lebogang Maile, gazetted the amendment to Regulation 276 of the Gauteng Gambling Regulations, in terms of which the payment of public funds was withdrawn from Phumelela and retained by the Gauteng Provincial fiscus.
Historically, the Gauteng Gambling Board collected levies and paid this over to Phumelela – which is the sole holder of a totalisator and race meeting licence in Gauteng. The Gauteng government has since reviewed this practice and decided that these public funds will be utilised by the Gauteng government.
Phumelela then decided to take the MEC and Gauteng Gambling Board to Court, to compel the payment of public funds to Phumelela to be used for its benefit. This High Court litigation then brought the parties around the table to discuss how best to manage these funds – for the benefit of the Industry at large.
The MEC and Gauteng Gambling Board were hopefull that an agreement could be reached that enhances transformation within the industry at large, including horseracing (in the hands of Phumelela). It is regrettable that Phumelela appears to be intent on having this matter kept in the hands of the Courts.
The department believes that this agreement would have accelerated transformation and the implemetation of broader government objectives.
Government hoped to achive the following:-
1) The increase of black ownership and meaningfull participation in Phumelela (itself a product of Government assistance);
2) The creation and adoption of an industry turn-around strategy;
3) The creation of a Trust to develop and benefit Industry stakeholders such as the most vulnerable in the horseracing industry – the groom; and
4) The utilisation of the said public funds to provide satisfactory human settlement for the grooms in and around Gauteng.
The MEC stands by her decision to withdraw public funds from Phumelela and will defend her position in Court. Notwithstanding these developments, the MEC is hopeful that even at this late hour, reasonableness will prevail. The MEC remains open to engagement with interested parties for the betterment of the Industry.
For more information please contact:
Pumla Ncapayi
Head of Department
Gauteng Department of Economic Development
082 926 5189
Steven Ngubeni
Chief Executive Officer
Gauteng Gambling Board
072 606 0964