Phumelela – Evans looks to extend the year
If no objections are received by Wednesday, July 7, Phumelela’s corporate rescue specialist John Evans will extend the deadline for finalizing the sale transaction of 4Racing Pty Ltd by one year from the 31st. July 2021.
To facilitate the implementation of the sale of the horse racing business to 4Racing (Pty) Ltd, and for reasons beyond BRP’s control, there were apparently unexpected delays in obtaining the approval of a number of gaming companies.
In this regard, requests have been submitted and are being assessed.
Evans says it has become necessary to amend paragraph 8.2.8 of the amended business bailout by removing the date of July 31, 2021 and replacing it with the date of July 31, 2022.
Notice of this change has already been given to affected parties.
If no objection to this amendment is received before July 7, 2021, the amendment will be implemented and effected on that date.
It is also specified in the latest inventory that the rights of shareholders have not been altered in the rescue plan for companies.
The shareholders thus retain the right, once all the assets of the Company have been realized and all the creditors paid, to share the surplus among themselves in the event of the liquidation of the affairs of the Company.
Shareholders have been invited to review the annual financial statements for the period ended July 31, 2020 for guidance on the value that may exist in their shareholding.
At the date of signing these financial statements, the net asset value of the company was approximately R114 million and the number of shares of the company is approximately 99.97 million shares (excluding shares clean).
Subject to the risks described in these financial statements and on the basis of the information set forth therein, each share has an indicative net asset value of R1-15 per share. This is not an assessment. It is a statement of fact.
Evans points out that this calculation is not binding on them and will change depending on the financial performance of the Company, the costs of implementing the Company’s bailout plan and the net worth realized on the disposal of the Company’s assets, etc.