| Mon 11 Jan 2010, 7:30 | | PHM - Phumelela Gaming and Leisure Limited - Phumelela Gold Enterprises: |
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PHM
PHM
PHM - Phumelela Gaming and Leisure Limited - Phumelela Gold Enterprises:
International distribution rights held under agreement with Racecourse Media
Group
Phumelela Gaming and Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM & ISIN: ZAE000039269
PHUMELELA GOLD ENTERPRISES: INTERNATIONAL DISTRIBUTION RIGHTS HELD UNDER
AGREEMENT WITH RACECOURSE MEDIA GROUP
Phumelela announces that Racecourse Media Group (RMG*) and At The Races (ATR*)
are moving forward with a new joint venture company which will exploit the
international distribution rights for all UK and Irish racecourses into bricks
and mortar betting outlets worldwide. The international distribution rights
currently held by Phumelela Gold Enterprises (PGE) under agreement with RMG will
accordingly terminate on 28 February 2010. Despite this latest development the
relationship between RMG and PGE remains strong and both parties continue to
explore business opportunities between them.
Shareholders are advised that the pro-forma financial effect of this latest
development on the Company`s results for the year ended 31 July 2009, on the
assumption that the rights held under the distribution agreement had been
terminated on 31 July 2008, is set out below. The pro-forma financial effect is
for illustrative purposes only, has not been reviewed or reported on by the
Company`s auditors and is the responsibility of the company`s directors.
Pro-forma Pro-forma
Audited effect restated
12 months 12 months 12 months
31 July 31 July 31 July
2009 2009 2009 %
R`000 R`000 R`000 Change
Profit for the year 70 665 (9 882) 60 783 (14)
cents cents cents
Basic earnings per share 93,35 (13,06) 80,29 (14)
Headline earnings per share 93,67 (13,06) 80,61 (14)
Net asset value per share 481,52 (13,08) 468,44 (3)
(*) RMG, Racecourse Media Group is the umbrella organisation for the 30 UK
racecourses which own and operate Racing UK (RUK).
(*) ATR, At The Races owns various media rights to 30 UK racecourses and 26
Irish racecourses.
Johannesburg
11 January 2010
Sponsor and Investment Bank: Investec Bank Limited
Date: 11/01/2010 07:30:03 Produced by the JSE SENS Department.
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