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PHM
PHM
PHM - Phumelela Gaming and Leisure Limited - The Group`s unaudited condensed
consolidated interim financial statements
Phumelela Gaming and Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM
ISIN: ZAE000039269
("Phumelela" or "the Company")
- ACQUISITION OF CONTROL OF BETTING WORLD
- PBITDA UP 21%
- HEPS DOWN 6%
- CASH GENERATED FROM OPERATIONS UP R52 MILLION
- DISTRIBUTION TO SHAREHOLDERS MAINTAINED
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2010 2009 2009
change R`000 R`000 R`000
Revenue
- Local operations
Excluding Betting World (1) 348 989 352 508 693 615
Betting World* 43 338
- International operations (3) 55 023 56 860 110 730
9 447 350 409 368 804 345
Net betting income
- Local operations
Excluding Betting World 272 443 273 056 538 719
Betting World* 37 234
- International operations 19 14 210 11 899 23 616
14 323 887 284 955 562 335
Other operating income
- Local operations
Excluding Betting World 1 66 670 65 703 124 838
Betting World* 2 257
- International operations (9) 40 736 44 903 87 000
Net income 10 433 550 395 561 774 173
Operating expenses and
overheads
- Stakes (1) (79 350) (80 457) (156 982)
- Local operations
Excluding Betting World (212 889) (212 574) (412 558)
Betting World* (28 170)
- International operations (5) (40 754) (42 823) (84 593)
Profit before interest, 21 72 387 59 707 120 040
income tax, depreciation
and amortisation
Depreciation and 36 (16 316) (12 034) (24 831)
amortisation
Profit before interest and 18 56 071 47 673 95 209
income tax
Investment income (68) 1 978 6 136 9 651
Finance costs
Excluding Betting World (15) (42) (77)
Betting World* (365)
Profit before share of 7 57 669 53 767 104 783
profit of associated
companies
Profit on remeasurement of 4 443
Betting World becoming a
subsidiary
Share of profit of
associated companies
Automatic Systems 560 574 1 031
Limited
Betting World* 2 554 2 359
Profit before income tax 10 62 672 56 895 108 173
Income tax (21 537) (19 164) (37 508)
Profit for the period 9 41 135 37 731 70 665
Other comprehensive
income/(expense) net of
taxation
- Exchange differences on (532) (148) (172)
translating foreign
operations
Total comprehensive income 40 603 37 583 70 493
for the period
Profit attributable to:
Equity holders of the 2 38 624 37 731 70 665
parent
Non-controlling interest 2 511
Profit for the period 41 135 37 731 70 665
Total comprehensive income
attributable to:
Equity holders of the 1 38 092 37 583 70 493
parent
Non controlling interest 2 511
Total comprehensive income 40 603 37 583 70 493
for the period
* The results of Betting
World have been
consolidated into those of
the Group during the
current period following
the increase in the
shareholding to 59%. In
prior periods Betting
World was accounted for as
an associate.
Earnings per share (cents)
- Basic 3 51.10 49.76 93.35
- Diluted basic 3 51.10 49.72 93.35
SUPPLEMENTARY STATEMENT OF
COMPREHENSIVE INCOME
INFORMATION
Reconciliation of headline
earnings
Earnings attributable to 2 38 624 37 731 70 665
equity holders of parent
Adjusted for:
Net loss on disposal of 243 359 355
property, plant and
equipment
Tax effect (68) (36) (108)
Profit on remeasurement of (4 443)
Betting World becoming a
subsidiary
Tax effect 1 244
Headline earnings (6) 35 600 38 054 70 912
Headline earnings per (6) 47.10 50.18 93.67
share (cents)
Diluted headline earnings (6) 47.10 50.15 93.67
per share (cents)
Headline earnings per (10) 42.05 46.81 90.56
share excluding Betting
World (cents)
Net asset value per share 6 490.22 460.45 481.52
(cents)
Interim
distribution/dividend
Distribution out of share 7.5
premium (cents)
Dividend per ordinary 17.5 25.00 25.00
share (cents)
Final dividend
Dividend per ordinary 43.00
share (cents)
Number of shares in issue 75 582 338 75 565 471 75 590 371
Weighted average number of 75 590 240 75 831 898 75 700 146
shares in issue for basic
and headline earnings per
share calculation
Weighted average number of 75 590 240 75 880 878 75 700 146
shares in issue for
diluted earnings per share
calculation
CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
2010 2009 2009
R`000 R`000 R`000
ASSETS
Non-current assets 385 611 318 357 320 806
Property, plant and 332 957 287 656 288 505
equipment
Intangible assets 30 143 500 500
Deferred tax asset 4 613 5 175 4 613
Goodwill 12 226 3 312 3 312
Interest in associated 4 781 21 165 22 985
companies
Investments 891 549 891
Current assets 148 656 149 055 179 565
Inventories 5 833 5 849 5 823
Trade and other 82 100 63 235 67 872
receivables
Income tax receivable 1 620 1 496 5 689
Cash and cash equivalents 59 103 78 475 100 181
Total assets 534 267 467 412 500 371
EQUITY AND LIABILITIES
Total equity 386 921 347 940 363 980
Share capital and premium 1 890 1 889 1 890
Retained earnings 369 172 346 040 362 103
Non-distributable reserves (545) 11 (13)
Equity attributable to 370 517 347 940 363 980
ordinary shareholders
Non-controlling interest 16 404
Non-current liabilities 6 823 4 100 5 779
Deferred tax liability 5 418 2 625 4 413
Retirement benefit 1 366 1 475 1 366
obligations
Finance lease liabilities 39
Current liabilities 140 523 115 372 130 612
Trade and other payables 132 378 115 372 130 594
Income tax payable 731 18
Short term loans from 7 414
minority shareholders
Total equity and 534 267 467 412 500 371
liabilities
CONDENSED CONSOLIDATED STATEMENT
OF CASH FLOWS
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
2010 2009 2009
R`000 R`000 R`000
Net cash inflow/(outflow) 10 972 (40 740) (3 626)
from operating activities
Cash generated from 74 296 61 060 123 143
operations
Increase in working (15 531) (32 218) (21 607)
capital
Cash generated from 58 765 28 842 101 536
operating activities
Taxation paid (16 885) (42 982) (63 151)
Investment income 1 978 6 136 9 651
Finance costs (380) (42) (77)
Dividends paid (32 506) (32 694) (51 585)
Net cash outflow from (51 961) (19 746) (35 305)
investing activities
Acquisition of investments (100) (442)
Acquisition of Betting (7 961)
World net of loan funds
repaid
Associated companies (1 500)
investment and loan
Acquisition of property, (44 057) (19 646) (33 467)
plant and equipment
Proceeds on disposal of 57 104
property, plant and
equipment
Net cash outflow from (89) (5 237) (5 086)
financing activities
Issue of share capital 818 969
Share re-purchases (89) (6 055) (6 055)
Net decrease in cash and (41 078) (65 723) (44 017)
cash equivalents
Cash and cash equivalents 100 181 144 198 144 198
at beginning of period
Cash and cash equivalents 59 103 78 475 100 181
at end of period
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Share Share Non-
distributable
capital premium reserves
R`000 R`000 R`000
Balance at 31 July 2008 1 897 - 159
Issue of share capital - 5 813
options exercised
Total comprehensive income (148)
for the period
- Profit for the period
- Foreign currency (148)
translation reserve
Share based payment
Share re-purchases (13) (813)
Dividends paid to equity
holders of parent
Balance at 31 January 2009 1 889 - 11
Issue of share capital - 1 150
options exercised
Total comprehensive income (24)
for the period
- Profit for the period
- Foreign currency (24)
translation reserve
Share based payment
Share re-purchases (150)
Dividends paid to equity
holders of parent
Balance at 31 July 2009 1 890 - (13)
Non-controlling interest
on associate becoming a
subsidiary
Total comprehensive income (532)
for the period
- Profit for the period
- Foreign currency (532)
translation reserve
Share based payment
Share re-purchases
Dividends paid to equity
holders of parent
Balance at 31 January 2010 1 890 - (545)
CONDENSED CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY (cont)
Equity
Retained attributable Non- Total
to ordinary controlling
earnings shareholders interest equity
R`000 R`000 R`000 R`000
Balance at 31 July 345 054 347 110 347 110
2008
Issue of share 818 818
capital - options
exercised
Total comprehensive 37 731 37 583 37 583
income for the period
- Profit for the 37 731 37 731 37 731
period
- Foreign currency (148) (148)
translation reserve
Share based payment 1 178 1 178 1 178
Share re-purchases (5 229) (6 055) (6 055)
Dividends paid to (32 694) (32 694) (32 694)
equity holders of
parent
Balance at 31 January 346 040 347 940 347 940
2009
Issue of share 151 151
capital - options
exercised
Total comprehensive 32 934 32 910 32 910
income for the period
- Profit for the 32 934 32 934 32 934
period
- Foreign currency (24) (24)
translation reserve
Share based payment 1 870 1 870 1 870
Share re-purchases 150 - -
Dividends paid to (18 891) (18 891) (18 891)
equity holders of
parent
Balance at 31 July 362 103 363 980 363 980
2009
Non-controlling 13 893 13 893
interest on associate
becoming a subsidiary
Total comprehensive 38 624 38 092 2 511 40 603
income for the period
- Profit for the 38 624 38 624 2 511 41 135
period
- Foreign currency
translation reserve (532) (532)
Share based payment 1 040 1 040 1 040
Share re-purchases (89) (89) (89)
Dividends paid to (32 506) (32 506) (32 506)
equity holders of
parent
Balance at 31 January 369 172 370 517 16 404 386 921
2010
REVIEW OF RESULTS
Group results
Total revenue increased by 9% to
R447,4 million (2009: R409,4
million). The Group benefited from
the inclusion of Betting World
(Pty) Limited "Betting World" (a
fixed odds bookmaking concern) as
a subsidiary company, previously
an equity accounted associate
company.
Mainly as a result of a superb
performance by the Group`s Isle of
Man totalisator operation and the
inclusion of Betting World, net
betting income increased by 14% to
R323,9 million (2009: R285
million).
Other operating income that
comprises, inter alia, bookmakers`
levies, unclaimed dividends and
breakages, stable rentals, and
local and international
broadcasting levies/fees decreased
by 1% to R109,7 million (2009:
R110,6 million).
Operating expenses and overheads
increased by 8% to R361,2 million
(2009: R335,9 million). Excluding
Betting World operating expenses
and overheads decreased by 1% to
R333 million (2009: R335,9
million).
Profit before interest, income
tax, depreciation and amortisation
(PBITDA) increased by 21% to R72,4
million (2009: R59,7 million).
Mainly as a result of the R45
million capital expenditure spent
on the Turffontein illumination
project and the inclusion of
Betting World, the depreciation
charge increased by 36% to R16,3
million (2009: R12 million).
Profit before interest and income
tax (PBIT) increased by 18% to
R56,1 million (2009: R47,7
million).
As a result of the R44,1 million
invested in property, plant and
equipment (which included R27
million cash outlaid on the
Turffontein illumination project
and R5,8 million to upgrade the
training/racing facilities at
Turffontein and the Vaal), R8,1
million spent on acquiring control
of Betting World and a decrease in
interest rates, investment income
decreased by 68% to R2 million
(2009: R6,1 million).
Profit before income tax (PBT)
increased by 10% to R62,7 million
(2009: R56,9 million) and
attributable earnings increased by
2% to R38,6 million (2009: R37,7
million).
Headline earnings and headline
earnings per share (HEPS)
decreased by 6% to R35,6 million
(2009: R38,1 million) and 47,10
cents per share (2009: 50,18 cents
per share) respectively. Diluted
HEPS decreased by 6% to 47,10
cents per share (2009: 50,15 cents
per share).
Local operations
Revenue from local operations
increased by 11% on the
comparative period to R392,3
million (2009: R352,5 million)
primarily due to the inclusion of
Betting World as a subsidiary of
the Group.
Excluding Betting World revenue
declined by 1% to R349 million
(2009: R352,5 million). Local
trading conditions remained
challenging as consumers` spend
came under increasing pressure in
a depressed economic climate.
Totalisator revenue generated on
local and imported international
horseracing declined by 5% whilst
the Group`s soccer sports bet
gained momentum in the build up to
the 2010 world cup soccer
tournament, increasing by a very
pleasing 25%.
Operating expenses and overheads
increased by 9% to R320,4 million
(2009: R293 million). Excluding
Betting World and stakes (which
decreased by 1% to R79,4 million
(2009: R80,5 million)), operating
expenses and overheads were well
contained, increasing marginally
to R212,9 million (2009: R212,6
million).
Betting World`s PBT increased by
8% to R8,7 million. In addition a
profit of R4,4 million on re-
measurement of the fair value of
the net assets of the company was
realised on acquisition of the
further 16,5% shareholding in the
company.
PBT from local operations
increased by 13% to R48,2 million
(2009: R42,6 million).
International operations
Revenue from international
operations was negatively impacted
by the strength of the Rand and
decreased by 3% to R55 million
(2009: R56,9 million). At constant
currencies, revenue increased by
12%.
Despite difficult trading
conditions globally, the Group`s
Isle of Man totalisator operation
continued to perform strongly with
net betting income increasing by
19% to R14,2 million (2009: R11,9
million) whilst income generated
from other international
initiatives decreased by 9% to
R40,7 million (2009: R44,9
million). At constant currencies,
net betting income increased by a
very pleasing 40% and income from
other international initiatives by
a satisfactory 4%.
Operating expenses and overheads
decreased by 5% to R40,7 million
(2009: R42,8 million) primarily
due to the variable nature of
certain operating expenses linked
to income streams positively
impacted by the strength of the
Rand.
The Group`s share of profit from
its associate company, Automatic
Systems Limited (a company listed
on the Mauritius Stock Exchange
and one of two licensed
totalisator operators on the
island) decreased by 2% to R560
000 (2009: R570 000).
PBT increased by 1% to R14,5
million (2009: R14,3 million) and
continues to equate to 25% of the
Group`s PBT. At constant
currencies PBT increased by 8%.
FINANCIAL POSITION
The Group has total assets of
R534,3 million (2009: R467,4
million) including cash resources
of R59,1 million (2009: R78,4
million) and insignificant
gearing.
Cash generated from operations of
R74,3 million was utilised to fund
an increase in working capital of
R15,5 million, pay income tax of
R16,9 million and dividends of
R32,5 million. A further R8,1
million (net of cash and cash
equivalents acquired on
acquisition) was utilised to
purchase an additional
shareholding in Betting World,
R44,1 million for capital
expenditure and R0,1 million for
share repurchases.
ACQUISITION
Effective from 1 August 2009, the
company acquired a further 16,5%
shareholding in Betting World for
R12,9 million. This amount
includes a R3 million contingent
consideration payable on condition
that Betting World achieves, inter
alia, a profit after tax of R11,4
million for the current financial
year. The Group`s total
shareholding in Betting World is
now 59%. Total goodwill arising on
the acquisition equates to R8,9
million.
The fair value of the assets and
liabilities acquired on 1 August
2009 were:
Book Fair Value
value adjustment Fair value
R`000 R`000 R`000
Property, 17 045 17 045
plant and
equipment
Betting 19 040 10 455* 29 495
licenses and
software
Prepayments 4 760 4 760
Inventories 47 47
Trade and 9 665 9 665
other
receivables
Tax asset 19 19
Cash and cash 2 857 2 857
equivalents
Finance lease (39) (39)
liabilities
Deferred tax (956) (956)
liability
Trade and (12 471) (12 471)
other payables
Shareholder` (16 335) (16 335)
loans
Tax payable (202) (202)
Net assets 23 430 10 455 33 885
Less: Non- (13 893)
controlling
interest
Fair value of 19 992
identifiable
assets
Less: Fair (14 207)
value of
previous
interest in
the acquired
Less: Total (14 700)
purchase
consideration
Goodwill (8 915)
Current period 12 900
purchase
consideration
Add: 1 995
Shareholders
loan liability
acquired
Less: (3 000)
Contingent
consideration
Less: (900)
Consideration
liability
Payment 10 995
effected
Less: Cash and (2 857)
cash
equivalents
acquired
Net cash 8 138
outflow on
acquisition
* Adjustment to fair value of
betting licenses resulting in a
gain of R4,4 million recognised in
profit or loss in the period.
SHARE CAPITAL
During the period the Group
purchased a further 8 033 of its
own shares at a total cost of R89
300 bringing the total number of
shares repurchased to date to 1
515 047. The shares are currently
held as treasury shares and are
primarily intended to be used for
issuing shares under the Group`s
share option programme.
CONDENSED CONSOLIDATED SEGMENTAL
ANALYSIS
The Group stages and broadcasts
horseracing events and offers
betting opportunities on both
South African and international
product in two geographic
segments, namely South Africa and
the rest of the world.
CONDENSED GEOGRAPHICAL SEGMENTAL
ANALYSIS
Unaudited Unaudited Audited
31 Jan 31 Jan 31 Jul
% 2010 2009 2009
Change R`000 R`000 R`000
LOCAL
Excluding Betting World
Revenue (1) 348 989 352 508 693 615
Net income 339 113 338 759 663 557
Stakes (1) (79 350) (80 457) (156 982)
Other net operating (212 889) (212 574) (412 558)
expenses
Profit before interest, 3 46 874 45 728 94 017
income tax, depreciation
and amortisation
Depreciation and 18 (13 981) (11 800) (24 331)
amortisation
Profit before interest and (3) 32 893 33 928 69 686
income tax
Investment income (68) 1 978 6 136 9 651
Finance costs (64) (15) (42) (77)
Profit before share of (13) 34 856 40 022 79 260
profit of associated
company
Share of profit of (100) 2 554 2 359
associated company
Profit before income tax (18) 34 856 42 576 81 619
Acquisition of Betting
World
Revenue 43 338
Net income 39 491
Operating expenses (28 170)
Profit before interest, 11 321
income tax, depreciation
and amortisation
Depreciation and (2 075)
amortisation
Profit before interest and 9 246
income tax
Finance costs (365)
Profit from operations 8 881
after finance charges
Profit on remeasurement of 4 443
associate becoming a
subsidiary
Profit before income tax 13 324
Assets 15 491 200 427 548 441 256
Liabilities 23 133 927 109 212 106 493
INTERNATIONAL
Revenue (3) 55 023 56 860 110 730
Net income (3) 54 946 56 802 110 616
Net operating expenses (5) (40 754) (42 823) (84 593)
Profit before interest, 2 14 192 13 979 26 023
income tax, depreciation
and amortisation
Depreciation and (260) (234) (500)
amortisation
Profit before share of 13 932 13 745 25 523
profit of associated
company
Share of profit of (2) 560 574 1 031
associated company
Profit before income tax 1 14 492 14 319 26 554
Assets 8 43 067 39 864 59 115
Liabilities 31 13 419 10 260 29 898
GROUP
Excluding Betting World
Revenue (1) 404 012 409 368 804 345
Net income 394 059 395 561 774 173
Stakes (1) (79 350) (80 457) (156 982)
Other net operating (1) (253 643) (255 397) (497 151)
expenses
Profit before interest, 2 61 066 59 707 120 040
income tax, depreciation
and amortisation
Depreciation and 18 (14 241) (12 034) (24 831)
amortisation
Profit before interest and (2) 46 825 47 673 95 209
income tax
Investment income (68) 1 978 6 136 9 651
Finance costs (64) (15) (42) (77)
Profit before share of (9) 48 788 53 767 104 783
profit of associated
companies
Share of profit of (82) 560 3 128 3 390
associated companies
Profit before income tax (13) 49 348 56 895 108 173
Acquisition of Betting
World
Revenue 43 338
Net income 39 491
Operating expenses (28 170)
Profit before interest, 11 321
income tax, depreciation
and amortisation
Depreciation and (2 075)
amortisation
Profit before interest and 9 246
income tax
Finance costs (365)
Profit from operations 8 881
after finance charges
Profit on remeasurement of 4 443
associate becoming a
subsidiary
Profit before income tax 13 324
TOTAL
Revenue 9 447 350 409 368 804 345
Net income 10 433 550 395 561 774 173
Stakes (1) (79 350) (80 457) (156 982)
Other net operating 10 (281 813) (255 397) (497 151)
expenses
Profit before interest, 21 72 387 59 707 120 040
income tax, depreciation
and amortisation
Depreciation and 36 (16 316) (12 034) (24 831)
amortisation
Profit before interest and 18 56 071 47 673 95 209
income tax
Investment income (68) 1 978 6 136 9 651
Finance costs 805 (380) (42) (77)
Profit before share of 7 57 669 53 767 104 783
profit of associated
company
Share of profit of (82) 560 3 128 3 390
associate companies
Profit before income tax 2 58 229 56 895 108 173
from operations
Profit on remeasurement of 4 443
associate becoming a
subsidiary
Profit before income tax 10 62 672 56 895 108 173
Assets 14 534 267 467 412 500 371
Liabilities 23 147 346 119 472 136 391
CAPITAL COMMITMENTS
Commitments in respect of capital
expenditure approved by directors.
2010 2009
R`000 R`000
Contracted for 5 500 27 529*
Not contracted for 11 391 17 824
*Mainly for illumination of the
Turffontein race tracks for night
racing.
REPORTING ENTITY
Phumelela Gaming and Leisure
Limited is a company domiciled in
South Africa. The condensed
consolidated interim financial
statements as at and for the
period ended 31 January 2010
comprises the company and its
subsidiaries and the Group`s
interests in associates.
STATEMENT OF COMPLIANCE
The condensed consolidated interim
financial statements for the six
months ended 31 January 2010 have
been prepared in accordance with
IAS34 - Interim Financial
Reporting, the Listing
Requirements of the JSE Limited
and the requirements of the South
African Companies Act. They do not
include all the information
required for full annual financial
statements and should be read in
conjunction with the consolidated
financial statements of the Group
as at and for the year ended 31
July 2009.
The Board is committed to the
highest standards of corporate
governance throughout the Group,
endorses the recommendations set
out in King III and supports the
Code of Corporate Practices and
Conduct setout therein.
BASIS OF PRESENTATION
The condensed consolidated interim
financial statements are presented
in South African Rands rounded to
the nearest thousand on the
historical cost basis, except for
certain derivative financial
instruments that are recognised at
fair value.
The accounting policies are those
presented in the annual financial
statements for the year ended 31
July 2009 except for those listed
below and have been applied
consistently to the periods
presented in these condensed
consolidated financial statements
and by all Group entities. The
following new and revised
accounting standards were adopted
during the period:
IAS 1: Presentation of financial
statements - requires all non-
owner changes in equity to be
presented in a single statement of
comprehensive income and owner
changes in equity in the statement
of changes in equity. The adoption
of this standard did not have a
material impact on the group`s
financial results.
IFRS 3: Business Combinations -
requires, inter alia, that for
successive share purchases (step
acquisitions) the identifiable
assets and liabilities are
recognised at fair value when
control is obtained, and the gain
and loss on acquisition is
recognised in profit and loss for
the difference between the
carrying value of the previously
held equity interest and the fair
value thereof.
Effective from 1 August 2009 the
company obtained a controlling
interest in Betting World (Pty)
Ltd that resulted in a fair value
adjustment gain of R4,4 million
recognised in profit and loss for
the period.
IFRS 8: Operating segments -
requires segment reporting to be
based on the information that
management uses internally for
evaluating segment performance and
when deciding how to allocate
resources to operating segments.
The adoption of this standard did
not have a material impact on the
group`s financial results.
SUBSEQUENT EVENTS
There are no significant
subsequent events that have a
material impact on the financial
statements at 31 January 2010.
The international distribution
rights held by Phumelela Gold
Enterprises (PGE) under agreement
with Racecourse Media Group (the
umbrella organization for the 30
UK racecourses that operate Racing
UK) terminated on 28 February
2010. Significant progress has
been made in establishing
alternative strategic
relationships.
SOCIAL RESPONSIBILITY
The Group recognises that it has a
responsibility to the broader
community to act in a socially
responsible manner, for the
benefit of all South Africans.
Contributions to selected
training, sports and community
service related projects continue.
The Group has adopted appropriate
BEE and employment equity,
training and procurement policies.
In January 2010 the Group was
awarded "A" (Level Four
Contributor) status by Empowerdex
(Economic Empowerment Rating
Agency) having achieved a generic
scorecard total of 73,68%.
DIRECTORS
With effect from 9 September 2009,
Mr. A W Heide was appointed to the
Board as an executive director.
Effective from 1 April 2010 he was
appointed as Group Chief Operating
Officer and will continue in his
capacity as Group Finance
Director.
Mr. D R H Attenborough resigned as
a director on 31 March 2010 to
take up a position with Tabcorp
Holdings Ltd in Australia. The
Board records their appreciation
for his invaluable contribution as
Chief Executive Officer (SA) and
wishes him well in his new
position.
PROSPECTS
Trading conditions, both locally
and internationally, are expected
to remain challenging in the short
to medium term. Continued emphasis
will be on cost containment,
growing local revenues through the
use of technology and the
introduction of new bet types and
exploring alternate international
business opportunities to replace
the Racecourse Media Group
agreement and expand our
international customer base. As
mentioned under subsequent events
significant progress has been made
in establishing alternative
strategic relationships.
DISTRIBUTION TO SHAREHOLDERS
Notice is hereby given that the
Board has declared an interim
dividend of 17,5 cents per share
and a cash distribution by way of
a capital reduction out of share
premium ("the distribution") of
7,5 cents per share payable to
shareholders recorded in the
register on Friday 7 May 2010.
Shareholders are advised that the
last date to trade "cum
distribution" will be Friday 30
April 2010. As from commencement
of business on Monday 3 May 2010
all trading in Phumelela shares
will be "ex distribution". Payment
will be made on Monday 10 May
2010. Share certificates may not
be dematerialised or
rematerialised between Monday 3
May 2010 and Friday 7 May 2010,
both days inclusive.
For and on behalf of the Board
M P MALUNGANI
Chairman
W A DU PLESSIS
Group Chief Executive
Johannesburg 8 April 2010
Directors: M P Malungani
(Chairman), W A du Plessis* (Group
Chief Executive), A W Heide*
(Finance Director), R Cooper, M J
Jooste, B Kantor, S K C Khampepe,
N J Mboweni (Mrs), Dr E Nkosi, M L
Ramafalo*, C J H Van Niekerk, J B
Walters Company Secretary: A F
Wintour
(*Executive)
Registered Office: Turffontein
Racecourse, 14 Turf Club Street,
Turffontein
Transfer Secretaries:
Computershare Investor Services
(Pty) Ltd
Sponsor: Investec Bank Limited
Web site: www.phumelela.com
Date: 08/04/2010 08:48:01 Produced by the JSE SENS Department.
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