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PHUMELELA GAMING & LEISURE LIMITED - Update in respect of the urgent application

Release Date: 09/04/2019 17:08
Code(s): PHM     PDF:  
Wrap Text
Update in respect of the urgent application

Phumelela Gaming & Leisure Limited
(Registration number 1997/016610/06)
(Incorporated in the Republic of South Africa)
Share Code: PHM ISIN: ZAE000039269
(“Phumelela” or the “Company”)


UPDATE IN RESPECT OF THE URGENT APPLICATION


As stated in an announcement on 29 March 2019, the Gauteng Member of the Executive Council
responsible for Economic Development, Environment, Agriculture and Rural Development (“the
MEC”) has amended the Gauteng Gambling Regulations with effect from 1 April 2019.

This includes an amendment which has the effect of depriving Phumelela of its portion of a betting
tax levied on punters’ winnings on horseracing bets. As a result, on 29 March 2019 Phumelela
instituted:

   a. an application to have the amendment to the Gauteng Gambling Regulations reviewed
      and set aside; and
   b. an urgent application to suspend the implementation of the amended Regulation 276,
      pending the outcome of the review application.

The urgent application has been opposed by the MEC and the Gauteng Gambling Board.
Although it was originally enrolled for hearing on 9 April 2019, the answering affidavit of the MEC
and the Gauteng Gambling Board was delivered on 8 April 2019. Accordingly, on 9 April 2019 the
application was removed from the roll by agreement between the parties. This removal will enable
Phumelela to adequately consider and respond to the answering affidavit. Phumelela intends to
re-enrol the urgent application, once it has filed a replying affidavit.




Johannesburg
09 April 2019


Sponsor and Investment Bank
Investec Bank Limited

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