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harry hotspur wrote: Maybe someone could enlighten me who the head of tab and betting world was and where he is now?Sadly you need to get rid of the problem not transfer him from position to position because he ruins whatever he does.
Over the Air wrote: Hi Jim
Of course market cap does not equal NAV, however it will have a major effect on the loans taken with shares being used as collateral. In terms of assets, Phumelela have Turffontein and the Vaal. Crucially the gem Randjesfontein is owned by the RA unless Larry has done a "verbal stakes agreement" type arrangement.
The 400m in stakes are much more affected than just the lost 75m. In previous years all the dividends from Phum ( and they were artificially high ) went into stakes pot - I may be corrected but I think that 80% of the entire dividend amount went to stakes. In 2018 roughly R113M was paid out in dividends so theres another 90m hole. Taking this into account the funding of stakes will have to be subsidised by the RA coffers or reduced significantly. It makes you wonder why there has not been a peep from Larry and the boys..
Insofar as cost cutting and rationalisation goes, these actions could never restore parity to previous performances. And your last point about delisting, this is a possibility obviously, my question would be who would be stupid enough to be interested?
the hawk wrote: Approx 80% of the Racing Trust's share of the dividends went into stakes - not 80% of all dividends!! This stake money is principally used to fund the stakes of the work riders racing programme.
harry hotspur wrote: You need help over the air you got serious obsession issues .If phumelela do go down the tubes your life will be empty .