Oppenheimers spell out their case for Phumelela rescue
Horse racing stalwarts tell business rescue practitioner that their plan is better than bookmaker Betfred’s offer
28 August 2020 - 14:22
UK bookmaker Betfred’s offer for horse racing and betting group Phumelela is not in the best interests of shareholders or the industry, the Oppenheimer family said on Friday.
Mary Oppenheimer and Daughters (MOD) stepped in to provide immediate financing for Phumelela when it ran into trouble due to the Covid-19 pandemic and entered business rescue. It has also offered post-commencement funding once a plan has been approved by the company’s creditors. A vote about it is due on September 1...
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