HORSE RACING
Resignations put horse racing sector problems in the spotlight
Two CEO resignations — those of Rian du Plessis at Phumelela Gaming & Leisure and Lyndon Barends at the National Horseracing Authority (NHA) — have thrown the spotlight back on horse racing only months after the Markus Jooste saga. In a statement, Phumelela stated that Du Plessis stood down for "personal reasons". His position will be taken by John Stuart, the company’s international executive director. Stuart, who began his business career with KPMG, immediately has a lot on his plate, with grooms’ action regarding wages turning violent in the Eastern Cape. And he will do the presentation of Phumelela’s financial results on October 5. With the share price having dropped 32% from its 52-week high of R19.90, shareholders will be keeping their fingers crossed for some positive news. At 1pm on Wednesday Phumelela shares were trading at R13.40. Du Plessis has given an assurance that he will not consider disposing of any Phumelela shares held directly or indirectly by him or his family i...
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