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Posted 2022-04-29 11:43:51  
Gold Circle Receives Settlement of R175m

Gold Circle's battle with the Business Rescue Practitioner for Phumelela has ended in settlement with the BRP paying R178m to Gold Circle and R26m to Kenilworth Racing. In a letter to members, Chairperson Belinda Scott made the announcement. 

"The Board is pleased to advise that a settlement of the dispute has been agreed in April 2022. In terms of the settlement, the BRP has agreed to and has paid an aggregate settlement amount of R201 million in settlement of Gold Circle and Kenilworth Racing's claims, of which Gold Circle has received R175 million and Kenilworth Racing R 26 million. Neither Gold Circle nor Kenilworth Racing has or will have any claim to ownership of PGI.

Members will be pleased to read that R 122 million of the funds received by Gold Circle will be reinvested as part of the "ring-fenced" capital funds which arose from the sale of Clairwood race course, the use of which funds remains under the control of Members. Gold Circle is effectively repaying the
portion of the ring-fenced funds which were required to fund operating cash shortfalls arising from the effects of the Covid-19 pandemic on Gold Circle's business as well as the consequences of Phumelela's financial collapse and the subsequent arbitration proceedings."

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