Simon’s stock tips

PHUMELELA GAMING AND LEISURE

Saved by the Oppenheimers

humelela Gaming and Leisure went into the Covid-19 lockdown in an already tough space, battling government on its 50% share of tax raised from horse racing, equal to about half of their profits. Lockdown, of course, halted the industry and bleak results were swiftly followed by the announcement that the company was going into business rescue. Here a recovery seemed unlikely, but Mary Oppenheimer Daughters has offered a post-commencement finance deal that could save the industry, and possibly the company. Of course, as is always the case with business rescue, or bankruptcy, the shareholders are the first to lose any rights as they get all the upside from a successful business but, equally, all the downside when the business fails. Even if that failure