Phumelela's ex-CEO bids for international operations, urges creditors to reject Oppenheimers

Rian du Plessis, a successful merchant banker and corporate executive before his successful ten year rein as CEO at now struggling Phumelela is furious about the destruction of shareholder value at the compang he left generating annual profit of R155m. In this stinging interview, this ultimate insider, who is also Phumelela's fourth biggest shareholder, discloses that he personally offered to pay up to R300m for one of numerous plum assets in company, but was ignored by the business rescue practitioner. Du Plessis says Phumelela's creditors, who vote on Tuesday, would be wrong to support an apparent lifesaving offer from wealthy horsebreeder and owner Mary Slack Oppenheimer. Her bid, which is supported would give creditors just over 70c in the rand, but shareholders very little. Du Plessis says the Mary Oppenheimer and Daughters' offer is vague and opaque and from what he can see of it, substantially undervalues the company. He reckons the offer from UK group BetFred is much the better one. - Alec Hogg  Learn more about your ad choices. Visit megaphone.fm/adchoices