Last night DealMakers Africa held its first virtual awards ceremony to honour those firms who have excelled in what has been a particularly stressful time for doing business in Africa. Aside from awards for deals of the year, M&A advisors and DealMaker of the Year, a new award was introduced for the first time, Business Rescue Transaction of the Year. This is apt given Covid-19 and the resultant lockdown resulting in business rescue matters being at the forefront.

The 3 nominees for the new award were Edcon, Comair and Phumelela Gaming and Leisure (a JSE listed company) with John Evans of RS Advisors winning, for Phumelela after a significant return was achieved for creditors in this highly publicised horseracing and betting business. Phumelela ran into financial difficulties and was placed under Business Rescue in May last year. Fluxmans legal team headed by its business and rescue head, Colin Strime, assisted and advised John Evans in attaining this outstanding result.

 “We were honoured to be included with nominees for Edcon and Comair, two significant and sizeable business rescue matters, in DealMakers first ever Business Rescue Transaction of the Year Award,“ said Colin Strime, “As the legal team for RS Advisors, Phumelela’s Business Rescue Plan was approved by a staggering 99% of its creditors and translates into a guaranteed 72c in the Rand for creditors and if all goes according to plan, a likely return of 100c in the Rand and even a potential return for shareholders”.

“I am most appreciative and thank Jack Phalane, Phillip Vallet, Buhle Duma, Craig Blumenthal and Kim Garrun, my team, for all the assistance I received.”