Sporting Post says merger disallowed

Love it!!! Lets get new blood into the game

No feedback from Jack and I am starting to wonder if his question was rhetorical and whether or not I may shoved my hoof in my mouth with my initial response.

This paragarph makes no real sense:

MICHEL NAIRACK: Well, I heard your preamble, Alec – it's not Phumelela that was actually buying Kenilworth Racing. The demerger that we sent to the Competition Commission was the creation of Kenilworth Racing, which would house all the racing assets of the Western Cape and its business. And that business would have been owned by the trust, not by Phumelela. Phumelela was just managing the region on an…relationship, and we were only benefiting from profits if they managed to turn the region around. As far as we are concerned, if the Tribunal says no and we fail on appeal, we go back to where we were and we find a mechanism to stop the bleed in the Western Cape and talk to our friends there and find a way forward.

Please somone help me understand a few things:

1. Would the formation of Kenilworth Racing be a trust?
2. "Kenilworth racing" would be owned by the trust not Phumelela.." Does this trust mean "The National Horse Racing trust" - the largest Shareholder in P or does it refer to point 1 above?
3. This an extension to point 2, does The National Horse Racing trust own Shares in GC?
4. or Does it refer to a Gold Circle Trust?

Alec Hogg does try to clear this up at the end but it all seems a bit murky

Anyway all the questions seem a bit irrelevant. The competition commission is probably seeing that the relationship between GC and P is far too cosy, not condusive to competitive practices and probably not always an arms length relationship as it is anyway. Surely a complete outsider would offer real competition to the status quo.

Maybe I am wrong but do P and GC truly compete anyway?

I am not sure if it was deiberate, coincidental or great intervieing skills but one minute MN is talking anti corporate (against the new player) "sweat assets" next they are talking the sale of Clairwood etc granted the message is one is for "profit" whilst the other is for the "good" of racing.

around when will we have news?

Hearing starts tomorrow.

First up are the respective legal teams who present their opening arguments (half a day), followed by factual witnesses (1 week), followed by expert witnesses (3-4 days) then legal team closing arguments and final tribunal deliberations.

Scheduled to finish 31st October decision a few days thereafter.

Open to public, come along should be interesting!

milliion dollar stoopid question - where is it?

DTI Campus Pretoria

www.sake24.com/Maatskappye/ReisEnOntspan...yf-moet-wag-20121010


I am sure the incestuous relationship between Horseracing Trust and Phumelela, and the common denominators will come under the spotlight.

Interesting that this hearing goes on and the Gambling commisions report,and subsequent hearings,are still under consideration as there are areas of common ground.( ie the commision questioned whether it was acceptable for the operators to also operate Saftote.....conflict of interest)
I look forward to their feelings about the operators undue influence on regulation.

Does anybody know when resolution is expected as it includes the consideration of licences for betting exchanges and interactive gambling(eg.on-line poker) ?

This is the biggest decision since corporisation and its getting next to none coverage .Charles is on the floor tomorrow hopefully we get some tweets or messages live from the commission.

Hibs Unfortunatly I won't be able to tweet from the witness box, but I will try and get the non confidential transcripts of the proceedings so that you can post for all to see. So far the tribunal process has confirmed to me that what racing really needs is an honest open review in a forum where you can put forward your views without fear of getting shot down or spoken over! Honestly if you are in the area get over to the tribunal, it's in all your interests!

www.sportingpost.co.za/2012/10/10/frontp...whom-the-bell-tolls/

That picture is someone else!