Let's play a game of follow the dots

.....OK then.....who else was on the board at the time.... :huh:

Muhtiman wrote: .....OK then.....who else was on the board at the time.... :huh:

Chairman: Bruce Gardner (appointed 19 November 2001)
Directors: Michael de Broglio (8 December 2003)
Alec Hogg (29 November 2004)
Markus Jooste (18 November 2002)
Charles Laird (19 November 2001)
Michael Leaf (30 November 2004) - co-opted
Peter Miller (8 December 2003) - Free State/Northern Cape Chapter Representative
Peter Naidoo (29 November 2006)
Ashley Parker (29 November 2005) - Eastern Cape Chapter Representative
Chris van Niekerk (18 November 2002)

.....thanx.....and then how did it look when Larry was on it.... :huh:

WAINSTEIN TAKES THE RA REINS; SPECIAL RESOLUTION IS RATIFIED BY A LARGE MAJORITY

Larry Wainstein is the new chairman of the Racing Association.

Wainstein, a newly elected member of the RA board, has been a colour holder for more than 32 years. His election was announced at the ninth annual general meeting of the RA at Emperors` Palace today (December 5, 2007).

The AGM was also notable for ratifying a "controversial" special resolution by a substantial majority vote.

The measure allows for the appointment of Racing Association directors as trustees of the Racing Trust. The resolution was actually passed at the 2005 AGM, but was later contested by some RA members. These members alleged that the decision was invalid as there was no quorum present in 2005.

The resolution was ratified by a large majority � with 386 votes in favour and 11 against, with three abstentions and two spoilt papers.

The AGM got off to a fiery start when dissenting members continually interrupted outgoing RA chairman Bruce Gardiner`s opening remarks, asserting that the meeting could not be legally convened due to irregularities in membership status arising out of the contested resolution.

Addressing the meeting, director Chris van Niekerk said the appointment of himself and fellow director Markus Jooste to the Racing Trust had resulted in considerable benefits for the RA and racehorse owners. The two had been able to end a voting deadlock situation in the trust that had prevented RA dividends from its Phumelela shareholding from flowing into the stakes pool. This move had brought in an extra R14-million for race stakes in the current year.

Members of the dissenting group vowed to now challenge the resolution in court.

All other resolutions � mainly procedural � were passed with substantial majorities.

RA general manager Clyde Basel made a presentation detailing stakes increases for the 2008 racing year. There will be an overall increase of 12% in stakes on the Highveld, 12% in the Eastern Cape and 19% in Kimberley. (See accompanying article.)

Racing Association

There is a nasty little whisper going around that wjen Chris van Niekerk sold to Steinhoff he only took paper and no cash if so we may stand to lose another big owner. I hasten to add that this is unverified

Jurgs wrote: Muhti there was never a vote, he was co-opted as CEO/Chairman/head honcho by the then RA board who included Jooste and van Niekerk.

The question must be why did this happen and why did this splinter the group of Concerned Owners? As OTA says, follow the dots. To me it is very clear what transpired.

.....but was this not ratified by majority RA members in the special restitution you posted....so it was a vote.... :huh:.....Yes Larry was then RA chairman.....the CEO job at RA was later as the RA board position did not come with a lucrative salary.....the new CEO position created at the RA did however come with a substantial salary..... :whistle:

MStreak wrote: There is a nasty little whisper going around that wjen Chris van Niekerk sold to Steinhoff he only took paper and no cash if so we may stand to lose another big owner. I hasten to add that this is unverified

Another mega-deal last July was the R371m sale of Steinhoff shares by directors Bruno Steinhoff, Markus Jooste, Hendrik Ferreira and Johannes Neethling.

In 2004 these directors put their money where their mouth was by purchasing 36,5m shares at R8,82. They financed the purchase with debt of R322m. The sale at R21 a share last July was to repay some of that debt. The share is now R24,90, so the 18m shares they retain from the original purchase are free to them - and worth R469m. In October Chris van Niekerk and Gavin van der Merwe sold shares R51,2m and R15,2m.

mybroadband.co.za/vb/showthread.php/6715...31m-at-the-age-of-33

Steinhoff is considering selling stakes worth a combined $1.4 billion in PSG Group and KAP Industrial to help plug a liquidity gap at the retailer, two sources familiar with the matter said.

Steinhoff, the owner of more than 40 retail brands including Conforama, Mattress Firm and Poundland, is fighting for survival after more than $14 billion was wiped off its market value last week following its disclosure of accounting irregularities and the exit of its chief executive.

The company has said it planned to raise around 2 billion euros (R32 billion) from the sale of non-core assets and the proceeds of debt repayments from its African unit Steinhoff Africa Retail, to fill a hole in its balance sheet.

"It cannot get any more non-core than their stake in PSG," a source in Johannesburg said. "It is on the table and so is the stake in KAP."

The likely sale of the stakes was corroborated by a second source based in Frankfurt, who said they were first on the list of possible divestitures to plug funding holes.

Steinhoff owns about 25 percent of PSG, a 60 billion rand investment holding company, and 39 percent, or of diversified industrial group KAP Industrial, which is worth around 6.1 billion rand at current market prices.

Steinhoff, KAP Industrial and PSG Group declined to comment.

The Johannesburg source, who declined to be named because he is not authorised to speak to the media, also said the stakes would most likely be sold in chunks via a so-called accelerated liquidity. It also hired U.S investment bank Moles & Co to help it prepare for a delayed meeting with lenders in London next week.book build to institutional investors.

Steinhoff said on Sunday it had called in turnaround specialist AlixPartners to help shore up its


I SEE A FEW KAP DIRECTORS SOLD KAP SHARES THIS MORNING. :oops:

Countrymember wrote: Steinhoff is considering selling stakes worth a combined $1.4 billion in PSG Group and KAP Industrial to help plug a liquidity gap at the retailer, two sources familiar with the matter said.

I SEE A FEW KAP DIRECTORS SOLD KAP SHARES THIS MORNING. :oops:

....I see it also took a bump on the day the Steinhoff saga broke.... :huh:

www.iol.co.za/business-report/companies/...-to-respond-12393167

OTA an update need please sir, this is very relevant and newsworthy at the moment.

Really an interesting thread to us not in the know