Racing Trust

I believe the Racing Trust currently owns around 37% of the Phumelela shares.
However with the issuing of an additional 11 million P shares at the latter part of last year, not sure if that share-holding has been dilluted.
This 'secretive' Racing Trust, was established when racing's assets were 'given' away to Phumelela in the late 1990's and was established by the RA and Sports Council, who also apparently determine its trustees.
What puzzles me is that at least 2 of the Trustees, Phumelela Directors, Jooste and Van Niekerk remain on this 'RA' appointed Board.

Did a quick search and found: ...=edit

29 November 2007 - Extracts from Chairman's report to AGM

A warm welcome onto the board to Peter Naidoo....

...In summary then, some two years back the RA took time to strategically assess our position and set our goals.

PGL had been listed with a 35% share in the hands of the Racing Trust. The Racing Trust was a cumbersome vehicle in that the Trust deed required 100% trustee agreement for all matters.

Although holding 35% of PGL shares, a large proportion of the balance of the shares were tightly held amongst other bodies. Accordingly we were determined to strengthen our shareholding.

Having achieved this, we felt that the timing would be right to nominate three board members to the PGL board and influence the long term direction of racing for the benefit of the stakeholders. We have now a structure and relationship between the Racing Trust/Racing Association and PGL that facilitates a better return to stakes.

The next aim is to have a single racing company in the country. Serious discussions have commenced with Gold Circle and we hope to bring these to a conclusion soon....

Why are you puzzled about the trustees?

Jess, holding such a large amount of shares I take it 'we' Racing Trust/RA hold around a 1/3rd of the seats on the board of P - no?

Jim.

WOW - TS I take it that somewhere along the line (8 years), the RT amended their 'goals'? I'd be interested to 'see' said change of direction in black and white as:

"The Racing Trust is an independent, non-aligned and transparent organisation with the principal object of protecting, promoting and developing the non-commercial aspects of racing in South Africa with a view to the long term viability of the sport" - surely doesn't reflect that edict?

Anyhow, I also note the second part - which was part of what you raised a few days ago:


"As one of the principal functions of the Racing Trust is to take care of transformation within the industry, special emphasis will be placed on the previously disadvantaged with a view to educating and upgrading them so that they can become more productive and expert within the work place.”

So far from 'stirring for stirrings sake' - as usual there most definately IS method to your madness - lol!

Respectfully, Jim.

As this is a sensitive subject, I would say it goes without saying to add "within it's powers" which doesn't appear to be very much?