Calling all RA members

I am just going through Phumelela financials and am shocked to see that the Racing Trust shareholding has diminished markedly from 38% at corporatisation to 25% presently. Perusing RA reports I see no mention of a sell off however there is mention of the sale of shares to members to fund Phumelelas purchasing of Supabets. I hope RA members that were stupid enough to buy into this have lots of vaseline, and are applying liberally.

Getting back to the subject, do any members have any documentation requesting permission from the RA board to offload these multi-million rand value in P shares on behalf of the Trust? Was this decision ratified by members on any platform? Or do we have another shady deal involving millions and no corporate governance. Someone has made millions and it sure ain't ordinary members.

Current Market Cap is R1,486,258,091 according to sharenet.

13% of that equates to R 193 Million

....what, can't you wait for the Phindi led investigation.....guess none of us can....unless we live to be 120 years old....

ota just check if there has been a rights issue in the interim. if there was and the ra did not follow theirs that would explain why the shareholding has dropped percentage wise. other way is to see if the actual amount of shares held has changed or not.

Over the Air, there don't seem to be any RA members here and if there they are they don't seem to really care.
The real issue is that if that is the case, that the Racing Trust shareholding is down to 25%, it would equate to a transgression of Phumelela's gambling license and incorporatization. It was one of the conditions that the shares held in the Trust would be equivalent to 35% (or is that 33%), which body would promote transformation, development and to protect the sport.
If this is the case, then it would appear that Phumelela, (seemingly aided and abetted by the RA), is in contravention and should be called to account by Government to explain.

.....back in 2010 actually on 15 November....LW as Chairman of the RA....met with a parliamentary committee that were looking into transformation of sport.....the synopsis of the meeting is recorded and can be found at pmg.org.za/committee-meeting/12367/ .... and I pulled out this passage....

SASCOC was appointed to see that the 35% shares of Phumelela was not sold. It was there to protect those shares and to ensure that it stayed in racing.

The Chairperson(LW) gave a message that SASCOC had nothing to do with the Trust. According to the Act which governed SASCOC, it was responsible for high performance and organising of events and led the teams to such events. The Racing Association faced a challenge to ensure horseracing continued and it was important for new members to join(RA) as they were the ones responsible for funding.
..... :S....

What is the current RA membership in numbers?

....not enough...to even have their subscriptions cover the RA payroll... :dry: ....but remember back in 2010 things at the RA looked rosey.....and they did not have as big a payroll.....the RA could never fund itself even if every owner in P land was a member..... :whistle: ....so Larry was not entirely upfront saying that memberships were responsible for the funding of the RA... :oops:

Turf Talk: Can you give us a breakdown of this year’s(2017) Stakes Pot?

Wainstein: This calendar year’s Stakes Pot amounts to approximately R261-million:

(Rounded Off):
-30% from Phumelela – R121,000,0000
-20% from soccer and other sports – R45,000,000
-30% (of 3%) from Bookmakers’ Levies – R20,000,000
-30% of unclaimed dividends – R6,800,000
-15% of Low Payout Machines – R122,000
-30% from Gold Circle/Royalties: R37,000,000
-30% from Isle Of Man – R9,300,000
-30% of Fixed Odds Betting: R5,100,000

An additional R17,3-million was added to this pot from the Racing Trust (made up of 80% of the Trusts annual share dividends, as noted above).

......with a reduction of total share holding and at a lower share price.....how is the Racing trust able to continue kick these profits from share dividends into the stakes pot.... :huh:

Muhtiman wrote: .....back in 2010 actually on 15 November....LW as Chairman of the RA....met with a parliamentary committee that were looking into transformation of sport.....the synopsis of the meeting is recorded and can be found at pmg.org.za/committee-meeting/12367/ .... and I pulled out this passage....

SASCOC was appointed to see that the 35% shares of Phumelela was not sold. It was there to protect those shares and to ensure that it stayed in racing.

The Chairperson(LW) gave a message that SASCOC had nothing to do with the Trust. According to the Act which governed SASCOC, it was responsible for high performance and organising of events and led the teams to such events. The Racing Association faced a challenge to ensure horseracing continued and it was important for new members to join(RA) as they were the ones responsible for funding.
..... :S....

....Larry must have been confused as to SASCOC's role in the Trust back in 2010.....how could they have been the guardians of the Trust when in 2017 he then said......There was a stipulation in the 1999 foundation agreement that two members of SASCOC would serve on the board of the Racing Trust as a matter of BEE principle.......... :S.....if this is not a blatant case of window dressing.... :oops:

Imo the RA does a fantastic job, happily a member

....and if I were to venture into racehorse ownership....I too would be a member..I would also encourage any owner that I picked a horse for.... to do the same...that maiden plate incentive bonus would cover for the subs and plenty nomination fee's.....but how long are these bonus's going to last.....that Racing Trust pie has certainly gotten a lot smaller.... :whistle: