GC Board on the ropes?

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4 weeks 1 day ago #789122 by Bob Brogan
GC Board on the ropes? was created by Bob Brogan
Some of us will have seen the WhatsApp messages this week about the troubles in GC country.

See below

Turf Talk
A storm has erupted in Gold Circle country after a threat of legal action against the Gold Circle Board served on Thursday, 11 June, by high-profile businessman and racehorse owner, Nic Jonsson. It concerns the release of ring-fenced funds required to maintain racing’s operations in the region.

Jonsson’s legal move follows the convening of a Special Gold Circle General Meeting next Thursday,18 June, to be held via the electronic meeting platform Zoom, at which the Board will be asking members to remove any impediment in the constitution and the Memorandum of Incorporation (MOI) that safeguards the ringfenced funds from the sale of the Clairwood property. The ringfenced amount is said to be R242-million - Read More www.turftalk.co.za/storm-erupts-over-gol...s-ring-fenced-funds/

Some background

The wisdom of those who had insisted on the ring-fencing of half of the proceeds of the sale of Clairwood Park eight years ago, has ensured that horseracing in KZN should survive the latest and greatest challenges facing the sport globally.

On a South African racing landscape littered with victims of battle, Gold Circle appear to be the one bright light capable of navigating their way out of the current situation and chartering into calmer waters. That could be achieved under a unified front, or a on a go-it-alone basis.The future remains fluid in the current time.

Gold Circle Chairman Neil Butcher writes in a recent letter to Members that without any revenue streams for the last two months and negative investment results, the company is expected to post losses of around R70 million for the financial year ending 31 July 2020. Read more www.sportingpost.co.za/2020/05/gold-circ...aces-the-challenges/

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4 weeks 1 day ago #789131 by oscar
oscar on topic GC Board on the ropes?
My mates and I are with the Jonssan family on this, we surfed with these guys in Dbn growing up, proper people!
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4 weeks 1 hour ago #789174 by louisg
louisg on topic GC Board on the ropes?
My mates didn't do much surfing.They were involved with horses all of their lives.

This is the ripple effect of Phum not paying over to GC the money which is owed to them....

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3 weeks 6 days ago #789180 by Over the Air
Over the Air on topic GC Board on the ropes?
@louisg perhaps you would be so kind as to give us your view about the allegation by a poster on SP that GC have not lodged a claim for the 70 bar they are allegedly owed by Phumelela?

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3 weeks 6 days ago #789183 by Black Arthur
Black Arthur on topic GC Board on the ropes?
Business rescue on the cards?

Maybe too many cooks earning executive chef salaries?

It’s such a great racing centre, with great crowds and vibe. Should be very easy to sort out.

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3 weeks 6 days ago - 3 weeks 6 days ago #789184 by mr hawaii
mr hawaii on topic GC Board on the ropes?
I see some not so nice things being said about Mr Jonsson... I wonder why these not so nice things were not said about Jooste when he was destroying Racing?

THE MORE YOU STUDY FORM THE LUCKIER YOU GET
Last edit: 3 weeks 6 days ago by mr hawaii.
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3 weeks 6 days ago #789196 by RA Stranger
RA Stranger on topic GC Board on the ropes?
Because there is big a difference in inheriting everything from your daddy and fleecing a listed company by over ballooning the share price.

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3 weeks 6 days ago #789198 by jim
jim on topic GC Board on the ropes?
i think ota had hit the nail on the head. what about the 80 odd receivable due from mp. overlooking that and then having to raid the family silver. business rescue should be the next option. then the mod squad could step in and unify racing under one umbrella which surely has to happen. maybe thats whats behind this whole thing.

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3 weeks 6 days ago #789201 by RA Stranger
RA Stranger on topic GC Board on the ropes?
......I quite like the Goose's post on this matter in the SP....

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3 weeks 6 days ago #789204 by mr hawaii
mr hawaii on topic GC Board on the ropes?
So if I understand they don't want the UNCONDITIONAL use of the funds and want accountability and checks and balances and a solid forward plan - I think this is the most reasonable objection ever

THE MORE YOU STUDY FORM THE LUCKIER YOU GET
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3 weeks 6 days ago #789215 by louisg
louisg on topic GC Board on the ropes?
OTA, that is untrue. The claims have been lodged, a mixed batch which totals close to R100M...
Rescue not ready and wanted extension to end August, but now will only extend to end July..
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3 weeks 6 days ago #789216 by louisg
louisg on topic GC Board on the ropes?
Mr H ,

I just think that there is a proper manner of doing things. This whole thing appears to be improper.

The 11th hour letter, the failure on more than one occasion to pitch up to a meeting to discuss issues with GC Board, the dishonest and also illegal manner of obtaining and circulating GC members details, the fact that all in Racing will suffer if we now have to close again, yet the very people forcing the closure are pointing fingers, creating uncertainty. This appears to be deflection at it's best and if anything, it is proof that we must tread warily now. This whole 11th hour objection thing appears to lack integrity..... maybe the state of Denmark refers?

We all know that even with the negative impact of Covid, GC would still have been ok, had Phum paid them. Now we are suddenly trying to stop them from accessing the fund to keep going, because we dont trust them....?
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3 weeks 5 days ago - 3 weeks 5 days ago #789227 by Sylvester
Sylvester on topic GC Board on the ropes?
the writers of drama in Hollywood could not come up with story lines similar to the drama that Phumelela/NHRA/RA/GC/Kenilworth racing executives manage to ensconce them selves in on a daily weekly monthly yearly and ongoing basis.

The last 10-15 and the last 2-3 years are tearing racing SA apart, with seemingly no quick solution in site.
We have seen TAB turnover get ripped to shreds post lock-down. instead of trying to get the bread and butter punter back. the boardroom dramas are just driving racing SA further into the ground.

what will be left when the dusts settles.

a few big penis' feeling aggrieved and a another group feeling vindicated

but just like the lock down. the operation was a success but the patient is dead.
Last edit: 3 weeks 5 days ago by Sylvester.

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3 weeks 5 days ago #789246 by RA Stranger
RA Stranger on topic GC Board on the ropes?
Sneaky Pete ?

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3 weeks 5 days ago #789255 by Bob Brogan
Bob Brogan on topic GC Board on the ropes?
LEADING owner Nic Jonsson has filed voluminous papers against racing operator Gold Circle in the Local Division of the KwaZulu-Natal High Court. As an urgent application, the matter is likely to be heard by a Judge tomorrow.

As reported by Turf Talk last Saturday, Jonsson’s actions follows the convening of a Special Gold Circle General Meeting this coming Thursday, 18 June, to be held via the electronic meeting platform Zoom, at which the Board will be asking members to remove any impediment in the constitution and the Memorandum of Incorporation (MOI) that safeguards the ring-fenced funds from the sale of the Clairwood property. The ringfenced amount is said to be R242-million.

We are led to believe that Gold Circle are in the process of filing opposing papers this morning after which Jonsson, via his representing attorneys, Garlicke and Bousfield, will have an opportunity to respond.

Irrespective of whether the hearing on Wednesday will proceed or not, Gold Circle is likely to be going into Business Rescue on Thursday. It is said, in this regard, that the appointment of a Business practitioner is already being investigated.

“We have a special General Meeting at 5pm. This is subject to the outcome of NJ vs Gold Circle in the High Court on Wednesday,” said Neil Butcher, Chairman of Gold Circle.

With Post-Commencement Finance (PCF) being a pre-requisite for Business Rescue, the ring-fenced funds would presumably be released by the appointed business rescue practitioner, which will in effect nullify Jonsson’s attempts at keeping it untouched until a business plan can be agreed upon. The process of Business Rescue will, however, put a neutral individual in charge of the management and use of the cash.

It appears at this juncture, however, that the only winners in Jonsson vs Gold Circle will be the legal persona acting for the respective parties - Turf Talk

www.turftalk.co.za/

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3 weeks 5 days ago #789256 by Dave Scott
Dave Scott on topic GC Board on the ropes?
This is another very sad chapter for racing.

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3 weeks 5 days ago #789257 by MissT
MissT on topic GC Board on the ropes?
And that's the truth. Law firms representing both sides win. It's truly sad that on both sides there are well respected buisness people who if anything should be putting egos and other agendas aside and at least try and sit around a table and come to some form of common ground in this particular matter for the good of every single person involved in the industry and for the good of the industry itself. Instead it appears as more infighting and finger pointing and seriously this is the last thing racing needs right now. Let's just hope some common sense prevails and that law firms are not the only winners here.

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3 weeks 5 days ago #789261 by oscar
oscar on topic GC Board on the ropes?

Sylvester wrote: the writers of drama in Hollywood could not come up with story lines similar to the drama that Phumelela/NHRA/RA/GC/Kenilworth racing executives manage to ensconce them selves in on a daily weekly monthly yearly and ongoing basis.

The last 10-15 and the last 2-3 years are tearing racing SA apart, with seemingly no quick solution in site.
We have seen TAB turnover get ripped to shreds post lock-down. instead of trying to get the bread and butter punter back. the boardroom dramas are just driving racing SA further into the ground.

what will be left when the dusts settles.

a few big penis' feeling aggrieved and a another group feeling vindicated

but just like the lock down. the operation was a success but the patient is dead.


Yep quite right Sly. Either there are very few people who are trying to co-ordinate some kind of coup, or it’s just a free for all right now. To me running at the back of the fields is not the place to be in. They must move ahead quickly now so that we either know racing will survive in SA or not.
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3 weeks 5 days ago - 3 weeks 5 days ago #789286 by Over the Air
Over the Air on topic GC Board on the ropes?
Why do people in every link of the racing chain in this country believe that they have no need to share information and hold onto it as if it is currency? Every single level is guilty of this, and they all believe themselves to be superior to those not in the circle. I spent the day enthralled by the majesty of top racing, it happened to be in England. We can never in our wildest dreams aspire to compete on the same level while this elitist apartheid exists.
Last edit: 3 weeks 5 days ago by Over the Air.
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3 weeks 4 days ago #789300 by mr hawaii
mr hawaii on topic GC Board on the ropes?
GC should immediately drop stakes for ordinary races- you cannot pay for races with money you don't have - Even if they do get access to 200 bar it would make sense to drop stakes until the company can recover and the betting shops are open and add to the revenue stream

THE MORE YOU STUDY FORM THE LUCKIER YOU GET
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