Notice of Special General Meeting The Secretary of the Counties Racing Club Inc (“club”) hereby gives notice of a Special General Meeting in accordance with Rules 35 and 36 of the Club’s Rules. The Special General Meeting is being held at 6:00pm on Tuesday 13th December 2016 in the Sponsors Lounge at Counties Racing Club, 222-250 Manukau Rd, Pukekohe. • Time: 6:00 pm • Date: Tuesday 13th December 2016 • Venue: Sponsors Lounge, Counties Racing Club Lasarla takes out the Gr.2 NRM Breeders Stakes over Somethingvain
The purpose and agenda of the Special General Meeting is as follows: • Proposal to sell land • Following full discussion of the above matters, the following resolutions will be put to members: That in accordance with rule 46 of the Rules of the Club, the members: a. Approve the sale of the Development Land, and the entry by the Club into the associated Agreement for Sale and Purchase, including any variation to that agreement which is considered necessary, or otherwise in the interests of the Club, by the Committee of the Club (Sale Agreement), but only on the basis that the proceeds from the sale only be used for annuity income bearing commercial investment/s, and that any proposed investment/s be brought to members for prior approval at an AGM or SGM; and
Jockey Alysha Collett is at the top of her game this season
b. Authorise the Committee of the Club (or any to Committee members) to execute any documents which are necessary or advisable to give effect to the requirements of the Sale Agreement and proceed with the transaction that is the subject of the Sale Agreement; and c. That the Committee be authorised to apply the existing reserves for upgrading and other on-site improvements and for working capital. Greg Mitchell Secretary Background The Committee has entered into an agreement to sell 2.6 ha of the Club’s land (Development Land). The land is between Float Road (Gate 1), and to the main entrance at Gate 2 and back towards the tie-up area. Whilst this is a large piece of land, it has never been fully utilised, nor has it provided a return. The funds that the sale yields provide the Club with the necessary funding to upgrade the facilities and to develop investments that provide annuity income streams that will secure the future sustainability of the Club as a thoroughbred racing facility. A range of Members concerns from the 2016 AGM have now been worked through between the Board and the Purchaser resulting in a more suitable proposed Sale and Purchase Agreement for the Club’s benefit. The Club was required to enter into a confidentiality deed to protect the purchaser’s commercial confidentiality; however, the Committee is able to disclose the following details of the sale: 1. The purchase price is $7,400,000 plus GST (if any); 2. The Development Land is situated at 222 Manukau Road, Pukekohe on the north-west corner of the Club’s property; 3. The purchaser is Pukekohe Land Investments Ltd; and 4. The purchaser is a reputable developer with experience, and intends to develop the land for its own reputable commercial use.