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Racing Association AGM Delayed

Phumelela have delayed their AGM

The Annual General Meeting of Members of the Racing Association has been delayed and will take place on Monday 10 February 2020 at 18h00.

RA LogoThe meeting will be held at Kenilworth Racecourse via a video link with Turffontein Racecourse.

The reasons for the delay in the meeting are outlined in a letter signed by Larry Wainstein, and are as follows:

  • Phumelela Gaming and Leisure Limited have delayed their annual general meeting and ideally, the Racing Association meeting will take place after their meeting;
  • The official notice and audited financial statements will be circulated early this week.
  • The Board of the Racing Association will be reviewing a new strategy relating to the structure of the Racing Association going forward and this proposal will be presented to members at the annual general meeting.
  • Management has obtained opinion from the Company Secretaries of the Racing Association and the matter of obtaining condonation to delay the AGM is in hand and will be covered by Special Resolution.

Due to the delay in the convening of the annual general meeting, it has been agreed to announce the results of the RA election:

National Board:                       Michael Leaf, Brian Riley, Laurence Wernars

Western Cape Chapter:          Philip Sarembock, Kevin Sommerville

The statement says that it is hoped that all members of the Racing Association will understand that the delay has been caused by unforeseen circumstances and they have requested their support in this matter.

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6 comments on “Racing Association AGM Delayed

  1. Chris Swart says:

    CEO / DIRECTOR

    1.1.8      “Director” means a member of the Board;

     

    21.6.      Notwithstanding anything to the contrary herein contained:

    21.6.1.           no person shall be entitled to serve as a Director for a consecutive period of more than 6 (six) years or for a period in excess of 12 (twelve) years in total;

     

    31.1   The Directors may from time to time appoint a person to the office of Chief Executive Officer in which case such person shall ex officio be a Director, or any other person as chief executive or general manager for such period and at such remuneration (including, without detracting from the generality of the aforegoing, by way of fees, salary, commission or partly in one way and partly in another) and generally upon such terms as the Directors think fit. It may be a term of the appointment of any such person that he be paid a pension, gratuity or other benefit on his retirement from office. The Directors may revoke any such appointment and any such appointment shall terminate ipso facto if the appointee shall cease for any The Racing Association NPC 14 September 2016 31 reason to be qualified as a Director subject to the rights of the appointee in terms of any agreement entered into between him and the Company in the particular case.

     

    Wainstein has been the Chief Executive Officer (a director ex officio) and/or an ordinary director and/or both for a consecutive period of more than 6 years.

     

    The RA board cannot say that as the Chief Executive Officer, Wainstein was or is not a director. He sits unlawfully and so does Mr Michael Leaf who has been a continuous director since approximately 2005.

     

    Both must go.

    Let’s play to the rules

    1. karel says:

      Playing to the Rules? What an amusing notion.

  2. Chris Swart says:

    The election of a director that’s intelligible should be a major cause of concern as is the “Restructure”

    A review of the concerns should be noted

  3. Avril says:

    What Board is Larry Wainstein not on ?? Makes his own rules and those who do dispute it seem to be knocking their heads against a brick wall!!

  4. Archer says:

    Reasons are an explanation or justification for something. I suggest that anyone who may be interested should take the time to read the utter codswallop and malarkey expelled from pen of Larry Wainstein. If RA members are prepared to eat this piffle, they are no better than this falsehearted man.

  5. Deena Pillay says:

    I think Larry is in hiding…… Went all the way to Turffontein from Durban on Summer Cup Day to watch him snatch the mic away from the presenter and to hear his overwhelming speech ….. He didn’t turn up….WHERE ARE YOU LARRY?????

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