Hi to all CW Members #1,2,3 I found this article in the paper a while back and it makes my blood boil thinking now about the sale of Bumpa and Leasing Kelendria I will cut n paste this archive from the Adelaide Herald in December 06 to freshen our memories of the shady and DODGINESS that is Mark Waugh and Kim and Roulston.
EXCLUSIVE by Janet Fyfe-Yeomans
December 12, 2006 01:00am
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CRICKET great Mark Waugh and wife Kim are being investigated by the corporate watchdog over a horse they bought and then sold to their own racing syndicate.
One of their Club Waugh Racing syndicates, No 2 Ltd, bought brown gelding Scooter for $28,000 from Mark and his father Roger last year.
However The Daily Telegraph has learned the horse had been bought for just $11,000 a month earlier by successful Rosehill trainer Mrs Waugh at the Scone Yearling Sale on behalf of herself and her husband.
Bloodstock agent Robert Raulston, the third director of the syndicate along with Mark and Kim Waugh, recommended the syndicate buy the horse and valued it.
He said yesterday it was a good deal.
Scooter was sold last month by the syndicate for just $750 after never racing.
"Nothing was done that was wrong," Mr Raulston said.
"In the opinion of the directors, correct procedure has been followed."
A disgruntled investor has asked the Australian Securities and Investment Commission to investigate the deal and whether the No 2 syndicate breached the conditions of its prospectus, which said it had bought two yearlings and would lease another four.
Scooter was the third horse bought by the syndicate.
The prospectus promised the 400 investors, who bought shares at $1450 each, that at the end of the three years, in May 2008, shareholders would vote to continue racing or sell the horses.
"We were never advised about the commercial antecedents of the horse and were only told as a fait accompli that the decision was made to sell Scooter," said the investor, who asked not to be named.
The shareholders learned in the annual accounts in July this year that Scooter had been bought from Mark and Roger Waugh but not that it had been sold for less than half that price just a month earlier.
The investor was told by Racing NSW that it could not investigate his complaint because it involved a managed investment scheme.
However, it did say it had "formed the view that the matter ... might have been handled differently, particularly by the directors of Club Waugh 2." The investor then complained to ASIC.
Speaking on behalf of the syndicate, Mr Raulston said: "That doesn't say that it's incorrect. It does say that it could have been handled better and we might agree with that."
He said he stood by his $28,000 valuation of Scooter.
"It was valued on its worth on that particular day. Horses can change value on a daily basis," Mr Raulston said.
Mrs Waugh said the disgruntled investor was a "pain in the backside".
"He is irrelevant to us. All my club members are very nice people and we have hundreds of them and they come to functions and they are more than happy. We have this one nark," Mrs Waugh said.
A spokeswoman for ASIC said they accepted complaints on a confidential basis and were not able to confirm or deny any investigations.
AG05 writes:
*** Note that the Waughs and Roulston did NOT TELL THE MEMBERS and did it as a FAI ACCOMPLI in other words there was NO VOTE BY THE MEMBERS but Mark and Kim and Roulston TOOK IT UPON THEMSELVES to do the selling***
Guys I have scouted around and found this information I couldnt cut n paste so I had to type down the results
IMPORTANT....
WHO ARE COASTAL THOROUGHBREDS PTY LTD SYDNEY ????????????
THEY ARE THE FOLLOWING MEMBERS:
MR P C TAYLOR (MGR)
Mr P G TAYLOR (REP)
MR D M FALLON
Funny enough my SNOOPING found they OWN KELENDRIA WITH CW RACING #2
who are the LEESEES
BUMPA has earned it saids in my papers to date $30,300.00
I WOULD BE ASKING SOME SERIOUS QUESTIONS Kelendria birthdate is 2004 and has had one trial and came first... THE HORSE IS 4 YEARS OLD.......
WHY WOULD YOU CONTINUE WITH A HORSE THAT IS 4 AND NEVER BEEN RACED ????????????????? WITH ONE TRIAL UNDER ITS BELT???????????????????
The Stench seems to be getting worse.............
