BGP Hooked On A Weanling Details+T&C’s

THE FOLLOWING DETAILS MAKE UP THE RULES + TERMS AND CONDITIONS OF THE ‘BGP HOOKED ON A WEANLING’ SYNDICATE
  • The BGP Hooked On A Weanling venture is an ownership syndicate which will acquire a weanling in May 2019 to be prepared to sell for the syndicate as provided in these Terms & Conditions.
  • The Syndicate will comprise of a maximum of 100 equal fractional interests (“Shares”) and those who acquire a Share or Shares are referred to as “Owners”.
  • The cost of a Share is $1050.00 (this includes a management fee of $50.00 per share).
  • The syndicate shall be managed by Boys Get Paid Limited (“the Manager”).
  • The weanling will be prepared by Woburn Farms.
  • The intention is that the weanling will be sold as a yearling at the 2020 Karaka Sales subject to these conditions.
  • Following the sale of the weanling, a final account will be produced by the Manager and distributed among the Owners; and each Owner will receive at the time when such account is distributed the pro-rata entitlement of that Owner in respect to the funds then held by the Manager for the Owners collectively.
  • Before being involved, you should read the Terms & Conditions below which, together with these provisions, set out the terms of the contract between each Owner and (a) the Manager and (b) the other Owners.
  • Any continuation of the Syndicate beyond 01 March 2020 will only occur in accordance with the Terms & Conditions overleaf.
  • No call for funds from Owners will be made other than as specified in these Terms.
  • Similarly, shareholders will not be able to make a call for their initial investment to be returned.
  • All costs including but not limited to horse purchase, exchange rate, GST (on arrival), any agents fee, insurance, vet, farrier, agistment, preparation for sale, floating and horse covers, is included in the cost of shares as set out in the terms and conditions.

By making payment for a share(s), you agree to the above and below terms and conditions.

 

TERMS AND CONDITIONS

1. GENERAL

 

The Syndicate will be conducted as a weanling selling syndicate on behalf of Boys Get Paid Limited but official purchase or sale may be conducted by a nominee or third party.

2. CANCELLATION

If the Manager considers that insufficient Shares have been sold prior to 01 May 2019 to make the syndicate viable, then the Manager shall have the right to terminate this Agreement, whereupon monies paid by applicants for a Share or Shares shall be refunded but without interest.

3. INFORMATION

The Manager will keep the Owners informed as to the purchase of the weanling, their progress in preparation and the sale for which they are entered. The Manager shall also arrange for the Share Owners to view the weanlings progress via content updates as appropriate.

4. OWNERSHIP

Ownership is a first in first serve basis with 100 shares available. Those that are paid up first will become the Owners. The Management reserves the right to limit share packages if interests deems it appropriate.

5. MANAGEMENT

It shall be for the Manager and Woburn Farm to decide all matters relating to the management, preparation and sale of the weanling; but the Manager shall communicate to the Owners any decisions made in relation to the weanling. The Manager will seek to sell the weanling at the 2020 Karaka Sales; but, if exceptional circumstances (including injury or an extension of the Syndicate’s duration) make this impracticable, then the Manager will sell the weanling (yearling) as soon thereafter as it deems reasonable and practicable to do so.

6. INDEMNITY

The Manager shall exercise appropriate care in carrying out its role under these Terms & Conditions but cannot be held responsible for matters beyond its immediate control. The Owners will not be liable to make any payments other than those specifically referred to in these Conditions and in the Application Form for a Share. No Owners shall have any claim against the Manager or against any other Owners in respect of any loss or injury sustained by the Horse howsoever caused. The Horse will be insured by the Manager against All Risks of Mortality only for such values as the Manager, in its discretion and with any necessary advice, considers prudent. The Management reserves the right to make a further call for funds in an emergency or due to unforeseen circumstances. These include injury, delay in selling the yearling, of which would be communicated to the syndicate.

7. HORSE PREPARATION

The Horse belonging to the Syndicate will be prepared for the sale by Woburn Farm.

 

8. SALE

8.1 The normal method by which the Horse will be sold in anticipation of the syndicate’s dissolution will be at public auction but the Manager shall be entitled, if he deems it to be in the best interests of Owners, to sell the Horse by any other method of sale.

9. ACCOUNTS AND DISTRIBUTION OF SYNDICATE FUNDS

The Manager shall, as soon as reasonably practicable after all the Horse have been sold, prepare a set of wind-up accounts showing: –

Income

  1. 9.1  The monies paid by the Owners in respect of their Shares;
  2. 9.2  The sale price of the Horse and/or, if and where applicable, insurance receipts

Expenditure

9.3 All expenses, as summarised in clauses listed below and necessarily incurred in purchasing, transporting, keeping, racing, insuring and selling the Horse.

The expenditure which the Manager shall be entitled to deduct from the monies referred to in paragraphs 9.1 to 9.2 inclusive shall include but may not necessarily be limited to: –

9.3.1 The purchase price of the Horse, freight charges, third-party commissions, keep charges, preparation fees, entry fees, and sale expenses, together with the cost of financing the syndicate by way of bank charges, and any other like expenses;

9.3.2 $50 per Owner per Share being a Admin Fee charged by the Manager to the Syndicate for the day to day management of the Syndicate (“Admin Fee”)

9.3.3 Any additional costs over and above the income, 9.1, shall be deducted from the sale price of the horse as appropriate.

The resulting balance shall be distributed to the Owners according to the number of Shares held by them.

10. ACKNOWLEDGEMENT

Each Share Owner acknowledges that participation in the Syndicate is for the purpose of sharing in the enjoyment of the Horse and not for investment.

11. MISCELLANEOUS

11.1 Any intellectual property created by the arrangements to which these Conditions relate (whether deriving from the Horse, the Syndicate, or the Manager) shall belong to the Manager.

11.2 The Manager shall only process data relating to the Owners in a manner permitted by the Owners.

11.3 The Owners, when funding their participation in the Syndicate, are not purchasing goods or services and are not consumers for the purposes of Consumer Protection legislation.

11.4 The timing of any sale of a “Horse” shall be in the Manager’s discretion but acting in what the Manager reasonably believes to be in the best interests of the Owners.