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Lot 592 (Bay Colt – Bettor’s Delight x Robyns CC)
Trotsynd Pty Ltd (ACN 062299950)
(AFSL 269076)
Syndicate No 18
Product Disclosure Statement
1 July 2019
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THIS AGREEMENT is made the day of 2019 PARTIES: (1) The persons named and described in Item 1 of the Schedule (collectively called “the
Syndicate”) (and individually called “the Members”); AND (2) TROTSYND PTY LTD (ACN 062 299 950) of 25 Nelson Crescent, East Perth, (“Trotsynd”). WHEREAS: A. Racing and Wagering Western Australia (“RWWA”) is the controlling body for harness racing in
Western Australia. B. Trotsynd Pty Ltd is a wholly owned subsidiary of the Western Australian Trotting Association. C. Trotsynd has an Australian Financial Service Licence to enable it to syndicate horses being
licence number 269076. D. Trotsynd wishes to establish a syndicate of twenty Members with each Member contributing
Three Thousand Six Hundred Dollars ($3,600). E. Members will be required to pay at the start of each twelve-month period of the Syndicate (1
July each year) One Thousand Seven Hundred and Fifty Dollars ($1,750) per five percent share for subsequent years in on-going costs, such as training and agistment, unless monies held by the Syndicate cover such costs. The first continuation payment of One Thousand Seven Hundred and Fifty Dollars ($1,750) being due on 1 July 2020.
F. Gloucester Standardbred Sales Pty Ltd trading as Pacing WA has purchased the yearling
harness racing Colt on behalf of the proposed Syndicate until the Syndicate is fully subscribed at which time the Syndicate shall purchase the horse for the price being the cost to Gloucester Standardbred Sales Pty Ltd of buying and holding the horse from the date of such sale. The cost of purchase being Thirty-Eight Thousand Five Hundred Dollars ($38,500) and other on-going costs, including veterinary fees, Australian GST, registration, naming, transport and insurance until the horse is syndicated.
Lot 592 purchase price above was AUD$38,500 (Thirty-Eight Thousand Five Hundred Dollars
AUD) through the 2019 APG Yearling Sale. Details of Lot 592 are as follows: Sire: Bettor’s Delight Dam: Robyns CC Colour: Bay Sex: Colt Date of Foaling: 24 October 2017 Freeze Brand No: S6170127 Insurance: HQ Insurance for $1735 until 26 March 2020 (A copy of the 2019 Sales Catalogue page, Sales Receipt, Veterinarian Certificate, Insurance
Certificate and Budget are attached to this PDS, together with statements from the Owner and Trainer of the horse.)
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G. The Syndicate shall be managed by Trotsynd Pty Ltd. H. The Syndicate is to race Lot 592 and equally divide any prize money and trophies between
Members of the Syndicate. I. Lot 592 is to be trained by Justin Prentice and stabled on his property at Boyanup, Western
Australia. J. Each Member shall execute an application form attached to this Agreement providing for the
subscription for the price of the share in the Syndicate. The Parties Agree: 1. Definitions “ASIC” means the Australian Securities and Investments Commission “business days” means Monday to Friday excluding any public holidays which are gazetted as public holidays in Western Australia; “Disqualified Person” means a person disqualified under the RWWA Rules of Harness Racing from time to time; “Ordinary Resolution” means a resolution passed by Members holding a majority of shares at a duly convened meeting of the Syndicate; “Proxy” means a form of proxy decided by the Racing Manager from time to time which Proxy shall be in writing and shall be in the possession of the Racing Manager prior to the commencement of the Syndicate meeting; “RWWA” means Racing and Wagering Western Australia “Racing Manager” means the person appointed in accordance with clause 4 hereof by Trotsynd Pty Ltd to act for and represent the Syndicate pertaining to racing matters. “Rules of Harness Racing” means the Rules of Harness Racing as set out by RWWA and as amended from time to time; “Secretary” means a person appointed from time to time by Trotsynd Pty Ltd to act as the Secretary of Trotsynd Pty Ltd. The such person shall be Michael Radley CEO for the WATA. “Share Purchase Price” means the sum of AUD$3,600.00 (Three Thousand Six Hundred Dollars AUD). “Special Resolution” means a resolution passed by Members holding in the aggregate at least seventy five percent of the shares in the Syndicate at a duly convened meeting; “the Syndicate” means the Trotsynd No. 18 Syndicate and all the Members thereof; “the Syndicate Horse” means the horse to be registered in the name of the Syndicate and is presently registered or to be registered with the WATA as set out in the schedule; “the WATA” means the Western Australian Trotting Association.
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2. Formation 2.1 The Members by their execution of the form of application attached to this Agreement agree to
the payment of the Share Purchase Price to Trotsynd to purchase one share in the Syndicate. 2.2 The number of shares in the Syndicate shall be twenty shares. 2.3 The Share Purchase Price must be paid to Trotsynd at the same time as providing the
executed application form attached to this Agreement.
2.4 Any share in the Syndicate may be held in more than one name provided that the application form shall be completed by each of the proposed joint owners and all proposed owners have attained the age of 18 years of age. The first named person shall be deemed to be the manager of that share and shall receive all correspondence and notices on behalf of the holders of that share.
2.5 The Members hold their respective shares in the Syndicate as beneficial owners and own the
assets for the time being of the Syndicate as tenants in common each share being entitled to one twentieth of the assets for the time being of the Syndicate.
2.6 No Disqualified Person or company or association which has a director, secretary, committee
member, member or shareholder who is a Disqualified Person (within the meaning of that term as provided in the RWWA Rules of Harness Racing) shall be eligible to become or to continue as a Member of the Syndicate.
2.7 If the syndicate is not fully subscribed within six months from the date of approval by RWWA or
where RWWA refuses to register the Syndicate, all application monies held in trust, together with interest, will be returned to applicants within ten (10) business days after the end of that 6-month period.
3. High Risk Venture 3.1 Trotsynd advises potential investors that horse racing is a high-risk venture and any financial
input should be treated as a speculative investment only. Potential purchasers in shares offered by the Promoter should be aware of possible investment risks, which may include but not limited to:
(a) Not all horses offered for syndication proceed to a racing career. (b) Not all horses offered for syndication win or earn prizemoney. (c) Injuries, which may require an extended recuperation period, may terminate the horse’s
racing career. (d) A stud career forms no part of this offer as the principal purpose of the establishment of
the Syndicate is a racing career. 3.2 Trotsynd recommends you obtain your own independent legal advice before executing the form
of application to become a Member of the Syndicate attached to this Agreement. 4. Racing Manager 4.1 The initial Racing Manager shall be Mr Ross Waddell of 49 Butcher Road, Darling Downs,
Western Australia.
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4.2 Trotsynd Pty Ltd may dismiss the Racing Manager and appoint an alternative Racing Manager at any time at its complete discretion.
4.3 The Racing Manager shall receive a Racing Manager’s weekly contract fee amount of $100 per
week to be paid by Trotsynd 18 Syndicate. 4.4 The Racing Manager will manage the Syndicate in accordance with the Syndicate Agreement
and any rules regulations or guidelines made by RWWA.
5. Trotsynd Pty Ltd 5.1 Trotsynd shall accept all application monies from Members and place the same in an interest
bearing bank account. 5.2 The signatories to the bank account shall be the Racing Manager plus any two nominees of the
Western Australian Trotting Association from time to time. 5.3 Trotsynd shall accept from RWWA and the Racing Manager all trophies won by the horses on
behalf of the Syndicate and accept all prize money received from the horses raced by the Syndicate.
5.4 Trotsynd shall accumulate any monies received by way of prize money or proceeds from sale of
trophies. Trotsynd shall distribute the balance of the Distribution Account on a pro-rata basis to each of the Members of the Syndicate by mail within fourteen days of the end of each calendar month provided that no distribution shall take place in respect of any month where balance of the Distribution Account shall be less than Ten Thousand Dollars ($10,000) on the last day of the month or where the Members have agreed to prize monies being used in payment of the fees and expenses of the Syndicate. Trotsynd will only apply monies received by way of prize money to the payment of fees or expenses for the Syndicate if all of the Members at the time previously agree in writing or by email to that taking place.
5.5 Trotsynd shall act at the discretion of the Racing Manager or the Syndicate in relation to all
trophies won by the Syndicate. If no Agreement is reached by the Syndicate within ninety (90) days of receiving any trophy, Trotsynd shall sell the trophy and divide the proceeds in the same manner as prize money.
5.6 Trotsynd shall pay all of the fees and expenses of the Syndicate including without limitation
training fees and entry fees for races for the Syndicate Horse. 5.7 Trotsynd shall upon the Syndicate being fully subscribed make application for registration of the
Syndicate with RWWA. 5.8 Trotsynd shall ensure that the Syndicate obeys in all respects the provisions of the ASIC Class
Orders and Policy Statements with respect to horse racing syndication and the conditions of its Australian Financial Service Licence.
5.9 No management fees apply save for the Racing Manager’s weekly contract fee. 5.10 Trotsynd shall ensure that the WATA provides all necessary secretarial and other services
required by the Racing Manager and Secretary. 5.11 Trotsynd shall:
(a) appoint trainers to train the Syndicate Horse purchased by the Syndicate;
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(b) reimburse Gloucester Standardbred Sales Pty Ltd all monies spent in the purchase of the horse Lot 592 being AUD$38,500 (Thirty-Eight Thousand Five Hundred Dollars AUD) plus on-going costs inclusive of Transport, GST, Insurance, and Vet fees until the horse is syndicated.
(c) pay training costs on a monthly basis when an account is presented by the trainer.
(d) make recommendations to the Syndicate in relation to the sale of the Syndicate Horse
from time to time;
(e) insure the Syndicate Horse in accordance with usual harness racing industry practice;
(f) appoint and dismiss trainers to train the Syndicate Horse on behalf of the Syndicate. 5.12 Trotsynd is not aware of any fact or occurrence which would render any statements pertaining
to this document or to the horse that is the subject of this offer to be materially inaccurate at the time of issue of this document. Further, Trotsynd acknowledges that any veterinary and valuation certificates have been submitted by persons who will receive no additional benefits, (financial or otherwise) from Trotsynd or its associates, apart from the fees that such person would normally be entitled to.
6. Racing Manager and Secretary 6.1 The management of the affairs of the Syndicate shall be vested in Trotsynd Pty Ltd, the Racing
Manager and Secretary, none of whom have ever held a financial or beneficial interest in or held any rights to the sire or the broodmare of the horse subject to this Syndicate nor are entitled to a free service to the horse’s sire.
6.2 The Racing Manager and the Secretary shall have the powers of natural people. 6.3 Without limiting the generality of clause 6.1 or 6.2 the Racing Manager’s duties shall be to:
(a) act as Racing Manager in all racing matters pertaining to the Syndicate Horse; (b) in consultation with the trainer to enter the Syndicate Horse for such events as the Racing
Manager considers appropriate; (c) liaise with the Members in all matters concerning the training and racing of the Syndicate
Horse; (d) hand over any trophy won by the Syndicate Horse to Trotsynd for sale and distribution
unless directed by the Members otherwise; (e) hold regular meetings of Members of the Syndicate; (f) give prior written notice of all meetings of the Syndicate to Members; (g) receive and deal with any complaints of any Members of the Syndicate where possible; (h) act in good faith in the best interests of the Members;
(i) employ and retain on the recommendation of any trainer of the Syndicate Horse at the
expense of the Syndicate such qualified veterinary surgeons and blacksmiths as may be required to inspect and treat the Syndicate Horse where the Racing Manager considers such treatment is reasonably necessary for the health of the Horse;
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(j) decide if the Syndicate Horse shall be destroyed PROVIDED THAT the Syndicate Horse
shall only be destroyed without the consent of Members by Special Resolution if in the opinion of a veterinary surgeon it would be inappropriate to keep the Horse alive until such a gathering of Members can give its consent. This being the case the certificate of a veterinary surgeon shall be conclusive as between Members and the Racing Manager;
(k) shall comply with all reasonable requirements of RWWA in accordance with its Rules
from time to time relating to syndicates; (l) arrange inspection of the Syndicate Horse by Members of the Syndicate at all reasonable
times (upon not less than forty-eight (48) hours’ notice by 25% of the Members entitled to vote to the Racing Manager);
(m) arrange to have the horse tested for a prohibited substance under the Australian Rules of
Racing should a Member elect to do so, with the cost of testing borne by all of the Members (whether or not they have elected to have the horse tested).
6.4 The Racing Manager of Trotsynd No 18 shall:
(a) pay all prize money received from RWWA or any affiliated body, to Trotsynd; (b) keep a register noting the names and addresses of all of the Members and the number of
shares held by each. The register shall be kept up to date from time to time reflecting all sales of any shares in the Syndicate;
(c) notify RWWA from time to time of all Horses owned by the Syndicate and all current
Members of the Syndicate as soon as shall be practicable in all the circumstances of the case;
(d) ensure that any new Member joining the Syndicate shall complete and sign a copy of the
Syndicate Agreement in the appropriate form required from the WATA from time to time and shall forward a copy of such Agreement to RWWA.
7. Meetings of the Syndicate 7.1 Meetings of the Syndicate shall be held on a regular basis. 7.2 Each share shall carry the right to one vote at a meeting of the Syndicate and all matters
(except those requiring a Special Resolution) shall be determined by Ordinary Resolution. 7.3 The Racing Manager and/or Secretary may at any time by notice in writing to the Members call
a meeting of Members. In the event of matters of urgency the Racing Manager may call a meeting of Members by attempting to verbally notify all Members.
7.4 The Racing Manager and/or Secretary shall call a meeting of Members within fourteen (14)
days of receiving a requisition in writing signed by Members holding in the aggregate at least twenty five percent of the Syndicate shares.
7.5 The Racing Manager and/or Secretary shall except in case of emergency call meetings of
Members by a circular giving fourteen (14) clear days’ notice of the meeting and specifying in such notice:
(a) the proposed agenda;
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(b) the terms of any resolutions proposed to be submitted to the meeting; (c) a statement that postal votes in respect of any resolution will be accepted and that
Members may appoint a Proxy to attend and vote on any matters. 7.6 A quorum for a meeting of Members shall be an aggregate of at least twenty five percent of the
shares of the Syndicate whether by person or by Proxy. 7.7 If no quorum is present the Racing Manager and/or Secretary may adjourn the meeting to such
time and place as reasonably decided by the Racing Manager and/or Secretary being a date not earlier than 48 hours after the meeting at which no quorum was present and at such adjourned meeting the quorum necessary for a valid meeting of Members of the Syndicate shall be ten (10) percent of the shares of the Syndicate present by person or Proxy.
7.8 The Members, by agreeing to purchase a share in this horse also agree to abide by majority
Syndicate decisions and those decisions the Manager is entitled to make on behalf of the Syndicate.
8. Termination 8.1 The Syndicate shall terminate at the earlier of the subscription monies being exhausted or the
Syndicate passing a Special Resolution to terminate the Syndicate or upon the death of the last surviving of the Syndicate Horses.
8.2 Prior to Trotsynd terminating the Syndicate on the basis that the funds are being exhausted
Trotsynd shall call a meeting of Members at which the Members may resolve by unanimous resolution to continue the Syndicate on the basis that each Member will contribute a further sum of monies.
8.3 Subject to the provisions of clause 8.2 Trotsynd shall terminate the Syndicate in due time to
allow its affairs to be wound up in an appropriate manner without Members having to contribute any further monies. Trotsynd may in its absolute discretion determine the appropriate time and date of such termination.
8.4 The Syndicate shall be terminated if the Syndicate so resolves by Special Resolution. 8.5 A Member shall not be entitled to terminate the collective ownership or to call for any
termination or winding up thereof and any such termination or winding up of the Syndicate shall only be effected pursuant to a Special Resolution of the Syndicate.
8.6 This Agreement shall not be terminated upon the death of a Member and the shares of such
deceased Member shall be transferred to the legal personal representative of such deceased Member.
8.7 The bankruptcy or insolvency of a Member being an individual or the winding up or liquidation
of a Member being a company shall not terminate this Agreement and upon the happening of such an event the share of such a Member shall be sold by Trotsynd substantially in accordance with the provisions of clause 8.1 and the net proceeds of any such sale shall be paid to the Member or the person authorised by law to receive such proceeds.
8.8 The Syndicate shall be terminated upon the death of the last surviving of the Syndicate Horses
unless the Syndicate by Unanimous Resolution agrees for the Syndicate to continue to purchase another Horse or Horses on behalf of the Syndicate to replace any sold or dead Horse.
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8.9 Upon termination of the Syndicate Trotsynd shall sell or otherwise convert the assets of the Syndicate into cash and divide the proceeds less all proper costs outgoings and any provisions for liabilities amongst the Members pro-rata in proportion to the number of shares held by them.
8.10 Upon termination of the Syndicate Trotsynd shall arrange for the cancellation of the Syndicate
with RWWA. 9. Sale of Shares 9.1 (a) A Member of the Syndicate shall be entitled to sell his share in the Syndicate to any
person or company acceptable to Trotsynd provided that such person or company shall not at the time be banned or disqualified pursuant to the RWWA Rules of Harness Racing and such person or company must be capable of holding shares under the RWWA Rules of Harness Racing but no such share shall be sold other than to a Member or Members so long as any other Member is prepared to purchase the same at the price and upon the conditions required by the proposed vendor.
(b) A Member proposing to sell his share in the Syndicate shall first notify Trotsynd in writing
of such intention stating the proposed sale price and conditions. Within 28 days thereafter Trotsynd shall notify the proposed vendor as to whether any existing Member is willing to purchase at the proposed sale price and upon those conditions. In the event of there being a willing Member to purchase the said share the proposed vendor shall upon payment of the purchase price notify Trotsynd and provide such acknowledgement or evidence from the purchaser as Trotsynd shall require. In the event of there being more than one Member willing to purchase the said share in the Syndicate the purchaser shall be determined by ballot to be conducted by Trotsynd.
(c) If Trotsynd states that a proposed purchaser or a share other than a Member is not
acceptable to it, it shall not be bound to give any reason and its decision shall be final.
(d) Upon transfer of any share to any transferee other than a Member referred to in the Schedule hereto such transfer shall not be completed until the transferee has entered into a deed as drawn up by Trotsynd’s solicitors at the transferee’s expense acknowledging that he is bound by the provisions and conditions of this Syndicate’s Agreement.
10. Sale of the Syndicate Horse 10.1 The Syndicate Horse shall only be sold in the following circumstances:
(a) The Members determine by Ordinary Resolution that the Horse shall be sold; or (b) By Trotsynd after the Members have resolved not to contribute further funds to continue
the Syndicate in accordance with clause 8.2. 10.2 Any Horse so sold shall be sold by public auction or by tender and the Racing Manager shall
give each Member written notice of the auction so that Members may attend the auction and bid for the Horse.
11. External Disputes Resolution Scheme
Any dispute arising out of this Agreement or between the Members shall be referred firstly to Trotsynd for consideration.
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If the dispute is not settled to the satisfaction of the disputing parties then the matters will be referred to an External Dispute Resolution Scheme (EDRS) which shall act as an expert and the expert’s decision shall be final and binding on all of the parties to the dispute. Trotsynd, as part of the ASIC compliance requirements is a Member of an EDRS, namely The Financial Ombudsman Service Limited (Membership No F-4172).
12. Notices
Any notice to be given under this Agreement shall be forwarded to the Racing Manager and/or Secretary or the Members by mail or facsimile at the address or facsimile shown herein or as later advised.
13. Cooling Off Period
Trotsynd shall abide by a standard five (5) day cooling off period which will commence from the date that Trotsynd receives the executed form attached to this Agreement and the $3,500.00 upon placement of investment funds for this Syndicate. Following advice received in writing from the investor within five days of signing this document that he/she does not wish to proceed with the purchase, Trotsynd will refund the investment amount in full. A copy of this Product Disclosure Statement has been approved by RWWA. No liability as to the contents of this Product Disclosure Statement is taken by RWWA, its officers, employees or agents. In particular (but without prejudice to the generality of this disclaimer) RWWA does not warrant, and has no responsibility for the commercial merits of the scheme referred to in the Product Disclosure Statement, the manner in which the Syndicate is operated, or the taxation advantages (if any) to which the scheme may give rise.
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THE SCHEDULE Full Name of Member Addresses of each Member Home telephone number of each Member Mobile phone number of each Member Email address of each Member Syndicate Horses (Year of Birth, Colour, Sex, Name) (a) Lot 592 Sire: Bettor’s Delight
Dam: Robyns CC
Colour: Bay
Sex: Colt
Date of Foaling: 24 October 2017
Signed by the said ) ) In the presence of: ) Witness: Address: Occupation: EXECUTED by TROTSYND PTY LTD ) (ACN 062 299 950) in accordance ) with section 127 of the ) Corporations Act 2001: ) ______________________________________ ___________________________________ Signature of Director: Printed Name of Director ______________________________________ ___________________________________ Signature of Secretary: Printed Name of Secretary
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APPLICATION FORM
TO TROTSYND PTY LTD
I/WE ……………………………………………………………………………………………………… of ………………………………………………………………………………………………………… …………………………………………………………………………………………………………… Email Address …………………………………………………………………………………………. Mobile phone number ………………………………………………………. Telephone No: (Work) ……………………………… (Home) ……………………………………… hereby apply to purchase one share in Trotsynd No. 18 Syndicate and tender with this application the sum of Three Thousand Six Hundred Dollars ($3,600) representing full payment for the share in the Syndicate I/We agree to be bound by the terms of the Syndicate Agreement to which this application is attached and shall at the request of Trotsynd Pty Ltd execute the Syndicate Agreement. I/We confirm that I/we have attained the age of 18 years and that I/we are not Disqualified Persons. OR I confirm on behalf of the Company that all of the directors and shareholders or if an Association all of the committee members and members are 18 years of age and none of them are Disqualified Persons. Signed Signed Applications will be processed as soon as possible upon receipt by Trotsynd. If for any reason your application is not accepted, your money will be returned. * NOTE: In the event of the applicant being a Company this application form must be signed pursuant to a resolution of Directors of the Company.
Ross WaddellPacing WAAttn: Ross WaddellP.O. Box 206BYFORD WA 6122
HQ Insurance Pty Ltd
ABN 46 091 731 225 AFSL No. 235666
Level 10, 1 Elizabeth Plaza North Sydney NSW 2060
P.O. Box 1329 North Sydney NSW 2059
Tel (02) 8913 1640 Fax (02) 8569 2065
New CoverTAX INVOICE I1049877
Our Reference
Date
Class
Placed with
Policy No.
Period
: HQI HQI P4936 0329664/000
: 11.04.2019
: RUR - Bloodstock - SHQI
: Swiss Re International SE, UK Branch
: SRUK0003596/2019
: 26.03.2019 to 26.03.2020
Premium 1,475.00
Stamp Duty 147.50
Broker Fee 102.27
Fee GST 10.23
GST Total 10.23
Total Amount A$ 1,735.00
IMPORTANT NOTES
INSURED NAME: Pacing WA
NEW POLICY FOR: 2017 Colt Bettor's Delight x Robyns CC
SUM INSURED: $35,000 (100% Interest)
Your Account Manager is Stuart Doughty Email : [email protected]
TERMS - NET 14 DAYS - Please forward your remittance to ensure cover. Please refer to yourDUTY OF DISCLOSURE obligations and other important notices overleaf. Claims must be notifiedimmediately as late notification may cause denial of liability in some instances. Unless we tell youotherwise in writing, we receive commission in addition to any broker fee mentioned above. Pleaseask us for any further information.
METHODS OF PAYMENT:
Name of Bank : St George BankBank Address : L3 1 Chifley Square, Sydney NSW 2000 AustraliaBSB Number : 332-002 Account No : 5535 39444Swift Code : SGBLAU2S (Overseas Currencies)Reference Number : HQI HQI P4936
BPAY & Credit Card AUD Transactions only
Biller Code : 206078Reference : 010498770014
Telephone & Internet Banking - BPAYContact your bank or financial institution to make this payment with yourcheque, savings, debit or transaction account. More info:www.bpay.com.au
Visit our website to pay using your Visa, Mastercard or Amexwww.hqinsurance.com.auClient Ref: HQI HQI P4936 Invoice Ref: I1049877
Please note: An Administration Fee inclusive of GST will be charged at0.65% for Debit/Credit Card (Visa/Mastercard) and 2.0% for Amex.
Post cheque payments together with this payment slip to:P.O Box 1329 NORTH SYDNEY NSW 2059made payable to HQ Insurance Pty Ltd
Total Due A$ 1,735.00
Pay by the Month by Funding with Hunter
9 Monthly Instalments of $ 210.76
Total Amount Payable $ 1,956.88
(Includes application fee & credit charges. You can find outmore by contacting Hunter or through the online application)
To proceed with your funding application or for furtherinformation, please visit www.hpf.com.au/paybythemonth
Enter your reference code to review and complete your onlineapplication. Reference Code: 4b6a5f516z
Application Number: 20702188
Refer overleaf for important information about Hunter and Austbrokers
SOME IMPORTANT THINGS YOU NEED TO KNOW
It is essential that you carefully read andunderstand the following important notices. If you have any questions, please ask us.
Make sure you comply with your Duty ofDisclosureThe Insurance Contracts Act 1984 requires thatyou, and everyone who is an insured under your policy, comply with the duty of disclosure. Makesure you explain the duty to any other insureds youmay apply on behalf of. We do not do this unlessspecifically agreed in writing.
The duty requires you to tell the insurer certain matters which will help them decide whether toinsure you and, if so, on what terms. You have thisduty until the insurer agrees to insure you andbefore the insurer agrees to renew your policy. Youalso have the same duty before you extend, varyor reinstate an insurance policy. The type of dutythat applies can vary according to the type of policy.
If you are responding for other insuredsIf you are providing information for other insureds, you confirm you have their authority to do so and that the information provided is what they havetold you in response to the duty of disclosureobligations.
Avoid making misrepresentations or not tellingthe insurer somethingIf you (or anyone who is an insured, or a proposedinsured, under the policy) make a misrepresentation, or if you do not tell the insurersomething that you are required to tell them, theymay cancel your policy or reduce the amount theywill pay you in the event of a claim, or both. If themisrepresentation or failure is fraudulent, theinsurer may refuse to pay a claim and treat thepolicy as if it never existed.
If we act on behalf of the insurer, you need to referto the policy which will set out the duty that applies. We will advise you when/if we act onbehalf of the insurer.
If we act on your behalf, to assist us in protectingyour interests, it is important that you tell us everymatter that:- you know; or- a reasonable person in the circumstances could be expected to know, may be relevant to the insurer's decision whether to insure you and, if so, on what terms.
If in doubt it is better to tell us. We will then assistyou in determining what needs to be disclosed tothe insurer in order to meet your duty.
When you first apply for your policy, the insurermay ask you specific questions relevant to theirdecision whether to insure you.
Before an insurer agrees to renew your policy, youmay again be asked specific questions by theinsurer relevant to their decision whether to renewyour policy.
When you answer any questions asked by theinsurer, you must give honest and completeanswers and tell the insurer, in answer to eachquestion, about every matter that is known to you
and which a reasonable person in thecircumstances would include in answering the questions. Examples of matters that should bedisclosed are:- any claims you have made in recent years for the particular type of insurance;- cancellation, avoidance of, or a refusal to renew your insurance by an insurer;- any unusual feature of the insured risk that may increase the likelihood of a claim.- circumstances which may give rise to a claim.
An insurer who is deciding whether they areprepared to renew your policy, may give you a copy of anything you have previously told them and askyou to tell them if anything has changed. If aninsurer does this, you must tell them about anychange or advise that there is no change. If you donot respond then this will be taken to mean therehas been no changes.
Delay between final entry into the policy and original disclosure of informationYou need to tell us if you have disclosure of information in the application process and something has happened that makes the information disclosed inaccurate, or new mattersarise that would require disclosure under the duty.You must do this before the policy has beenentered into (or renewed, varied, reinstated orextended as applicable).
Misstatement of PremiumWe try to tell you the correct amounts of premiumand statutory and other charges that apply to yourinsurance. In the event that we misstate thatamount (either because we have made anunintentional error or because a third party hasmisstated the amount), we reserve the right tocorrect the amount. Where permitted by law, youshall not hold us responsible for any loss that youmay suffer as a result of any such misstatement.
Change of Risk or CircumstancesYou should carefully monitor and review that yourinsurance contract is adequate to cover your assetsor business activities and seek a variation if it is not.Many policies require us to notify the insurer inwriting of certain changes to the insured risk duringthe period of insurance. The insurer can thendecide whether to cover the new risk. Examples are:- For insurance covering property location changes, new business activities or any significant departure from your normal business operations.- For insurance covering your liability to third parties changes to the nature of your business, and specifically in products liability, changes to your product range or your involvement in products not previously notified to insurers.
Interest of Other PartiesMany policies exclude cover for an interest in theinsured property held by someone other than theinsured, unless that interest is specifically noted inthe policy. For example, if property is jointlyowned, or subject to finance, the interest of a thirdparty such as the joint owner or financier may beexcluded if it is not specifically noted on the policy.If you want the interest of any third party to becovered, please let us know, so that we can ask theinsurer to note that party's interest on the policy.
Cancellation of your PolicyIf a policy is cancelled before the expiry of theperiod of insurance, we reserve the right to refundthe net return premium we received from theInsurer or have a cancellation fee charged tooffset the Insurers deduction of commission.Please ask us for any additional information yourequire about our remuneration or cancellationpolicy.
The Australian Financial Complaints AuthorityIf you have any complaints about the serviceprovided to you, you should contact us and tell usabout your complaint. If the complaint cannot beresolved to your satisfaction within 45 days,you have the right to refer the matter to theAustralian Financial Complaints Authority (AFCA):Online: www.afca.org.auEmail: [email protected]: 1800 931 678Mail: Australian Financial Complaints AuthorityGPO Box 3 Melbourne VIC 3001
Important Notice about your Austbrokers Brokerand Hunter Premium Funding Agreement
Austbrokers role and remunerationYour Austbrokers Broker and AUB Group Limited('AUB') (ABN 60 000 000 715) have a preferredsupplier arrangement with Hunter PremiumFunding Pty Ltd ('Hunter') for the arrangementof premium funding. They do not act for Hunterand do not advise on whether Hunter's productsor services are right for you or are mostappropriate. You need to make your own decisionbased on the information provided.
If you use Hunter, your Austbrokers Brokerreceives:(a) a payment based on the interest earned on the premium funding by Hunter each month;(b) a commission which is a percentage of the amount of funding provided to you;(c) a payment based on a percentage of all outstanding loans less any cancelled or terminated loans; and(d) a payment based on a percentage on certain general insurance business placed by the Austbrokers Network with certain divisions of Allianz Insurance Ltd.
AUB receives certain upfront payments fromHunter for entering into (or renewing) a preferredsupplier arrangement with Hunter. YourAustbrokers Broker is owned [partly/wholly] byAUB and benefits from any profit made by thisentity due to this arrangement.
If your loan is cancelled, your Austbrokers Brokerand AUB keep any payments received pursuant tothe above arrangement with Hunter.If you needmore information or explanation of the above,please ask us.
Cancellation of your Policy(ies) on request of HunterYour Loan Agreement with Hunter allows yourAustbrokers Broker, on receipt of a notice fromHunter requesting cancellation of any policyspecified in the Loan Agreement with Hunter, tocancel the policy and provide the relevant refundto Hunter. Your Austbrokers Broker will notify youof any such cancellation.
HQ Insurance Pty Ltd
ABN 46 091 731 225 AFSL No. 235666
Level 10, 1 Elizabeth Plaza North Sydney NSW 2060
P.O. Box 1329 North Sydney NSW 2059
Tel (02) 8913 1640 Fax (02) 8569 2065
COVERAGE SUMMARY Pacing WARUR - Bloodstock - SHQI
IMPORTANT NOTICEWe provide our financial services under the terms and conditions noted in our Financial Services Guide andPrivacy Collection Notice issued to you. If you do not have one of these documents, please call us on the numbershown above or visit our website. You must read these documents before proceeding and by proceeding yourepresent and warrant you have received and read it. We are committed to protecting your privacy in accordancewith the Privacy Act and the Australian Privacy Principles. Full details about our privacy practices can be found inour Privacy Policy available at our website or by contacting us for a copy. The following is a summary cover only.For full terms and conditions including definitions, conditions, other limits and exclusions, please refer to yourPolicy Document or Product Disclosure Statement. We would like to remind you, that if this policy is cancellableand you cancel before the expiry date, we will refund the unused premium less our fee and commission. TheInsurer or Agency may also impose a fee on Cancellation. Any errors identified in the summary below mustbe reported to your Account Manager for amendment.
Reference: HQI HQI P4936 0329664/000 Page No. 1
BLOODSTOCK INSURANCE
--------------------
ASSURED: Pacing WA
and others for their respective rights and interests.
TYPE OF COVER: All Risks of Mortality
1 Description: Unnamed (Bettor's Delight x Robyns CC)
DOB: 2017 Sex: Colt Use: Pacing
Sum Insured: $ 35,000 Interest: 100 % State: WA
TOTAL LIMIT OF
UNDERWRITERS
LIABILITY: $ 35,000
SITUATION: Whilst anywhere in Australia/New Zealand including transit
within and between said countries.
STANDARD CLAUSES INCLUDED IN YOUR POLICY:
----------------------------------------
Full Mortality as per Australian Wording LMA 3069
Agreed Value Clause
Surgical Operations Clause LMA5107
Terrorism Exclusion Endorsement NMA2920
Part Ownership Clause as agreed and held on file
Wobbler Clause NMA2878
Automatic Additions Clause (where specifically agreed and endorsed by
Coverholder / Underwriters)
Avian Influenza Exclusion Clause as agreed and held on file LMA5049
Institute Radioactive Contamination, Chemical, Biological,Biochemical
and Electromagnetic Weapons Exclusion Clause CL370 (10/11/03)
Institute Cyber Attack Extension Clause CL380 (10/11/03)
Hendra Virus Endorsement LMA5214 (amended)
EXTENSIONS AVAILABLE As either charged for or as agreed by Underwriters
Guaranteed Renewal up to age 14 INCLUDED
12 Months Extension Clause NOT INCLUDED
Life Saving Surgery up to $10,000, nil excess INCLUDED
HQ Insurance Pty Ltd
ABN 46 091 731 225 AFSL No. 235666
Level 10, 1 Elizabeth Plaza North Sydney NSW 2060
P.O. Box 1329 North Sydney NSW 2059
Tel (02) 8913 1640 Fax (02) 8569 2065
COVERAGE SUMMARY Pacing WARUR - Bloodstock - SHQI
Reference: HQI HQI P4936 0329664/000 Page No. 2
Life Saving Surgery up to $15,000, nil excess NOT INCLUDED
Stallion Total and Permanent Disability NOT INCLUDED
Includes Unsoundness of Wind NOT INCLUDED
Prospective Foal Insurance NOT INCLUDED
First Season Congenital Infertility NOT INCLUDED
NOTE: LIFE SAVING SURGERY LIMIT IS BASED ON 100% INTEREST AND ADJUSTED
FOR YOUR SHARE IN THE EVENT OF A CLAIM OCCURRING.
Please note Premium for the LIFE SAVING SURGERY extension is earned in
full. If your policy is cancelled, no return premium for this extension
is applicable.
VETERINARY CERTIFICATE REQUIREMENTS:
(All Veterinary Paperwork must be dated within 30 days of inception)
A Veterinary Certificate of health including IgG Blood results with a
level of>800 mg/dl is required on all foals where insured from 24 hours
of age to 29 days of age. If insured from 30 days of age, a standard Vet
Certificate is required with no reference to IgG result.
A Current Veterinary Certificate of health is required on your horse
where aged 14 years and over, irrespective of the sum insured.
A Current Veterinary Certificate of Health is required on your horse
where the sum insured is $60,000 or greater for New Business and
$150,000 and over for Renewal.
A Declaration Of Health is accepted for all other horses.
In relation to horses purchased at Fall Of Hammer where Guaranteed
Renewal is placed, a current Veterinary Certificate is required for
values exceeding $200,000. This does not apply to yearling and weanling
purchases.
FPIL (Full Premium Payable in The Event Of A Claim)
In the event of loss, the Assured agrees to pay the difference between
the premiums paid hereon and the premium calculated at the full annual
rate on the amount of this policy. (Example, all premiums paid on a pro
rata basis for a period less than 12 months will be subject to FPIL)
DEATH/INJURY/ILLNESS NOTIFICATION
In the event of Death, Injury or Illness of your horse, it is a policy
requirement that immediate notification is advised to the offices of HQ
Insurance and if outside business hours, as per the following contacts:-
Linda Buckley Mobile 0411 307 435
HQ Insurance Pty Ltd
ABN 46 091 731 225 AFSL No. 235666
Level 10, 1 Elizabeth Plaza North Sydney NSW 2060
P.O. Box 1329 North Sydney NSW 2059
Tel (02) 8913 1640 Fax (02) 8569 2065
COVERAGE SUMMARY Pacing WARUR - Bloodstock - SHQI
Reference: HQI HQI P4936 0329664/000 Page No. 3
Fergus Deacon Mobile 0413 126 145
Dr. Andrew Dart Mobile 0412 460 041
(For emergency Veterinary Consultation) University of Sydney
COMPLAINT AND/OR DISPUTE RESOLUTION
If you have any complaints about the service provided to you, you should
take the following steps:-
1. Contact us and tell us about your complaint
2. If your complaint is not satisfactorily resolved within 24 hours, please
contact our Complaints Manager, on telephone number (02) 8913 1640 or
put your complaint in writing and send it to the Complaints Officer at:
HQ Insurance Pty Ltd
PO Box 1329
North Sydney NSW 2059
3. Please mark the envelope "Notice of Complaint". We will try and resolve
your complaint quickly and fairly.
If the complaint can't be resolved to your satisfaction within 45 business
days, you have the right to refer the matter to the Australian Financial
Complaints Authority (AFCA). We will provide you with further details about
AFCA upon lodging your dispute with us, or at any time upon your request.
The cost of this insurance is based on the animal's age, use and value,
as well as certificates from qualified veterinary surgeons.
The Insurance Contract for this policy is arranged with an unauthorised
foreign insurer that is not authorised under the Insurance Act 1973 to
conduct insurance business in Australia. For full details, please refer to
the client acknowledgement sent to you with this tax invoice. For your
information, Swiss Re International SE, UK Branch is part of one of the
largest insurer groups in the world and provides extensive cover with a
number of additional benefits that are exclusive in Australia to the HQ
Insurance Group.
In paying this premium, you agree to being bound by the terms and
conditions of this insurance including acknowledgement of any Unauthorised
Foreign Insurer Notice if applicable.
PLACED WITH POLICY NUMBER PROPORTION
Swiss Re International SE, UK Branch SRUK0003596/2019 100.0000%
20 shares @ $3600 $72,000 Purchase Price 38,500.00$ Insurance 850.00$ Naming and Registration 150.00$ Transport 300.00$ Breaking-in 1,500.00$ Training fees 20,000.00$ Ongoing costs (shoes, small vet bills, etc.) 2,000.00$ Audit and ASIC costs 1,900.00$ Futurity nominations 2,000.00$ Admin costs 2,600.00$ Printing and Legal costs 400.00$ Gloucester Park function 1,400.00$ Contingency 400.00$
Total $72,000 Total 72,000.00$
20 Yearly Fees @ $1750 $35,000 Purchase Price $0Insurance $1,000Breaking-in $0Training fees $21,600Ongoing costs (shoes, small vet bills, etc.) $3,000Audit and ASIC costs $2,000Futurity nominations $0Admin costs $2,600Gloucester Park function $2,000Contingency & Emergency Veterinary $2,800
Total $35,000 Total $35,000
Proposed Name:
Lot 592 (Bettor's Delight x Robyns CC)
Trainer Justin Prentice
2020-2021 BudgetIncome Expenditure
Income Expenditure2019-2020 Budget