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Terms & Conditions

Diamond Racing LTD Terms & Conditions

 

(1)       A racehorse shareholding shall be automatic upon an individual / companies purchase of a minimum 0.25% up to a 5% share in a racehorse. It must NOT be regarded as an investment or security. DIAMOND RACING LTD reserves the right to cancel any share/s at anytime without notice, with no payment of monies of prize money or re-sale.

(2)       Each horse will be owed and registered in the name of DIAMOND RACING LTD and carry’s its registered colours and each horse remains the sole property of DIAMOND RACING LTD, no legal claim of ownership can be made for/against the horse/s or DIAMOND RACING LTD. If a shareholder passes away/dies before the end of the syndicate term, they are entitled to their % share of prize money won during their involvement, there is no capital return payable based on the value of the horse.

(3)     DIAMOND RACING LTD, is a private limited registered company (02927579) – all filed accounts can be viewed and are available to shareholders and the public at/on Companies House website.

(4)       The trainers will be appointed by DIAMOND RACING LTD, all race plans and decisions will be made by DIAMOND RACING LTD and/or the appointed trainer.

(5)       Failure to honour the fixed monthly payment on the due date shall result in suspension/cancellation of the shareholding/s and no entitlement of prize monies & re-sale monies.

(6)      The share holding of a racehorse will be for 36 months from its initial period of issue, unless stated otherwise (A lease agreement may be subject to a different term which shall be published on the Diamond Racing website and share certificate when issued). At the end of 36 months the racehorse  maybe sold at auction with the proceeds distributed among the shareholders at that time based on their shareholding percentage (DIAMOND RACING LTD can choose to extend the syndicate term). Shareholders who have held their share for the 36 months will receive the full value of their shareholding. Shareholders holding their share for a shorter period will receive a pro-rata amount (e.g. if a shareholder joins a syndicate 6 months after inception of that syndicate and pays 30 monthly contributions, they will receive 30/36ths of their shareholding value. Any sale monies due to the shareholder will be paid upon request. If an offer is received to purchase a racehorse/s during the syndicate term DIAMOND RACING LTD will make the decision to accept or decline the offer, if accepted the amount received minus fees and VAT will be distributed based on the above procedure. However, if it is felt the horse/s should be retired at anytime (not to race under rules) no re-sale/s will be due. DIAMOND RACING LTD will take a 5% (plus VAT) bloodstock fee off all sale/s. (No re-sale payment/monies with LEASE syndicate/s).

(7)       When a trainer decides a horse is no longer suitable to race, the shareholders should accept such decision and shall attempt to sell via DIAMOND RACING LTD at a value recommended by the trainer. Likewise, if the trainer decides to enter the horse in a selling/claiming race and if the horse is subsequently sold, the shareholders shall accept such a situation and the resultant sum shall be distributed amongst the shareholders based on their shareholding percentage (subject to above pro-rata basis of calculation). Your share/s will then be transferred to another DIAMOND RACING LTD horse if it is sold, die, claimed, retired etc.

(8)       In the unlikely event of a horse dying during the period of ownership, the resultant sum paid by the insurance company shall be distributed amongst shareholders based on their shareholding percentage (on a pro-rata basis as calculated in paragraph 6) if any insurance is taken out on the horse/s. Your shareholding will then be transferred to another DIAMOND RACING LTD horse.

(9)       All win and place prize money (place money, first four placings, unless group, graded or listed races where place money shall be paid down to sixth place if payable) shall be distributed according to shareholding within a period of 30 days of receipt of Weatherby’s statements or at the end of the syndicate term. Resultant sums less than £200.00 will be held over in the shareholders account, once the prize money exceeds £200.00 for a shareholder it can be requested by the shareholder. If a shareholder cancels their shareholding in line with the agreed terms and conditions any claim for prize money must be made within 30 days of cancelling their agreement, after 30 days if no claim is received no prize money shall be paid. The VAT amount/element received on prize money is not payable to a shareholder. Weatherby’s automatically a take set amount/percentage out of prize money that is payable to trainer, jockey, stable, PJA pension fund, NARS, jockeys’ valets’ attendance and industry training scheme. This is industry standard and is set under the rules of racing, the amount/percentages differ based on the class of race.

(10)       One month will be deemed to be one calendar month.

(11)     Racecourses provide between four and eight complimentary passes/badges. These will be provided on a rota basis. Other shareholders may have access to racecourse facilities subject to extra passes/badges being made available by the racecourse but some form of entry fee to the racecourse will be payable. Subject to an individual racecourses’ approval extra passes/badges may be provided for a shareholder’s guest/s with a fee payable to the racecourse.

(12)    The monthly fixed payment is guaranteed not to increase for the shareholding period and covers horse purchase costs, training costs, all vet fees, UK transport costs, entry fees and jockeys fees.

(13)     The first instalment/payment can be in the form of a BACS/CHAPS transfer, cheque, postal order or PayPal payment, once the first payment is received by DIAMOND RACING LTD this is confirmation that you have read and agreed to the DIAMOND RACING LTD terms and conditions. A standing order should commence from the second month/instalment.

(14)     To cancel a shareholding, 30 days written notice must be given for flat horses and 60 days notice for national hunt and dual purpose horses in writing by SIGNED FOR MAIL. This notice must be confirmed by DIAMOND RACING LTD.

(15)     The advice service is for personal use only by the shareholder. Any shareholder found to be abusing the service will be found to be in breach of these terms and conditions and have their shareholding cancelled with no payment of prize monies or re-sale.

(16)     The fixed monthly cost covers all racing costs in the UK. Should a horse run abroad any additional costs (transport) are met from the prize money account, based on the shareholders percentage, e.g., 1% shareholding, 1% deducted.

(17)     Any shareholder/s found/thought to be recruiting/starting their own racing club, partnership or syndicate or recruiting or inciting DIAMOND RACING LTD shareholder/s to join alternative racing clubs, partnerships or syndicates will have their shares holding/s cancelled and no prize/resale monies will be due. This may also result in legal action being taken.

(18)     If at the end of the syndicate term DIAMOND RACING LTD or the trainer feel that the horse will not reach a reasonable price at the sales then DIAMOND RACING LTD can invoke the following: (1) – The horse is sold privately – (2) – Continue to race the horse/s in claimers, sellers etc until the horse is claimed or bought – (3) – Retire the horse.

(19)    The racehorse remains the property of DIAMOND RACING LTD.

(20)      If the horse is on a LEASE shareholding – there will be no re-sale payments/monies – on syndicates 131, 139, 140, 142, 143, 148, 149, 150, 151, 152, 153, 154,  159 & 162.

(21)     If an annual upfront payment option is taken, the 30-day notice period (flat horses) or 60-day notice period (national hunt horses and dual-purpose) to cancel a shareholding is not valid. If you choose to cancel, there is no refund.

(22)    When making a first payment via BACS/CHAPS, cheque, postal order or PayPal payment (purchasing a shareholding) you are confirming you have read and agree to DIAMOND RACING LTD terms and conditions and bound by them.

(23)    When a “interest share” is issued there is no prize money or re-sale money due on that share, a “interest share” is to allow a person/s to experience the shareholding benefit of receiving information on that horse and attending a racecourse while their horse is not on the track, a “interest share” can be cancelled at anytime.

(24)    Syndicate 157 (micro shares) – (Castle Quarter) &  syndicate 161 (micro shares) – (Babe Alicious) – Lease share-hold only.

(24a)  There will be no re-sale monies.

(24b)  If requests for badges exceed our maximum allowance allocated by the racecourse, badge allocation will be in the form of a ballot.

(24c)  Prize money will be paid on or after 31/12/2021 for syndicate 157 & on or after 31/12/2022 for syndicate 161.

(24d)  There can be no refund of the annual payment.

(24e)  These syndicates are also bound by any of the additional DIAMOND RACING LTD terms and conditions that may apply above.

 

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