Jockey Club extends racecourse bond
The Jockey Club has extended its racecourse bond, which helped fund the recent redevelopment at Cheltenham, after investors chose to retain more than £23.6 million invested in the product.
The five-year bond, which was set to end in June 2018, raised £25m. Investors were offered the option to sign up for a further guaranteed three years, allow their investment to roll over until they give notice to withdraw or the scheme was closed, or to withdraw their funds at the end of the five-year minimum term.
Bondholders chose to extend £14.61m for a further three years, roll over £9m and redeem just £1m.
Jockey Club group finance director Nevin Truesdale said: "I'm very pleased we’ve been able to offer investors the opportunity to extend our relationship. The response has been fantastic as a result of the experience we've been able to provide, the excellent returns we have delivered and the continued trust in the Jockey Club as a good partner."
The bond provides quarterly cash interest payments at a rate of 4.75 per cent, as well as a further three per cent interest in the form of Rewards4Racing points.
Wilmott leaves BHA board
Eamonn Wilmott is stepping down from the board of the BHA having served a three-year-term as director.
Wilmott was one of six new board members named in 2014 and a new appointment will not be considered until next year, the BHA said. The remaining five – Atholl Duncan, Julie Harrington, Noel Harwerth, Joe Saumarez Smith and Laura Whyte – have been reappointed.
BHA chairman Steve Harman thanked Wilmott for his efforts adding: "Eamonn has brought a deep-rooted passion and knowledge of sport to our board discussions.
His considerable expertise helped the industry’s strategy for the growth. He has also driven improvements on ownership administration and improvements in the day-to-day operations of our industry."