Is this the beginning of the End for GC?

Gold Circle MD takes early retirement

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DURBAN - Gold Circle managing director David Furness is to take early retirement as part of the horseracing operator’s restructuring programme.

The restructure has become necessary due to adverse economic conditions which have caused declining revenues in several sectors of the national economy, including gambling and other forms of discretionary spend.

Furness’ retirement is the result of an amicable mutual agreement and his contribution to the racing industry of many years is acknowledged.

"The Board of Directors has now satisfied itself that the company’s current trading position is due to the national economic downturn," said joint chairman Vidrik Thurling. "We have therefore been forced to take a serious look at our current structure and to investigate a feasible response to ensure that we continue to be a viable business."

Thurling said the restructuring and rationalisation of the group’s human and commercial assets formed part of the overall plan to ensure that Gold Circle remained commercially successful, thus securing the economic stability of the wider horseracing industry in the company’s two operating regions, KwaZulu-Natal and the Western Cape.

The decision by Furness to take early retirement was taken in the context of this restructuring initiative.

www.tabonline.co.za

The opposite I think. Sounds like they are doing their best to keep themselves going before they are forced to hand over to P as a last resort. Very positive that a merger is not about to happen, I would think.

great move.great to see the deadwood turfed out..hopefully more to follow

"restructuring and rationalisation of the group’s human and commercial assets" presumably means redundancies and closure of racetracks...

could be just what P wants

Hopefully the restructure will see Gold Circle pull out of tellytrack agreement and open their own broadcaster.

History being made with Harness racing and we are watching replays of English racing.

History is being made, regardless of whether we think harness racing is crap or not. I was hopping to catch the trot past

Somebody should buy the entire outfit.

Greenbook you beat me to it - not a question of IF tracks will be sold off but which ones! And yes that makes a P merger even more likely guys.

Guys please read under share price..there is no such thing as a merger..the stronger always takes charge of the weaker..always..and this is going to happen..but can we make monny outa it.

We dont have a problem shoving money on a horse we think might win..if we collectively share our knowledge on this story we can make good money

Oscar.do you really want to invest in a Co.that has been selling assets to prop up its balance sheet and then takes over another area losing money?
Certainly not for me,as I have no faith that P presently have the management skill to fix either area!

here here rob