FAQ - Tweenhills Racing

1. Is the share price all-inclusive?
Yes, for the 2007 season. If (see 3 below) the Syndicate decides to keep one or more horses for the 2008 season, then the additional amount payable per horse per member (see 4 below) will also be a once off all inclusive payment.

2. Does the share price include insurance?
Yes. All the horses are covered for all risks of mortality by the sponsors, AMLIN PLUS. Standard vet work is included in the share price.

3. What happens in October 2007?
The Committee shall compile a report making suggestions as to which horses should be retained for their three-year-old campaign. This will be sent to all members of the relevant syndicate along with accounts illustrating the current financial position of their partnership. Members will then vote in respect of each horse on their chosen course of action. The wishes of a simple majority will prevail and the result of the vote will be binding on all members of that syndicate. In the event of a split vote, the casting vote will be made by the Committee. All retained horses will be sold at the end of the 2008 season.

4. How will the costs work in year 2?
An all in price per share per horse retained will be charged. This will be calculated by dividing the average training fees, entry fees and annual management fee by the number of shares.

5. What will happen to any prize money won in 2007?
After the accounts for 2007 have been prepared, net prize money won will be carried forward to pay expenses in year 2.

6. Who are the Committee and what is the Committee's role?
Robert Levitt (Accountant) and David Redvers (Bloodstock agent and stud manager) and Clive Webb-Carter (Syndicate Manager). The Committee will take all day-to-day decisions concerning the Syndicates and its decision will be binding upon all members. The Committee will regulate its own affairs but, in the event of disagreement among Committee members, a majority view will prevail.

7. Who owns the Syndicate horses?
The horses are owned beneficially by the Syndicate members but legal ownership for technical reasons is vested in the Committee.

8. How are the costs broken down?
An amount of approximately £24,000 per horse in 2007 will be put aside for training fees and racing / Weatherbys’ expenses. 10% of the syndicate value per annum will be charged as a management fee and the balance of members’ contributions will be used in purchasing, promotion, and insuring the horses in each syndicate.

9.What other fees will be deducted?
There will be a standard 5% commission charged on the purchase price of the yearlings by David Redvers Bloodstock, which is included in the cost of a share. There will be no commission charged on the sale of the horses other than in the event that any horse be sold for more than twice its original purchase price. In that instance, 10% commission will be charged on sale price.

10. When will the Syndicates be wound up?
All horses that are not sold at the end of first year will be entered in August 2008 in the Tattersalls Autumn Horses-in-Training Sales, which take place in Newmarket at the end of October 2008. Following the sales, full accounts will be drawn up and sales proceeds, interest and any prize money from year 2 will be divided rateably between shareholders.

11. May I divide my share between friends or transfer it?
No. Shares may not be subdivided and are for the use of their owner, together with their spouse, partner or immediate family only.

12. Who is responsible for handling the Syndicates' finances and will I be paying VAT on my share?
A dedicated Weatherbys Bank account has been put in place for each syndicate and VAT will be reclaimed on members' costs which is enabled by Tweenhills Racing's sponsorship by AMLIN PLUS International Insurance. There will be no VAT charge on individual shareholders. The accounts will be audited by our accountant.

13. What return am I likely to see on my share cost?
An involvement in racing is for fun and fun alone and all costs of participation in the Syndicates must be deemed expendable. Through shrewd purchasing, wise placement and a sensible selling policy we will endeavour to maximise the prospects of success, but racehorse-ownership is high risk and should be viewed as an expensive hobby!

14. How will I be kept informed and involved?
Regular e-mails as well as telephone calls from the syndicate managers themselves. Stable visits will be organised throughout the year as well as a variety of social functions.

The trainers chosen are all happy to answer questions from shareholders direct and operate an 'open house' policy, whereby owners are always welcome to go and see their horses by appointment.

15. Will there always be a badge for shareholders when the Syndicate has a runner?
Badges will be organised for any shareholder wishing to attend the races and the cost of a single member’s badge per share, per run is included in the initial and interim payments. Further badges for shareholders family and friends can always be arranged through the syndicate secretary.

16. Is the proportionate stake of a syndicate member gauranteed to be the same as indicated in the syndicate summary?
Normally, yes, but in the unlikely event that the relevant syndicate is under-subscribed, the Committee reserves the right, on giving members notice, to increase their proportionate stake. This increase will inevitably affect (upwards or downwards) the amount each member stands to receive on dissolution of the relevant syndicate. The Committee guarantees, however, that in no circumstances will such increase result in any variation in the amount payable by a member for his/her share(s) in the relevant syndicate. If any variation occurs in the proportionate stake of each member in a syndicate, then no horse owned by that syndicate will remain in training for a second season unless all members of the relevant syndicate consent to its doing so and to any variation in the anticipated cost per member of its so doing.

Please direct any further questions to:

DAVID REDVERS:
01452 700 177
07767 436 373
davidredvers@tweenhills.com