IMPORTANT - RAL Annual Shareholders Meeting Saturday 28th May 2022
For those Rangatira members who are RAL shareholders or life-pass holders.
If you are not aware the RAL trust are revisiting the restructure of the RAL Company by creating a new company which is not tax free and transferring all the assets to the new company.
There are a number of shareholders who have formed a Mt Ruapehu Shareholders group and who very are concerned with the direction the RAL Board is wanting to take the company. Following is their information and opinions which have been made available to us and we feel is important to pass on to our members to make an informed decision if voting.
Please take the time to read through the attached documents, including the RAL Notice of Shareholder Meeting and the relevant appendix.
From what has been presented by the Shareholders group, it appears that NEWCO – the New Company, will
Hold the assets and operate the business of RAL
Unlikely to be tax free
Expectation of dividends to be paid to shareholders
Therefore, it is unlikely that all profits (as stated in the RAL constitution) “will be invested back into the development of amateur mountain sports activities for the general public and the promotion and development of the Tongariro National Park Area”
This is opinion is expressed on the basis that at the November SGM, the board wished to change the RAL constitution to off mountain activities outside of Tongariro National Park
As club members, even if not a shareholder, we are all stakeholders in the decisions and events that will shape the future of our ski fields and as such, we should all be aware of what is going on.
A lot of us are also Life Pass holders, under NEWCO, will our life passes be honoured?? RAL say yes.
If the future of RAL is circumspect, what is the future of our respective clubs?
Conversely, maybe what RAL are proposing might be a good thing. Having read everything available to me, I can’t personally see that!
I encourage you to take the time and read the following linked documents:
Letter From The Author – a brief synopsis of what has happened to date and a bio on the author of the ‘Alternative Reports’
Alternative report to NEWCO – 9th November – This was prepared for the November SGM which became an information meeting. No votes were taken
Shareholders Group RAL Alternative Report – This was released on 9th May 2022
Deed of Trust for RAL Trust – The RAL trust was formed to ensure that there could not be a hostile takeover of RAL. The trust was appointed 45.5% (10,000) of the shares in RAL
MBIE Trojan Horse – Extract from RAL alternative report 9th May
Immediate Past President