CBD

Let your cash live the Gai lifestyle

They're a canny clan, the Waterhouse family, as Gai Waterhouse has once again proved with her latest venture - a racing syndicate set to earn her $1.5 million.

It's spring racing season, and as the mighty beasts thunder home down the straight, the earth trembling beneath their hooves, the winners' owners throw up their hands in joy. So, wouldn't you like to be among them?

Waterhouse and friends reckon you would and they're keen to get you into a hayburner real cheap. For a telemarketer-style $96 a month (total cost $4608), you can buy one of up to 5000 shares in Gai Living The Dream Ltd, a company that plans to buy racehorses which will then be trained by Waterhouse.

Of course, there are no guarantees the company will buy a winner. And, as a prospectus lodged with the corporate regulator shows, there are no guarantees a dividend will be paid even if a company nag wins the Melbourne Cup.

Instead, the board of the company "may, in its absolute discretion, declare a dividend or use those funds to further the objectives of the company of purchasing, training, trading and racing racehorses".

However, over four years Waterhouse stands to reap up to $1.5 million in training fees from the deal - so at least she'll get paid.

In the event of a winner she'll also get 15 per cent of the prize money, against the industry standard 5 per cent, "because of her outstanding record as a trainer". And she's to receive 10 per cent of the net proceeds if the company sells a horse.

The company's directors, race caller Bryan Martin, marketing executive Tanya Fullarton and accountant Martin O'Connor, are to be paid a total of up to $540,000 over four years. Over the same period, Bryan Martin and wife Jillian are to receive additional management payments totalling up to $750,000.

All up, the company is looking to raise $23 million.

Living The Dream, indeed.

Horsey hoedown

The Waterhice were among equine royalty to turn out for the official opening by the Australian Turf Club of the new grandstand at Royal Randwick Racecourse last Thursday night. After a parade of champions in the new mounting yard, where foals represented past champions from Phar Lap to Black Caviar (part-owned by property guru Neil Werrett), more than 500 VIPs filled the nosebag and bopped into the wee hours.

Among those celebrating the $150 million Fitzpatrick+Partners-designed five-storey grandstand, including an exclusive chairman's club, were the ubiquitous Abbott daughters - flush from meeting Prince Harry last weekend - acting royalty Rachel Griffiths, John Messara, poultry king John Camilleri and ATC chairman John Cornish.

Down and out

Away from the track, odds-on that it was indeed former Labor minister and ACTU boss Greg Combet, spotted on Saturday queuing for a sausage roll at Bourke Street Bakery, an institution in trendy inner-city Sydney suburb Surry Hills.

CBD assumes it was a sausage roll because surely that's all unemployed ex-pollies can afford.

The bakery is around the corner from the digs of another figure sometimes associated with the union movement, Qantas spin doctor Olivia Wirth.

Homecoming

So, will PwC be the anchor tenant of the third office tower at Sydney megadevelopment Barangaroo? That was apparently the topic of discussion at a recent dinner at the home of an executive of the accounting firm in the swish lower north-shore suburb of Mosman.

CBD's spy, dressed as a table ornament, spotted Max "the Axe" Moore-Wilton (left) sitting opposite some PwC heavyweights and Steve McCann, the head of Lend Lease, the developer of the $6 billion Barangaroo site.

Apparently all and sundry were locked in a conversation about rents, floor space ratios and of course inducements, sorry "rental incentives".

Got a tip?

bbutler@fairfaxmedia.com.au