Quote:
Originally Posted by StraightLine
Here is the info from one of my earlier posts which should fill in the picture on what's gone down here!
Now that the new V8 (Veega) board have had the accounts audited and the legal advice on the ex directors actions they have decided to act!
NZV8/Veega shareholders voted at Taupo in March 2010 to commission the board of directors to finalize the plan and price for a new V8 chassis for the current or new teams and shareholders to move the category forward. April 2010 at the Hamilton V8 Supercar event the board presented the Paul Seprnich designed chassis and indicative pricing to the shareholders with a progression plan for the whole group to upgrade their cars. The NZV8/Veega shareholders were unanimous with their support towards the new project and a number of NZV8/Veega shareholders in good faith invested in the first prototype car to be built. This car was meant to have been built tested and displayed during the 2010/11 V8 championship series. This didn't happen in fact the prototype chassis didn't turn up until February 2011 along with the knowledge that 3 of the NZV8/Veega board of directors headed by Mark Petch. Wayne Anderson and Garry Pedersen had formed a private company called V8 Supertourers Ltd. back in September 2010 later to be joined by their fellow directors as new directors in the new company John McIntyre and Chris Abbott. There was always an undisclosed plan to take what was initially an NZV8/Veega new car project and effectively take it from the shareholders that had paid for the initial plans for this chassis. This became evident when the car was launched in February 2011 and the announcement of a rebel series lead by Mark Petch and co. On discovery of this information a number of the NZV8/Veega shareholders requested a Vote of no confidence in the board motion to be heard at a Special General Meeting at Taupo in March 2011. On receiving this motion request the NZV8/Veega board of Mark Petch, Wayne Anderson, Gary Pedersen, John McIntyre and Chris Abbott all resigned prior to this meeting.
This left the majority of the NZV8/Veega shareholders in an unfortunate situation of having to put together a new board and a new plan for the class to move forward.
From someone that understands the history of what has gone down here it is a disappointing situation for all V8 teams and fans. Their are no winner in the split of our V8 group and it is certainly negative for motorsport.
Almost seems like dejavue with Mark Petch and Tranz-ams!
The facts you be the judge
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One name in there stands out above the others for a dodgy history!