If that proposed change to the exclusive club’s rules are approved by the shareholders, an associate member will be able to continue enjoying de factor polo club membership even if the proprietary share (under which an associate membership is lodged) is sold to someone else.
The fear among the members who oppose this plan is that, if implemented, it will have the same effect as introducing more supply to the market which, in turn, will diminish the value of Manila Polo Club shares which are currently valued at around P58 million each.
Next week will be crucial because the club’s leadership has scheduled two town hall meetings to explain the plan to members and to hear their concerns.
InsiderPH learned that the town hall events are scheduled for the afternoon of August 12, Monday and August 14, Wednesday. Both are in preparation for the club’s annual general meeting on August 27 where the proposal will be put before members for approval or rejection.
Those opposing the plan point out that two particular amendments“discriminate” against proprietary members.
The first is that de-linking of associate membership to main proprietary share. This will allow associate members to retain their status even though the parent share is sold by its owner.
To execute this de-linking, an associate member will only have to pay P2 million which is a mere fraction of the P58-million price that a full polo club share costs.
“When a proprietary member sells his share, the status of the spouse and dependent should be extinguished,” said one member who is concerned about the effect this plan will have on the value of his share.
“Why are the dependents of proprietary members not being offered de-linking?” another upset member asked. “Personally, I would buy de-linked associate membership shares for all my dependents at P2 million.”
“This is grossly unfair and members should vote against de-linking that benefits only one class of members: associate members,” he said.
The second controversial proposal involves that granting 30-year courtesy memberships to spouses of associate members who pass away.
Again, members opposing this plan point out that it benefits only associate members without adding value to proprietary shares.
Manila Polo Club currently has about 2,000 shares outstanding. Of this number, a little under 200 shares have associates linked to them, many of which also extend the benefits to the associate members’ spouses and children.
InsiderPH has reached out to the Manila Polo Club’s leadership and will update this piece once we receive word from them.
Senior Reporter
