John L Romanes
The Scottish Motor Racing Club directors can confirm that the company is about to receive a legacy from the John L Romanes testamentary Trust. The Trust came to an end on the death of the late John Romanes’ wife and this triggered the legacy. The legacy is made up of an amount of money and a portfolio of stocks and shares.
The SMRC directors have been working with the estates lawyers to establish the most efficient way for the company to obtain the legacy portfolio. Following some investigations, we are now in a position to invite three investment management companies – including the Romanes legal team – to provide us with advice on what would be the most proficient and effective outcome.
At this point in time, it is not possible to provide an update on the definitive figure that has been left to the club, due to the fact that a substantive proportion of the legacy is tied up in stocks and shares, which obviously fluctuate in value. The SMRC are able to report that the sum of the legacy is in the region of four hundred and fifty thousand pounds. However, it must be noted that this is prior to any deductions from taxations, fees and costs that will be applicable.
The club’s Directors are committed to ensuring that this money – whatever the final sum may be – is utilised for the benefit of the Scottish Motor Racing Club, in a manner that will reflect the commitment – both personally and financially – that the late John Romanes made to this club.
The SMRC membership will be informed of the final position of this legacy and plans for its investment, as soon as the Directors are in a position to disclose this information.