Club Las Calas SGM 2018 Creating a lifetime of holiday memories, year after year
Agenda • Attendance & Apologies • Introduction from the Chairman • Hutchinson Trustees Ltd update • Explanation of the Resolution • Q & A • Voting • Meeting Close Creating a lifetime of holiday memories, year after year
Welcome- Mike West Creating a lifetime of holiday memories, year after year
Veranne Wilkinson- Managing Director Anna Rickard- Director Christopher Allen-Director Creating a lifetime of holiday memories, year after year
Lumsden Limited Original structure was set up by Royal Bank of Scotland • (RBS) using an IOM owning company Hutchinson took over in August 2004, inheriting the • existing structure RBS is holding the shares under a nominee agreement for • Hutchinson , In the case of Lumsden, shares in owning company are • held on behalf of the Las Calas timeshare Members Therefore the ultimate beneficial Owner/s are the Club • Members and for that reason the Trustee must always seek the permission of the Club on matters related to its legal structure. Creating a lifetime of holiday memories, year after year
contracts with Hutchinson Trustees Ltd Las Calas committee owns Lumsden Ltd occupancy rights represents administers owns owns occupancy rights holds 100% shares RBS Creating a lifetime of holiday memories, year after year
Dealing with tax claim during appeal 1 Lumsden Ltd pays outstanding tax and interest requests grants security over debt via bank 2 guarantee grants security over debt via legal 3 - Outstanding tax charge over some apartments - Accrued interest - Fine (suspended SGM resolution 1 by appeal) - One-off levy on owners Creating a lifetime of holiday memories, year after year
2018 SGM resolutions RESOLUTION 1. To Grant Securities and Mortgages Resolution 1 That in accordance with clause 10.2 of the Constitution, the Club shall have the power to grant securities and mortgages over properties for the purposes of covering the tax liability of €1,394,105.00. Creating a lifetime of holiday memories, year after year
Q & A • Before asking your question could you please give your name & ownership. • Be short please so there is time for all members to ask questions. Creating a lifetime of holiday memories, year after year
• Announcement of the Voting • Meeting Close Creating a lifetime of holiday memories, year after year
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